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https://lnkd.in/eVtjP3Tc Don’t depend too much on credit cards: Credit cards are relatively easy to acquire, and even easier to misuse. Put responsible barriers around your credit card spending, such as aiming to only use 30% of your credit limit and, most importantly, paying back your entire balance before the due date each month. This not only helps boost your credit score, but it avoids accruing unnecessary interest. Remember to budget: The best way to understand your money is to visualize it. Budgeting sounds like a chore, but a variety of websites and apps make the process easier (and honestly, kind of fun). Sticking to a budget will help you stay on top of your income and plan for the future. Set goals now: Start small, like cutting back on your dining out or shopping expenses. Then, reallocate those funds into a longer-term goal such as a down payment on a new car or even a home. Once you see the money start to grow, it can act as a motivator to find even more ways to save. It’s not too early to save for retirement: You’re just getting started in your career and retirement feels like a lifetime away, but now is the right time to start building your nest egg. The earlier you start contributing to an IRA or 401(k), the smoother the savings road will be in the long term. Have an emergency fund: Things might be going well for you right now, but life throws us curveballs when we least expect it. Prepare for the unexpected by setting aside money each month for an emergency fund, and aim to build up enough to cover at least three months of expenses.

Pay Yourself First: The Key to Financial Freedom 1. Introduction: What is the pay yourself first concept? 2. Benefits of paying yourself first 3. How to start paying yourself first 4. Common mistakes to avoid 5. Conclusion: The power of paying yourself first The pay-yourself-first concept is simple: before you spend any money, take a portion of your income and put it away for yourself. This could be into a savings account, investment account, or retirement account. The idea is to make saving money a priority so that you're not tempted to spend it on things you don't need. Benefits of paying yourself first: There are many benefits to paying yourself first. First, it can help you reach your financial goals sooner. When you save money regularly, it has time to grow and compound. This means that your money will work for you, and you'll be able to reach your goals faster. Second, paying yourself first can help you protect yourself from financial emergencies. If you have an unexpected expense, such as a job loss or medical bill, you'll have money saved up to cover it. This can help you avoid going into debt or having to rely on others for help. Third, paying yourself first can give you peace of mind. When you know that you have a financial cushion, can help you feel more secure and confident about your future. How to start paying yourself first:** If you're not already paying yourself first, now is the time to start. Here are a few tips to help you get started: 1. Decide how much you want to save. This will depend on your financial goals and your budget. 2. Set up a direct deposit from your paycheck into your savings account. This way, you'll never even see the money and you're less likely to spend it. 3. Find ways to cut back on your expenses. This will free up more money to save. 4. Make saving money a priority. This means sticking to your budget and not spending money on things you don't need. Common mistakes to avoid: There are a few common mistakes that people make when they're trying to pay themselves first. Here are a few to avoid: 1. Not saving enough money. It's important to save enough money to reach your financial goals. If you don't save enough, you'll have to work longer or cut back on your expenses in retirement. 2. Not sticking to your budget. It's important to stick to your budget so that you can save money. If you overspend, you'll have less money to save. 3. Not making saving money a priority. It's important to make saving money a priority so that you can reach your financial goals. If you don't make it a priority, you'll be more likely to spend money on things you don't need. Conclusion: The pay-yourself-first concept is a powerful way to reach your financial goals. By making saving money a priority, you can build a secure financial future for yourself.

