Six Steps to Improving Your Financial Position
You would not traverse the side of a mountain without careful planning and without first seeking the advice of experts, you should treat your finances with the same sort of meticulous detail.
Saving money for the future is like scaling the face of a high mountain. No action can be rushed. Fastidious planning coupled with an unwavering commitment to implementing the plan are imperative to success. As the old saying goes, it is “slow and steady” dedication that will lead to the ultimate goal. When it comes to saving, the process can be confusing. So how does one know where to start? Here are six steps to get you going on a path toward saving for your future and retirement.
It is important to understand your current financial situation before you make any changes. To get a comprehensive outlook on where you stand, compile all relevant materials like bills, assets, and policies. Once you have wrapped your head around your existing financial landscape, you need to draft applicable and realistic short- and long-term goals. Write out your ambitions and make them visible, so you are always reminded of the objectives. Revisit your list of targets at least once a year to ensure they are obtainable and still personal priorities. As you reach your goals, add new ones to the list, so it is an ever-evolving process.
Well devised goals are essential to obtaining your financial dreams.
Establish a Budget
Anyone well versed in finance will tell you; it is all about spending less than you make and to do that you need to set a budget. Setting a weekly, monthly, and yearly budget will keep you disciplined, and a budget will help you stay on track to achieve your goals.
Pay off Debt
When you devised your goals you listed out all your outstanding bills or debts, now it is time to start tackling those. If at all possible do not add to your debts, instead pay at least the minimum payment on all debts which accumulate interest. Focus on the high-interest debts first, exclude a mortgage, and pay those off more aggressively. Focus on one debt at a time, and you will start paying down all outstanding bills.
Establish an Emergency Fund
You should try to save between three to six months worth of living expenses, and they need to be easy to liquidate or kept as cash in case of an emergency. If you or someone in your household becomes ill, if there is a job loss, or any unforeseen issue requiring quick access to money, you will need to tap these resources.
After you have begun paying off debt, you have money set aside in case of an emergency, and a clear sense of direction for your financial goals, you can start saving for your dreams. Your future might include dreams of retirement, paying for your children’s college, or just living comfortably without the financial constraints of working in your 60’s, 70’s, and 80’s. There are many options for long-term saving from a 401k to a Roth IRA or a 529 account to a traditional savings account, a collection of bonds, life insurance, or stock options; there are countless options to fit almost any lifestyle.
When you start to accumulate wealth, the economic landscape can become tricky to navigate because the options for investment are expounding and ever changing. Consult financial experts to help guide you through the investment process. They will help you tweak your goals and realign your current and potential assets to ensure you are posed for financial security. The consummate professionals at Benedetti, Gucer & Associates are an Atlanta-based Registered Investment Advisory firm glad to help clients realize their financial goals. They specialize in wealth management and corporate retirement plans. They have years of experience gleaned from gritty tenacity and unwavering integrity which is why Benedetti, Gucer & Associates (BGA) have earned the trust of their clients in a world wary of the financial service industry.
The professionals at BGA take pride in their ability to develop customer relationships based on sound performance, diligent work ethic, and professionalism. They work with vigor to earn the trust of clients in a world wary of the financial service industry. BGA is a fiduciary which means they are obligated by law to put their client’s needs ahead of their own. When mapping out their client’s economic futures, they believe in taking a holistic approach to obtain optimal returns, given each person’s comfort level for risk. While preparing a customized plan, BGA advisors will consider the short- and long-term objectives, risk tolerance, and the time horizon for an entirely personalized strategy.
Charting the path toward financial security can seem daunting but following these six steps and entrusting the guidance and advice of BGA, will be essential to helping you reach your goals for the future.
The views expressed represent the opinions of Benedetti, Gucer & Associates and are subject to change. These views are not intended as a forecast, a guarantee of future results, investment recommendation, or an offer to buy or sell any securities. The information provided is of a general nature and should not be construed as investment advice or to provide any investment, tax, financial or legal advice or service to any person.
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