HONOLULU (KHON2) -- Wealth management is an important topic for many people living in Hawaiʻi. So, KHON2.com decided to do a bit of research to find out what we all need to know. Kevin Morisoli, a wealth management advisor with Northwestern Mutual, shared valuable insights into how residents can navigate their financial lives. Get Hawaii's latest morning news delivered to your inbox, sign up for News 2 You With more than 17 years of experience, Morisoli began his career at Northwestern Mutual as an intern in 2007 and became a full-time advisor in September 2008. His journey has taught him a lot about financial planning, risk management, and the unique challenges people face in Hawaiʻi. The unique challenge of saving in Hawaiʻi In Hawaiʻi, managing finances can be particularly difficult due to the high cost of living. Morisoli pointed out that Hawaiʻi is statistically one of the hardest states in which to save money. "The discrepancy between what people earn and the cost of living is significant," he said. Many families are caught in a struggle to make ends meet, while others might have more resources but still find it hard to save effectively. He emphasized the challenges posed by expenses like housing, groceries and transportation. For example, while some parts of the U.S. have relatively affordable options, Hawaiʻi's unique geography and economy make it difficult for many residents to save and build wealth. “Many people are scrambling to make their monthly payments, and that leaves little room for saving,” Morisoli added. Despite these challenges, Morisoli remained optimistic. "It requires a lot of discipline, focus, and a solid plan to save money," he noted. He encouraged people to create clear financial goals to help them manage their discretionary spending effectively. The power of intention in financial planning One of Morisoli's core beliefs is that having a clear intention is crucial in managing finances. "It's not about having the perfect answer today; it's about starting with what you can," he explained. Whether someone can save $200 a month or $500, the key is to begin that journey. “The most powerful element of saving is time,” he added. Starting early can lead to significant benefits down the line. Morisoli illustrated this concept by discussing how saving small amounts consistently can lead to substantial wealth over time. "If you start saving now, you’ll be surprised at how much you can accumulate,” he noted. He emphasized that it is easier to catch up if individuals build good saving habits early on, rather than trying to make up for lost time later. Overcoming financial setbacks Life is unpredictable, and Morisoli discussed how emergencies can derail even the best-laid financial plans. Many people have diligently saved for years only to face unforeseen expenses that wipe out their hard-earned savings. “This happens to everyone at some point. What matters is how you bounce back,” he stated. He encouraged individuals to recognize that setbacks are a natural part of life. “The path to financial stability is rarely linear. There are ups and downs,” Morisoli explained. He urged individuals to focus on being consistent rather than striving for perfection. “Just keep moving forward, even when things get tough,” he said. Creating an emergency fund is one strategy Morisoli recommended for managing unexpected costs. “If you have that cushion, it can provide peace of mind,” he noted. Having savings set aside for emergencies allows individuals to handle unexpected expenses without completely derailing their financial plans. The Importance of Consistency Morisoli stressed that consistency is crucial in saving and investing. “You can’t be sporadic with your finances,” he said. Establishing a routine can help individuals save regularly and build a more secure financial future. He often advised clients to start with small, manageable saving amounts. “If you set a saving goal that feels comfortable, you’re more likely to stick with it,” he explained. He compared saving to exercising, stating, “Just like working out, if you ease into it, you’ll build the muscle of saving over time.” Techniques for maintaining financial discipline To help people maintain consistency in their saving habits, Morisoli recommended several techniques. “Finding a mantra or positive affirmation can be powerful,” he suggested. A guiding phrase can keep individuals focused on their financial goals and encourage them to stay disciplined. Additionally, he emphasized the importance of tracking progress. “When clients check in on their savings regularly, they see how far they’ve come, which can motivate them to keep going,” Morisoli stated. Celebrating small milestones can also help individuals maintain enthusiasm for their savings journey. Navigating economic uncertainty In today's uncertain economic climate, many individuals feel anxious about their financial futures. Morisoli noted that his conversations with clients often focus on what they can control amidst the chaos. “There’s a lot happening in the world that is beyond our control, like political changes and economic fluctuations,” he explained. “What we can control is how we react to these situations.” He urged clients to concentrate on long-term strategies rather than getting caught up in short-term worries. “Markets will have ups and downs, but that’s part of the journey,” Morisoli said. “It’s essential not to let fear dictate your decisions.” Morisoli used a sailing analogy to illustrate his point. “When you set out to cross the ocean, it won’t be a smooth ride. You’ll encounter choppy waters and storms,” he said. “What matters is how you manage those challenges while keeping your eyes on the destination.” The ocean of financial life Morisoli's perspective aligns well with the Hawaiʻi way of life, where the ocean plays a central role. He described navigating finances like sailing across the Pacific. “When you set out to cross the ocean, you won’t have a smooth ride the whole way. You’re going to hit some choppy waters and storms,” he said. “What matters is how you manage those challenges while keeping your eyes on the destination.” This approach emphasizes resilience and adaptability. “It’s about staying the course and making adjustments along the way,” Morisoli advised. “If you can do that, you’ll arrive at your financial destination, no matter how rough the journey gets.” Accessing financial services For individuals looking to access wealth management services, Morisoli reassured that options are available for everyone, regardless of their income level. “We aim to help anyone who is willing to work toward their financial goals,” he said. “There’s no minimum requirement to start planning.” To connect with advisors or learn more about financial planning, Morisoli suggested visiting Northwestern Mutual’s website. The site offers a wealth of resources and helps link individuals with local advisors who can guide them on their financial journeys. Building a strong financial future As the conversation wrapped up, Morisoli highlighted the importance of taking the first steps toward financial planning. “The journey may not be perfect, but with commitment and a clear plan, anyone can achieve their financial goals,” he concluded. In Hawaiʻi, where the cost of living can be daunting, Morisoli's insights remind residents that with intention, consistency and resilience, it is possible to navigate the complexities of wealth management. By focusing on what they can control and making small, steady progress, individuals can build a secure financial future. Wealth management in Hawaiʻi is a topic that touches the lives of many. With unique challenges stemming from high living costs and income disparities, residents must be proactive in managing their finances. Morisoli’s advice emphasizes the importance of intention, consistency, and resilience in achieving financial stability. His insights remind us that financial journeys are often filled with ups and downs, but by staying focused on goals and adapting to challenges, individuals can create a brighter financial future. Whether it's starting small, creating an emergency fund, or navigating economic uncertainty, Morisoli's guidance offers a path forward for those looking to take control of their financial lives. Ultimately, the key lies in being intentional and consistent, allowing each person to build a secure and prosperous future, one step at a time. The journey ahead Building wealth is a long-term endeavor that requires careful planning and continuous effort. Morisoli stressed that everyone’s journey will look different, but the principles of saving and investing are universal. “It’s important to remember that we are all at different stages in our financial journeys,” he said. “The critical thing is to take action and keep moving forward.” He encouraged people to seek advice and ask questions. “Don’t hesitate to reach out for help,” he noted. “We’re here to support you, no matter where you are in your financial journey.” Morisoli concluded with a hopeful message: “The future may seem uncertain, but by taking control of your finances today, you can build a brighter tomorrow.” This perspective offers encouragement for those facing financial challenges in Hawaiʻi, reminding them that with the right tools and mindset, achieving financial stability is possible. As residents embark on their financial journeys, they can draw inspiration from Morisoli’s wisdom and the beauty of the Hawaiʻi landscape, where every wave brings new opportunities, and every challenge can lead to growth. Get news on the go with KHON 2GO, KHON's morning podcast, every morning at 8 With intentional planning and a commitment to consistency, the journey toward financial wellness is within reach for everyone.