After celebrating Halloween, we wanted to share some financial horror stories we encounter all too frequently. Making mistakes when it comes to your finances is perfectly normal, however, when it comes to these horror stories, the impact can be significant, and frankly, quite scary.
Not Saving Enough for Retirement
Even if retirement is 10, 20 or even 30+ years away, it’s essential to know how much you need to save in order to live comfortably. Years can fly by and leave you in a precarious position when it comes to your retirement. Don’t leave your future self in a bad position: take action now and make sure you’re doing what you can to set yourself up for a comfortable retirement that meets your lifestyle goals.
Saving for retirement does not have to be complicated. Start early, identify your goals, stay on budget, and maximize any matching money available to you, and you will be on the road to a secure and comfortable retirement.
Living Beyond Your Means
Living a financially comfortable life is on almost everyone’s list of priorities. But, many want more than they can afford–which can lead to lifestyle inflation and living beyond your means. Be sure to practice smart shopping habits, and always maintain a strong understanding of your financial wellness to be sure you are fully informed before making any large purchases.
It’s vital to be realistic with your financial goals, and your spending, to avoid ending up with more debt than income. The saying is true: you can’t out-earn bad financial habits.
With a quick Google search you can find millions of articles and videos telling you how to invest your money, but making uneducated investments can be more than scary, it can be detrimental to your portfolio and your financial wellness! Before you click the ‘submit’ button on any of the dozen investment apps, contact a professional.
When meeting with a financial planner, the full picture of your financial health will be reviewed, taking into account your income, expenses, goals, and more. By planning appropriately with the help of a professional, and diversifying your portfolio with asset allocation based on your investment objectives, you can pursue your financial goals with greater confidence and less risk.
Finance doesn’t have to be scary- working with an experienced advisor can help you avoid financial horror stories and free you from any money-related fears you may have!
Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM to see what other financial tips we can provide towards your financial well-being.
Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals.
Securities and advisory services offered through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser.