A more prosperous 2020? Do this...
Waterchase Life Magazine
Many people never sit down and evaluate their financial goals.
But setting financial goals can mean the difference between having a dream retirement… and working until you die.
I want you to get the most out of your money in 2020. And I want to help you start off the new year the right way. So with that in mind…
Here are 5 financial goal ideas for 2020:
1. Get out of high interest rate debt
High interest rate debt is like an investment in being broke. It’s an “investment” that works against you. Compounding interest is exponential whether it’s in the form of debt or investments. If you have a high-interest rate debt, it only gets harder and harder to pay off each year. Pay off your high interest debt first. Set up a payment plan and stick to it.
The longer you wait to tackle this monster… the bigger it gets.
2. Have a well-stocked emergency fund
An emergency fund can take away a lot of your money worries. You’ll feel more secure if you have some extra cash on hand. Just in case you get into a tight spot financially. An emergency fund is a buffer between the money you need to survive and your investment accounts. You won’t have to rob any of your investments to use as emergency funds. There’s an added psychological benefit to having an emergency fund. It will make the wide swings in the stock market more emotionally tolerable. You know that your financial survival isn’t at stake if the market falls.
3. Have enough insurance coverage (but not too much)
Many people have WAY too little insurance. And others have too much. Balance is key. You want to protect your family in case of a disaster. But you don’t want to spend so much on unnecessary insurance that your investments suffer. Review your insurance to make sure you are covered for what is needed.
4. Establish an end of life plan
Yes, it’s a morbid topic for the holidays. But it’s a critically important one. An estate plan with your end of life details will ensure your family knows your wishes. And they will know what to do if something happens to you. This eliminates confusion and tension. Which will help your family during a difficult time.
5. Set up a long-term financial plan
A long-term financial plan addresses all aspects of your finances.
- Retirement planning
- Social Security
- And so much more...
Make sure you cover all the bases for your situation. There’s a lot of options. So take your time, ask lots of questions, and get clarity to set up your family for financial success.
Now here’s what interesting… you can accomplish ALL these goals if you focus on #5. This one goal should cover all of your finances. Including the previous four goals listed.
Please don’t hesitate to reach out if there are ever any questions or concerns. Have a great holiday season and here’s to a prosperous 2020!