Plan for the Unexpected

USA Today runs an excellent financial advice column online. Recently, a young man wrote in to the column asking what he could do to avoid struggling financially throughout his life, in the way that his parents, who likely had not engaged in solid retirement planning, had done. Fiscal expert, Mike Krantz, provided the young man with some solid advice, advice that is good for people of all ages and from all walks of life.

Krantz’s number one piece of advice was to plan for financial emergencies. He advised the concerned advice seeker to put aside as much as six months’ worth of money that he could live on if he had to. Obviously, six months worth of expenses will vary from person to person, but whatever your amount happens to be, Krantz advises going above and beyond the usual “three months worth of savings” advice.

Once a firm savings is in place, Krantz advised making further investments and thinking about things such as retirement planning. While you might not be able to turn to USA Today or Krantz for personalized financial advice, know that you can get the same practical, high quality advice from Platinum Financial Associates of Naperville.