Welcome to July, a month ripe with opportunities to enhance your financial well-being. Here’s how you can seize the moment and prepare yourself financially: 1. Review Your Mid-Year Financial Goals: Take stock of the goals you set earlier this year. Assess your progress and make adjustments where necessary. Use July as a checkpoint to ensure you stay on track for the remainder of the year. 2. Budget Reevaluation: As you enter the year's second half, review your budget. Identify areas where you can cut back or reallocate funds to align with your financial goals. Use budgeting apps or spreadsheets to track your expenses meticulously. 3. Prepare for Taxes: taxes aren’t just an April concern. Use July to start organizing your documents and receipts. Consider consulting with a tax advisor to optimize your tax strategy and potentially reduce your tax bill. 4. Set Up an Emergency Fund: If you haven’t already, July is an excellent time to establish or bolster your emergency fund. Aim to save at least three to six months' living expenses in a liquid account, such as a savings account or money market fund. 5. Review Your Investments: Check the performance of your investments. Rebalance your portfolio if needed to ensure it aligns with your risk tolerance and financial goals. Consider consulting with a financial advisor to optimize your investment strategy. 6. Plan for Major Expenses: Whether it’s a vacation, home renovation, or education expenses, start planning now. Create a savings plan or explore financing options that won’t strain your finances. 7. Evaluate Your Debt: Assess your outstanding debts, such as credit cards, loans, or mortgages. Develop a strategy to pay down high-interest debt aggressively while making minimum payments on other debts. 8. Enhance Financial Knowledge: Use July to educate yourself about personal finance topics. Read books, listen to podcasts, or attend webinars that focus on budgeting, investing, or retirement planning. 9. Protect Your Assets: Review your insurance coverage, including health, life, home, and auto insurance. Ensure your coverage is adequate and up-to-date to protect yourself and your family from unforeseen events. 10. Plan for Retirement: It’s never too early or too late to plan for retirement. Review your retirement accounts (401(k), IRA, etc.) and consider increasing your contributions if possible. Take advantage of employer-matching contributions if offered. By taking proactive steps now, you can set yourself up for financial success not just in July, but for the rest of the year and beyond. Remember, small, consistent actions today can lead to significant financial rewards tomorrow. Happy planning!

"What should I be working on with my money, right now?" is another frequent question I get as a financial advisor. But the answer isn't always as simple as an abstract figure ("x" amount in a savings account, or "x" amount for retirement), since those figures are unique to each individual and depend on things such as salary and/or expenses. Instead, here are some great (non-numerical) money goals for each decade of your adult life, that are helpful in answering that question!

https://lnkd.in/grVq8q3Z Have you started to fall off your New Year's Resolution to save more money? Don't bog yourself down with punishing thoughts - that doesn't empower you. Remind yourself why you're saving - know your reason "why" - and just pick a day this week to start anew. Or, pick the day your next paycheck is coming to you, and add a new amount to automatically transfer to your savings account! (Or towards paying down debt!) Or, even easier, if you have a 401(k) account at work, log into it and increase your contribution percentage! (Just remember, "The contribution limit for employees who participate in 401(k), 403(b), and most 457 plans, as well as the federal government's Thrift Savings Plan is increased to $23,000, up from $22,500." - IRS.gov) Below is an article for which GOBankingRates interviewed me, picked up by Yahoo! Finance last month, that might have some more helpful tips for you.

as hard as it could be, make this new year A Year of changes in your personal finance space. I made changes in my own life, huge support by my wife and we took necessary steps to be supporting ourselves on one income and 2 kids. - Play to our strengths - I put my hands up that I am not great at household budgeting. I was a spender. But my wife on the other hand showed me the life after budgeting - when we had money for unexpected situations. #converted - Debt - TRY NOT GOING IN DEBT. Easier said than done but if your salary doesn't cover your expenses, you don't need a credit card -you need a reality check. You don't need a brand new car (depends on circumstances) while you are snowed under debt. Get a beaten down one. Even if it needs repairs from time to time, it will still be better than depreciation on the new wheels. I've seen and still seeing examples where people have the show off mentality but begging for few 100 here and there to get by. - THINK - Do you really need that new phone, do you really need that cup of coffee everyday? We have blurred the lines between NEEDS and WANTS. - Savings - When I first started saving with my wife, she had grand savings but I didn't. I always felt I would never be able to save. I started at €100 every month, sent to her account so I have no access. Slowly, our savings grew and so did our monthly savings amount. It happens like a Tree - you plant a sapling but it doesn't shoot straight up and blossom, it takes years of care and nurture. - Pensions - For this, you need to understand the power of compound interest. Forbes shared an article which I would recommend to read https://lnkd.in/ebQuzyw2 Every small monthly contribution will eventually work for you at the age where you can't. Invest in your future while you are still in a situation to. - Allowance - For all the hard work you will be doing, do indulge here and there, where the budget allows you to. -Charity- Be it of money or time, be willing to be available for those less fortunate. #pensions #savingsjourney #financialfreedomgoals #2024goals

