Tips for Building a Complete Financial Portfolio

When you think of the type of person that you would like to be, financially speaking, who do you see? If you’re like most people, then you see someone who is at least decently well-off, someone who doesn’t have to worry about paying bills on time or making it day to day. If you’d like to be this type of person (and who wouldn’t?), you should know that the key lies in building the right financial portfolio. If you can do that, then you can achieve at least the following goals:

l  Have adequate retirement accounts that are ready for the future

l  Have no debt

l  Have plenty of money in savings in case of an emergency

l  Own diversified investments

Those may seem like some pretty lofty goals, but, honestly, if you are willing to take some smart initial steps, they can be well within your reach.   

Invest in a 401(k)

One of the first steps in achieving your financial goals is to invest in a 401(k) if your employer offers one, especially if your employer matches your contributions. There are few better ways to start socking away good money for the future, so there is really no excuse for not taking advantage of this option if it is available to you.

If you don’t happen to have this option, then secure a good financial planner and talk about what options you do have for saving for your future. It will be here sooner than you think!

Pay Down Your Debt

Your next step in building a complete financial portfolio is paying down your debt, especially any credit card debt you may have, which can be particularly pesky.

You don’t have to pay it all at once, but you can talk to your creditors about a doable repayment plan. You can also speak with a financial adviser to help you develop a realistic pay-off plan to help you get out of debt as soon as possible.

Save and Invest

Finally, building a good financial portfolio requires you to save as much as you feasibly can. You need to have money in your savings for those random things that pop up, like car or home repairs. But, aside from that, you also need to have enough money saved that you can start to make smart, diverse investments.

Obviously, this is a lot to tackle for the average person, but, with the right professional financial help, rest assured that it is totally doable!