3 Ways to Get Ahead Financially

3 Ways to Get Ahead Financially

2020 has been a year rife with problems. Many people find themselves struggling with financial insecurity.

So, if you’re struggling, what can you do to get yourself on track, or back on track? Here are 3 ways to get ahead financially.

(1) Set a Goal for Savings

First, you need to determine how much money you need in savings. There is a starter goal- enough for immediate emergencies, and the long-term emergency goal- 3 to 6 months of your monthly expenses for unexpected situations.

If you ever want to retire, you also need to focus on your retirement goals. How much will you need long-term to retire when and how you want? How do you get there?

Talk to a trusted financial advisor to help you plan. If you don’t have one, we’re happy to help you find one. Contact us.

(2) Get Rid of Debts

Debt costs you more than you borrow. Over time, interest and other fees really add up to a lot of money out of your pocket.

Write down all of your debts, balances on those debts, and monthly payments. This exercise allows you to put your debts into perspective.

Start paying as much as you can on the smallest debt, and paying minimums on the others, until the smallest debt is paid. Then, continue that practice for your other debts, from smallest to largest. And, don’t incur anymore debts.

Not having debt will free up your income considerably, and allow you to apply more money to retirement and other things that benefit you and your family.

(3) Make an Estate Plan

The only things certain in life are death and taxes. With death, we never know when it is coming. That is a hard reality to face, but it is still a reality regardless of whether we want to acknowledge it or not.

It is best for you and your family to make a plan for your death that meets your family’s goals, instead of leaving everything to fate and the government.

Meet with an experienced, trusted estate planning attorney to get your estate plan in order and nurture your family and defend your assets.