After reading 'I Will Teach You to Be Rich,' I'm automating my money, changing my investments, and breaking up with my bank https://ift.tt/UngleVP The offers and details on this page may have updated or changed since the time of publication. See our article on Business Insider for current information. Paid non-client promotion: Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate investing products to write unbiased product reviews. The author, Jen Glantz. Courtesy Jen Glantz I want to read all the books on my shelf this year, and I started with "I Will Teach You To Be Rich." Some of the advice felt generic, but I took away three good strategies that I plan to do myself. I'm going to automate my finances, invest in index funds, and break up with my bank. One of my personal goals is to read every single book on my bookshelf. More than 50% of the books in my collection are paperbacks from used book stores or hand-me-downs from friends that I never read. I figured I'd give each book attention and then decide which ones to keep and which ones to donate to my local library. I decided to put this goal into motion on the first day of the year. I closed my eyes and grabbed a book off the shelf. I picked "I Will Teach You to Be Rich" by Ramit Sethi. My husband gave it to me, but I never actually read it. While the title made me think the advice was going to be risky and unconventional, I found that it was quite the opposite. A lot of the tips inside seem perfect for a beginner who is learning the basics of key financial fundamentals, like understanding your credit score or the differences between a checking account and a savings account. I found myself jotting down notes and actionable takeaways that streamlined some financial next steps I needed to take ASAP. After reading "I Will Teach You to Be Rich," I had three big takeaways. 1. Create an automatic money flow I've invested a lot of time into organizing my finances and creating a viable budget, but I have not automated a monthly money game plan. In the past, I have done everything manually, including moving money between different accounts, depositing cash into my retirement fund, and paying my credit card bills. This means I spend at least one hour a week handling my finances when I don't really have to. Sethi maps out an automated money flow that can be set up so that your paycheck is automatically split up and directly deposited into multiple accounts. His structure works like this: You can set up your paycheck with your employer so that a certain percentage is automatically deposited into your 401(k) every month, and the rest can go into your checking account. From your checking account, the cash can be automated to go to your savings account, any additional retirement accounts like a Roth IRA, and then to pay credit ca...

As we get older, our financial lives become more complex. Chances are you will have switched jobs during your working years. Which means you may have an old 401(k) from your last job. At your new job, you may have a 401(k) available to you. Along the way, you may have opened a few investment accounts as well. Also, we can't forget the checking accounts, savings accounts, and credit cards. This can get confusing, trying to keep track of where all of the money is. We haven't even talked about the insurances you have, and all the bills you have to keep track of. Also, if you're a real estate person, how about keeping track of the cash flows? It is so important to find ways to simplify your financial situation. Why do you have 4 checking accounts all at different banks? What is the goal for each of your investment accounts? What is the purpose of each credit card? How do you keep track of your rental income? Are you on track to reach your financial goals? These things are complicated. It's my job to make it easy.

Set clear financial goals. Instead of thinking about having a certain amount of money as your end goal, consider what you want your money to do for you. This allows you to create an intentional strategy for retirement, purchasing a home, paying for your child’s college education, or becoming debt-free. We can help you work toward multiple goals at once: https://bit.ly/3tax3sn #MariettaWealth #MariettaFinances #FinancialWellness #FinancialPlanning #WealthManagement #WealthAdvisor #BuildWealth #SavingMoney #FinancialAdvice #MoneyHelp

Some tough love for Retail Leaders on personal finances: 1. 𝐘𝐨𝐮 𝐦𝐮𝐬𝐭 𝐡𝐚𝐯𝐞 𝐚 𝐟𝐨𝐫𝐦𝐚𝐥 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐩𝐥𝐚𝐧. You don't need to have a financial advisor. But if you don't have the time to do it all and continuously keep up with financial knowledge, you need to outsource it. Your current and future financial well-being depends on having a formal financial plan. - A 401k is not a financial plan. - A budget is not a financial plan. - Saving is not a financial plan. 2. 𝐘𝐨𝐮𝐫 𝐞𝐦𝐩𝐥𝐨𝐲𝐞𝐫 𝐩𝐚𝐲𝐜𝐡𝐞𝐜𝐤 𝐰𝐢𝐥𝐥 𝐬𝐭𝐨𝐩 𝐚𝐭 𝐬𝐨𝐦𝐞 𝐩𝐨𝐢𝐧𝐭, 𝐅𝐎𝐑𝐄𝐕𝐄𝐑. You may or may not have control over when it stops. If you plan to retire at 65, but are laid off at 62 and can't find a job, what happens next? Use your income to buy assets. Those assets are what will provide you with income for the decades you no longer work, like in retirement. That's 20+ yrs! Those assets need to last for a long time. Imagine running out of money when you are 75 yrs old. Who will help you then? 3. 𝐘𝐨𝐮𝐫 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐡𝐞𝐚𝐥𝐭𝐡 𝐟𝐚𝐥𝐥𝐬 100% 𝐨𝐧 𝐲𝐨𝐮. That's where having a formal financial plan comes into place. It is a proactive approach that helps you balance the present and the future. It helps you align your goals and values with your financial resources. You won't have a pension. Social Security will only provide you with 30-50% of your income needs in retirement. The rest is up to you. Plan accordingly. 4. 𝐓𝐡𝐞𝐫𝐞 𝐚𝐫𝐞 𝐧𝐨 𝐪𝐮𝐢𝐜𝐤 𝐟𝐢𝐱𝐞𝐬 𝐢𝐧 𝐩𝐞𝐫𝐬𝐨𝐧𝐚𝐥 𝐟𝐢𝐧𝐚𝐧𝐜𝐞. Waiting until you're in your 50s-60s to "catch-up" with your retirement goals won't work, unless some miracle happens. "I'll worry about it later" is not a strategy. It is hope. You don't control miracles. All odds are stacked against you. Plan proactively. One small goal at a time. They all compound into something great. Control the controllables. And there are many you can control. Financial planning shows you that. 5. 𝐘𝐨𝐮 𝐝𝐨𝐧'𝐭 𝐭𝐫𝐮𝐥𝐲 𝐠𝐫𝐚𝐬𝐩 𝐭𝐡𝐞 𝐩𝐨𝐰𝐞𝐫 𝐨𝐟 𝐜𝐨𝐦𝐩𝐨𝐮𝐧𝐝𝐢𝐧𝐠 𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭. If you did, you would understand the first 4 points above and take proactive steps to fully take advantage of the time you have. Time is one of your greatest allies in personal finance. Take advantage of it as much as you can. You can never get it back. Google "Compounding Interest". Spend 20 minutes reading about it. ---------------------- 𝐘𝐨𝐮𝐫 𝐜𝐚𝐥𝐥 𝐭𝐨 𝐚𝐜𝐭𝐢𝐨𝐧 𝐟𝐨𝐫 𝐭𝐨𝐝𝐚𝐲: Ask yourself: "Do I have a formal financial plan that I am doing on an ongoing basis?" If the answer is no, and be honest with yourself, it is time to take action. Time will pass, regardless if you take action or not. Time will not wait for you. And whether you decide to take action or not, they are both a decision. And each has a consequence. Choose wisely. #retail #retailing #knowyourkoyns