Matt Leonard
Chairman of the Board
Carlsbad Chamber of Commerce
It is a great honor to have the opportunity to introduce myself and serve as the incoming Chairman of the Carlsbad Chamber of Commerce. My name is Matt Leonard and I have had the privilege of a Chamber membership since 2007. I have been involved in many committees including the Ambassador and the Education committees. I have had the opportunity to serve on the Board of Directors and the Executive Board of Directors. What I have enjoyed the most as a member of the Carlsbad Chamber is being part of the business voice of our community. I have really enjoyed being part of a Chamber that is not only impactful in Carlsbad, but also impacts the greater county of San Diego.
This month’s Carlsbad Business Journal focuses on financial preparedness. As a financial advisor, I would like to share a few basic tips on financial preparedness.
1) Document your goals: Understand where you are today in relation to where you want to be in the future. Monitor and make adjustments to your plan based on whether you are right on track of your goals, ahead of schedule, or behind. Make sure your goals are documented and revisit your progress and consider adjustments at least once per year.
2) Pay yourself at the beginning of the month: Treat your savings goals as though they were bills and pay yourself at the beginning of the month. Don’t wait until the end of the month to fund your goals. Pay yourself first.
3) Maintain an emergency savings: Never under estimate the power of an emergency savings account. During times of need many American who do not have an emergency savings account are forced to use assets that were designated for long term goals such as retirement. Accessing these accounts can not only have unintended tax consequences and penalties, but more importantly it reduces your ability to achieve your goals on the terms that you have set for yourself. In general, strive for 3-6 months of living expenses in your emergency savings.
4) Surround yourself with a team. Can you imagine a professional athletics team without coaches? Consider who you need on your team such as legal guidance, tax guidance, financial guidance, and banking services. Make sure that the team is communicating with each other to help you achieve your goals.
5) Protect your assets. Make sure you take care of your greatest assets, your health and your relationships. Invest in these to make the achievement of your financial goals all the better once you achieve them.
Thank you for the opportunity to have introduced myself to you. I hope you find this month’s CBJ full of great information to help you prepare for the new year and decade!