Getting Your Finances Organized
How time flies! Can you believe it’s a brand-new decade? What a great time to take stock of your financial wellbeing and grab hold of the opportunity to start the new decade with a ton of energy and enthusiasm.
Getting your finances squared away and putting plans in action to take control of your money and your future is a great way to do so. If over the last 10 years you have had any problems with your finances, you’re not alone. Only 28% of Americans are considered “financially healthy.” The rest of us have some work to do!
Dealing with stress over money that gets to the point where you aren’t constantly and consistently worrying about cash and finances is not easy, but with a bit of hard work and organization, it’s not insurmountable.
Here are three steps to financial freedom:
Research and Advice
Knowledge is power, as the old saying goes. Research as much as you can, and find out what investments align with your goals. There is a lot of “noise” out there, so when it comes to getting advice, make sure that you use trusted sources. “You should look at building and preserving your assets over time. Don’t gamble with your money, rather go for the sensible middle ground of investing,” says Martin Walcoe, President of David Lerner Associates.
Budget
Only 41 percent of Americans say they use a budget — leaving a staggering 59 percent of Americans in the dark when it comes to their real financial situation. Budgeting is essential if you want to be able to keep track of your cash. What comes in and what goes out needs to be factored in and budgeted for. It is the building block of financial stability and literacy. List your outgoing and incoming cash flow, and include everything. Be as thorough as possible.
Start Planning
Only 30 percent of Americans have a long-term financial plan. Not having a long-term plan is essentially flying blind into an unknown future. You need to start planning if you want to be ready for what the future holds and, as this is the start of the new decade, you can at least start planning towards 2030.
Get your finances in order, and take advantage of the freedom it will bring you down the line. Start with a fresh look at your finances and take charge. Keep success in your sights.
IMPORTANT DISCLOSURES
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law.
Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC.