Set Yourself Up for Success

Financial management can be overwhelming, but the benefits of being financially secure can’t be overestimated. Here are 4 tips to start managing your finances responsibly & set yourself up for success:

Save:

“You can’t go back and change the beginning, but you can start where you are and change the ending.” - C.S. Lewis

Start saving now! You should set up a savings account with an FDIC insured bank as early as possible — why?

1. It's recommended to save up at least 3 months of living expenses as an emergency fund in case you can't work for any reason (job loss, disability).

️2. For large expenses create a wish list fund to regularly track your progress toward your savings goal.

Budget:

“Every time you go over your budget you’re stealing from your future.” - The Minority Mindset

Creating and sticking to a budget is key to meeting your savings and investment goals. Ultimately it’s not how much money we make that determines our financial security rather it’s how we manage it!

Retirement Account:

“Instead of buying your children all the things you never had, you should teach them all the things you were never taught. Material wears out but knowledge stays.” – Bruce Lee

At some point in life there will come a time when we can’t/don’t want to work any longer and it’s important to set yourself up for a comfortable retirement. The last thing you want is to have worked hard all your life and not be able to enjoy it. Start saving for retirement as early as possible to take advantage of compound interest and teach your kids about retirement savings too!

Financial Planners:

“The key to success is knowing your limits.”- Arianna Huffington

If you feel overwhelmed/out of your comfort zone hire financial planner(s) to help you. Ensure they are licensed professionals and research their track record before committing. Two worthwhile investments:

1. Financial planning service that can manage your retirement account/investment funds

2. Tax preparation/filing service

For more tips on setting yourself up for financial success check out this blog post, ‘Personal Finance Checklist – A Guide to Financial Health’ by the Minority Mindset