What is financial planning?
Everyone should have a financial plan. Now, what is financial planning? It's a comprehensive evaluation of your current and future financial state that uses variables you already know and predicts future cash flow. The first and biggest step to becoming a financial planner is having a budget with a goal in mind for saving and spending in the future.|
Financial Planner: A financial planner helps clients prepare ways to achieve their financing goals. However, they can be expensive, so it's important to hire one when it's most necessary. It's essential to consider the expense to hire a financial planner and just how beneficial a financial planner will be for you.
Emergency Funds: Arguably the best step in your financial plan is creating an emergency fund. Long-term benefits will be beneficial for many reasons. You'll live with a lot fewer financial worries because you'll find assurance in knowing that you saved up for emergency situations. Also, if you can learn to save money in your emergency fund, you can save money for any goal that you have.
Multiple Income: Sometimes when saving money becomes a necessity, getting a second job could also be beneficial. You may love the job that you currently have, but getting a second one creates another source of income. Do you work crazy hours, and getting a second job won't be the easiest? There are other ways to generate income! If you have a bunch of extra stuff collecting dust in your basement or attic, why not use eBay or take it to the flea market and sell it? The flea market is a great way to bond with the family, makes you some extra cash, and who knows, you may have a gold mine that's just waiting to be sold!
Having a financial plan is a great way to stay on top of how your financial goals are holding up. Finding yourself struggling to come up with a plan for your finances? Hiring a financial planner might be your best option, as they provide you the assistance to reach your goals. You can gain the confidence needed to make sensible decisions about money that help you achieve your goals in life.
What is financial literacy? In today's day and age, it's easy for this generation to forget the value of a dollar. At one point, cash used to be the only way purchases were made. While having a debit card to deal with transactions is more convenient, it's easy to miss out financial literacy. You may be wondering what is financial literacy? It is the knowledge to make financial decisions that affect our daily lives.
Save Your Money: As you go through life, you'll encounter many savings and spending decisions that you have to make. Whether it's for small purchases such as getting the latest smartphone or a large purchase such as getting a new car or a home, you must make saving decisions. It's important to set goals for yourself to save money and creating a budget will help to provide all that you need to go through your daily life and start building up a category that will help you pay for that new purchase. It's recommended to put about 10-15% of your paycheck into an emergency fund so that you're ready for any unknown situation that arises.
Understanding your Credit Score: Wanting to becoming an entrepreneur? Goals are important and will help you in the process of your financial journey. Remember, personal credit is the most important factor in getting the business up and running. There are a few elements that are in your credit report that shape your credit score factors. Your total debt, type of accounts, number of late payments, and age of your accounts all affect your credit score. You’ll want to keep your Score between 650 (which is fair) and 750+ (which is excellent.)
In a world where future generations are transitioning away from paper money to credit cards, and now being able to make purchases on their phones (ie. Apple Pay, Samsung Pay, etc.) it's more important than ever to teach future generations the value of the dollar and give them the financial knowledge they need to be successful. With these tips at your disposal, we are confident that you will be in the right direction toward becoming financially responsible.
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The rate of return on an investment