Local expert shares top financial advice
When you’re in the daily grind of working, taking care of family responsibilities and experiencing your social life, it can be difficult to take a step back and look at the big picture.
Fortunately, there are simple steps you can take to help evaluate your current financial situation and set yourself up for success in the future. Many people assume financial planning is a painstaking and time consuming process, but there are a lot of simple and effective steps you can take in your day-to-day experience to help you make wise financial decisions.
I am a financial professional based right here in the Bay Area, and I have a passion for working with people in the local community to help them reach their financial goals, retire on their own time and reduce the stresses which come with monetary issues. As a financial representative with Modern Woodmen of America, I’m trained in and passionate about working with people in any stage of life.
In this article, we’ll go over a few of my favorite planning tips which can be used by almost anyone to help build a strong financial foundation.
Save Smarter
Everyone knows it’s important to set aside money for retirement, big purchases and emergencies, but very few people know how to save money effectively.
Luckily, there are several options to make saving easy in today’s marketplace. Instead of taking whatever money is left over after your purchases for the month and setting the random amount aside in a savings account, it makes a lot more sense to have a monthly plan for an amount of money to save.
Much of your savings plan will depend on your financial goals (more on those later), but there are many ways to save smarter, including setting up an auto-payment to an investment account. Compounding interest, especially if you’re younger, is your friend. Setting aside small amounts every month can be the difference in retiring at 55 or 65.
Understand Your Expenses
Although it’s never been easier to spend money on a regular basis, it’s also never been easier to track where your money is going.
It’s likely the phone in your pocket gives you easy access to a detailed ledger of any expense you make, so it takes very little time to review these expenses and check for patterns which can be cut out to spend smarter.
Once you know how much money you’re spending, it’s much easier to make a plan.
Set Goals
It’s harder to get to a destination if you don’t know where you’re going.
Your financial goals will vary based on your age, income, family status and many more factors, but the most important thing to remember is to set goals which are important to you and then take steps toward reaching those goals.
Seek Professional Assistance
No matter where you are in the financial planning process, I can help. If you’re a Bay Area resident, especially in Castro Valley where I also call home, please reach out and let me help you retire comfortably, support your family or plan for the future.
This material is meant as general information and should not be construed as advice or a recommendation. Consult your tax advisor before making a decision. Investing involves risk, including the possible loss of invested principal.
*Securities and advisory services offered through MWA Financial Services, Inc., a wholly owned subsidiary of Modern Woodmen of America. Member: FINRA SIPC.
