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When it comes to money, the earlier you begin, the better! But if you haven’t started thinking
about your financial future yet, that is fine. We will assist you in developing a strategy to meet your financial goals using some tried and true methods. Good money management is just one of the keys (but an important one for sure) to building a solid financial future. We have researched this subject for some time and have compiled some of the best practices from successful individuals and couples. We have outlined some principals that will work for you to obtain and maintain your financial well-being. These principals have worked for decades and if adhered to properly can bring financial success to you as well. It does take discipline and commitment, but what worthwhile endeavor doesn’t right?
Here are some more keys to having a healthy financial future well into your retirement years.
Top Ten Keys For a Solid Financial Foundation
🔑 $ Mindset
It all begins here. You must start with a healthy respect for money. You have to develop what I call an Investment Mindset. Unless you are invested in Starbucks, ask yourself is that morning latte adding to your financial future?
🔑 Be Intentional
Because we are bombarded every day with advertising, we really have to become intentional and committed to our financial well-being. Have a specific financial goal and timeframe in mind. For example: “By December 2021, I want to have $10,000 for a down payment on a house”.
🔑 Save, Save, Save!
Money doesn’t spoil. The more you can save the better, but the important thing here is no matter the amount, be consistent. You really should plan to have an emergency fund set aside that is equal to three-six months of salary. This is aside from your retirement planning. Pay yourself first.
🔑 Good Money Management
This key is equally very important. Good money management is the bedrock of having a solid financial footing. Living frugally or beneath your means can really benefit you later on. You are so much better served delaying instant gratification. Planned purchases Vs. impulse buying is often the battle but planned purchases should win the majority of the time.
🔑 Make Tax-Conscious Investment Decisions
Make the tax laws work for you. Taxes will be withheld from your check. Use the tax law as a “forced savings plan”. Take advantage of your company’s 401(k) plan.
🔑 Use Credit Strategically and Sparingly
Credit is good if used responsibly. Have a strategy for your credit use. Don’t accept every credit offer that comes along, just the offers that fit into your overall financial strategy.
🔑 Develop a Buy and Hold Investment Strategy
Avoid the temptation to buy and “flip” stocks. Study the great investors and you will find that is the most used investment method is to buy and hold.
🔑 Asset Protection
Protect what you have. Be certain that you have the appropriate protections for everything you own. Loss can often time wreck your financial plan, so guard against it.
🔑 Invest In Yourself
Knowledge pays the best dividends! Educate yourself in the area of finance.
And lastly...
🔑 Develop a Pay Period Strategy
Here is a suggested pay period strategy that can help you to meet your financial goals…
For More Information...
Here are some links for more information on obtaining and maintaining healthy finances.
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