Take Control Of Finances, Before It’s Too Late
Here’s the honest truth about money and your finances. Neither will ever improve unless you take action and take control. If you’re having financial worries, ignoring them won’t make them go away. It will only make it worse, much worse. So what can you do? Glad you asked!
This pandemic has made one thing very clear. Very few people were financially prepared for the worst. As Dave Ramsey would say, “When the tide goes out, you can tell who’s been skinny dipping.” The thing about life is that you can never prevent financial emergencies. You can, however, be better prepared for them. That’s why having an emergency fund is vital. It gives you a cushion to fall on when emergencies happen. If you don’t have one, start one immediately!
Your income is another piece of your finances you have complete control of. Not only can you budget your money better, but you can also work on increasing your income. Do you know what the number one best way to almost double your income is? It’s simply by changing your job. Waiting for annual raises will only increase your income by 3% on average. Switching jobs can dramatically increase your income by 50% or more if done right. Add this to your goals list.
Investing for your retirement is also just as critical for securing your financial future. Statistically, over 22% of Americans have less than $5,000 in retirement savings. 15% have no retirement savings at all. That’s a scary big number, considering how expensive healthcare becomes when you are older.
Don’t put this one on the sidelines. Always make sure that you set aside at least 10% of your income towards retirement. I know, it’s hard to imagine retirement especially when you are young, so you probably keep putting it off. The earlier you start, the better. There is nothing sadder than being in retirement and financial ruin.
Lastly, don’t ever stop learning about personal finance. There are so many free resources out there that can teach you all about money, investing, and spending wisely. Read, pay attention to your finances, and actively work on bettering yourself.
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