A new year. New goals for your money! What are your financial resolutions for 2019? Paul Fain, president of Asset Planning Corporation joins us with a list of ways to increase your financial fitness in the New Year.
WHAT ARE TYPICALLY THE TOP FINANCIAL RESOLUTIONS?
Save more! Savings goals:
- Save $1000 (less than 40% of Americans have $1000)
- Save for Life Stuff! (Open one or more savings accounts for travel, car and home repair, etc.)
- Save to make one extra mortgage payment (shorten a mortgage loan by 4-5 years)
WHAT ABOUT GETTING OUT OF DEBT IN 2019? IS IT A REALISTIC GOAL?
It can be! But it will require focus and sacrifice.
- Make it a mission. Track your progress.
- Have a plan: Consolidate? Snowball? Highest cost?
- Temporary budget pain for the long-term gain of freedom.
- Sell your clutter. Pay down debt.
- Put any bonus or raise or gift toward debt.
THE INVESTMENT MARKETS ARE IN CHAOS – ANY NEW YEAR FINANCIAL RESOLUTIONS?
- Don’t quit investing!
- Make a Panic Plan – how will you respond if the stock market drops 10-20% in 2019?
- Buy low! Stocks are on sale.
- Make a monthly commitment to support one charity (invest in making the community/world a better place)
Are you looking for a financial advisor or planner? Contact us!