Image Credit: My Own
Having read this article off Business Insider by Meghan Rabbitt, LearnVest titled “A financial planner helps a couple earning $75,000 a year save an extra $800 a month” http://www.businessinsider.com/a-financial-planner-helps-a-couple-earning-75000-a-year-save-an-extra-800-a-month-2016 2?utm_content=buffer955fe&utm_medium=social&utm_source=facebook.com&utm_campaign=buffer has taught me (as it will teach you) a great deal about Financial planning. While this article about a working but indebted young couple will be useful for youth and college university students, this article will also be of great help for older full time working professionals in better financial planning!
So below are The Four Things Meghan Rabbit’s article has taught me (and will now teach you) about Financial Planning and making better Financial Decisions!
1) Get A Financial Planner!
Whatever you do in life, it is extremely helpful to get some professional hands on assistance or mentoring. This also holds true for financial planning! Whenever you’re in financial trouble or in a financially tight situation debt or the like it can be quite complex getting through on your own.
Hence, get a financial planner someone who is well versed in finances and financial planning to help/mentor you with your personal finances and provide you advice/assistance in overcoming your financial predicament! Even for investing, savings accounts, IRAs, retirement accounts and the like, financial planners (who can be found at your bank or private firms) can start you off with advice crucial for making the most of your financial planning!
2) Salary Doesn’t Mean Stability!
You can be highly educated, the top professional at where you work, with lots of prestige and on top of it all making a Six Plus Figure Income at your job. However, no matter how high, your salary will not guarantee your financial stability or prosperity!
Rather when working a job paying you a huge salary with lots to spend, it is not your salary but personal financial responsibility that will guarantee your financial stability as Point Three will expand on!
3) Be More Financially Responsible!
If you want financial stability in life then it is in your best interest to be financially responsible! This means learn to spend your money responsibly without getting too materialistic or entitled. In order to be financially responsibly, learn/master the art of budgeting, saving away and investing your money instead of spending all/most of your monthly pay check or Six Figure Income! Moreover, when spending try to only spend what you can afford (With Your Own Hard Earned Money!!) and won’t put you in financial peril down the road!
4) Be Financially Practical!
Being financially practical is also part of being financially responsible. This means spending your money or the money you yourself earned on things you can afford! Too often we sadly spend our money on things that are financially impractical for us meaning we cannot afford them at the moment.
Taking out loans to move into that dream house, a loan to get your dream car (while you haven’t yet paid off all your College Student Loans!), spending on constant traveling and adventuring, whatnot prematurely is not a good idea.
For one, as blunt as this seems, you can survive in the moment without right away moving into your dream house, getting your dream car or only travelling once in a blue moon. Secondly, cutting back or postponing these expenses will save you lots of money, as you are being financially practical by not taking out loans (Loans=Debt) to finance what you cannot afford while cutting back on constant travelling will save you tons of money for a rainy day/emergency!
Lastly, your financial burden will be lessened meaning you’ll have less debt (less debt=lower chances of personal bankruptcy), more time, money, energy and in the long run your financial life will be more relaxed!
Image Credit: My Own
I sincerely hope this post and its five pieces of advice will help you to plan as well as live a better financial life! Indeed as stated in this post and the article it covers there are simple little changes you can make to live a better financial life. Hopefully this post will spur you on to make such changes! Also be sure to check out my other posts on this blog, some related to this topic! More Posts will be coming your way so keep your eyes posted on this blog, Chow For Now!