How to Manage Your Money

Managing your money and having a good, financial plan to follow is always smart. And, while you could go to a professional to help you work out a financial plan, a lot of it is just plain common sense! If you’re looking to better manage your money and get your finances under your control, then just be willing to follow some basic tips.   

Tip #1: Keep Track of Your Income and Spending

First things first, you absolutely need to know how much money you have coming in and how often, as well as how much you’re spending on a regular basis. The easiest way to figure this out is by committing yourself to careful tracking. For a few months, track everything you earn and everything you spend. Later, you’ll be able to easily see areas where you need to cut down your spending and spot other adjustments you may need to make to better budget and utilize your money.

Tip #2: Be Realistic About Your Debt

While tracking how much you earn and spend can be an eye-opening experience, most people are at least willing to give it an honest try. What a lot of people are not so honest with themselves about, however, is their debt. It can be scary to actually step back and assess how much debt you have, but if you want to gain financial control, then it needs to be done.

Consider all your sources of debt, so that, no matter how harrowing the results, you know what you’re facing. Then, and even more importantly, make a plan to start paying off that debt- a realistic, actionable one. The best thing to do is to start paying your highest-interest debts first and then work your way down to lower interest debts. It may take you a while, but you’ll feel so much better if you’re making an honest effort to get out of debt.

By following these simple tips, you can better manage your money and set yourself up for a brighter financial future too! Remember, making an effort makes all the difference, so try putting these tips into action today!

How to Protect Your Retirement Funds

It’s extremely important to tread carefully when it comes to all matters related to your retirement. There are so many scams and cons out there that, if you aren’t careful, you can fall victim to and end up losing everything you’ve worked so hard for in the process.

One of the best things you can do to protect yourself and your funds is to choose a trustworthy financial advisor. Look for someone experienced and well-educated who will always put your best interests first. By reading online reviews, researching any potential candidates, and always making decisions carefully, you can find the perfect person to help you to make the most of your retirement funds and to avoid scams.

And, believe it or not, scams are increasingly common. Not only are there “investment advisors” who don’t know what they’re doing, who charge too-high fees, and/or who will sometimes outright steal your money, there are also investments that are scams from the start. Generally, anything that

promises huge benefits with very small investments is worth checking out a little further, as is anything that sounds too good to be true.

It doesn’t help matters that most people who retire are considered “elderly,” making them favorite targets of scam artists. The good news is, though, that if you do find the right help, you can make wonderful investment choices that will benefit you both now and in the future. So, don’t take any chances; be serious about finding the right retirement help, and, if you ever have questions or concerns, voice them. You can never be too careful when it comes to protecting the retirement funds that you have worked so hard for.  #InvestmentAdvisors

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Getting Real About Retirement

A lot of people are curious about when they will actually retire. They want to know a number, an age that they can look forward to. Unfortunately, however, there’s no one “number” that’s accurate for everyone. When a person can retire is highly dependent upon how much money he or she has saved and the level of comfort and income the person requires to live out his older years. Plus, you also

have to keep in mind that many people are choosing to work longer, believing that it helps them to stay healthy, active, and engaged in their lives.

With that said, the “standard” age for retirement is around 65. However, as a result of the recession and a trend toward poor financial planning, average Americans have been retiring well beyond that age in recent years. In fact, a survey conducted by SunAmerica Financial Group reveals that the average person in today’s world won’t retire until the age of 69!

While some people hate the thought of working through most of their 60s, others embrace the idea. No matter how you feel about it, know that waiting does have some benefits. For one, it allows you to have a longer “planning period” for your retirement, which can be useful if you need to catch up in terms of savings. Those who retire later in life also have more years to contribute to their retirement accounts. Waiting can increase social security benefits as well.

Even if you’re planning on being one of those “late life” retirees, however, that doesn’t mean you can slack off on financial planning. To begin with, even though you may think you’ll retire later in life, that’s not always within your control. You could lose your job and have a hard time finding a new one due to your age, or you could fall ill or have to care for a sick spouse.  With so many uncertainties and possibilities, you can’t really just take your chances. You have to save and invest adequately so that, no matter what happens, you’ll be able to make it.

By all means, set a goal for when you want to retire, but don’t build your savings and investment plan solely based on the age at which you’ll retire. A good financial advisor can help you to come up with a foolproof retirement plan that works for you and that will continue to work for you, no matter what life throws your way.

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Financial Predators

Finance (Photo credit: Tax Credits)

Everyone knows that financial planning is important and necessary, but, unfortunately, few people know how to actually go about it. One of the first steps to smart planning is to set clear and realistic goals and expectations for the future. When it comes to your money, you should always be working toward something, whether it’s saving for retirement, your child’s education, or anything in between.

Another major tip to keep in mind is that you do not have to handle financial planning matters on your own, nor should you. There are excellent organizations out there that can assist you with planning for your future and with enjoying your life, free of debt, right now. One of those organizations is Platinum Financial Associates of Naperville, and it’s just a phone call away! You can take the first step toward a better, brighter financial future by calling the office today and speaking with a qualified, experienced financial advisor who will put your needs first.

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