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Start Your Financial Revolution Today!

January 12, 2010 Leave a comment Go to comments

A lot of people are happy to leave the last decade behind them.  We came out of that decade a lot less confident and a lot more shaken than when we went into it as a result of events such as 9/11 and the 2008 financial collapse.  But I have some fond memories of this time.  This is because the last decade was my first full decade as an adult.  I graduated from college and law school.  I got my first apartment.  I got my first full time job.  I paid bills and rent and socked away money in a 401(k).  I gained the freedom to live my life the way I saw fit and I loved that feeling.

But with new freedom comes new responsibilities and scary decisions.  I look at the baby boomers, my parent’s generation, and I see men and women with pensions and the ability to expect to get some social security.  Younger generations are very much on their own.  Our future dependence on our own financial and investment decisions is certainly a result of the changed times and it is a scary notion for most people, including me, a financial planner.

So what do we do?  How do we make sure that we have the money and the resources to maintain a decent lifestyle once we stop working?  We plan for the future.  We face our money issues head on and we don’t shy away because it’s complicated or scary or confusing.  Now is the time to make it a priority to create a healthy financial future for you and your family.  If the last decade taught us anything, it is that we must be vigilant and informed about issues that have a real impact on our lives.  We all need to be proactive.

There are a number of ways to get started:

  • Track your expenses for a month and creating a budget with your monthly expenses. 
  •  Review your assets and your debts to determine your net worth. 
  • Look at all your debts, list them from highest interest rate to lowest interest rate and start chipping away at the debt with the highest rate, moving down the list as you pay your debts off. 
  • Create a plan to build up six to eight months of emergency savings. 

I will be writing more about all of these things in the next couple of weeks to help you get started.  There are just initial steps to financial security but they are essential so that you know where you stand.

Does all of this seem overwhelming?  There’s help out there! 

  • Find a financial planning book that speaks to you. 
  • Seek out non-profits in your area that offer some financial counseling for free or at a low cost. 
  • Speak with a financial planner who can give you a more comprehensive financial evaluation and help guide you and motivate you get these things done.  

Remember – you don’t have to do it alone, but you have to do it.

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