Top 8 Financial Planning Tips Right from the Experts
With the beginning of a new year, most people became busy in setting their financial goals. When it comes to personal finance advice, hardly anyone ignores. To learn the finance management strategy, you perhaps won’t mind seating in front of the computer screen for hours. Even after learning those tips, you sometimes fail to achieve your goal. So, where did you actually make mistake? To help you in getting the answers, experts are sharing their views.
Look at the finance planning tips mentioned below to secure your future financially.
Tip # 1 – Tip Yourself First:
This simple theory is proposed by David Bach, the writer of nine best-sellers of NY Times. He always writes with the motto of helping others in increasing their bank balance. While teaching people, how to deal with money smartly, he suggested keeping aside ‘one hour a day of your income’ can accumulate to a big amount in the near future. Through this kind of automating savings, you can easily make certain that your future will be safe financially.
Tip # 2 – Save for Difficult Times:
Being the CEO and founder of America’s Retirement Plan 401k, Tom Zgainer insists more on retirement savings. In his words – ‘save more, not for a rainy day—but for sunny days.’ None of us will remain employed throughout the life. As he says – to go on enjoying life even after retirement calls for saving in advance. When you know your financial back up is strong, you can roam around the world stress-free.
Tip # 3 – Strategy for Retirement Risk Management:
Income planning after retirement is not alike gathering wealth for that period. Risks involved are different. Hence, Wade Pfau, Professor of Retirement Income Planning, believes that retirees should know how to manage volatile market condition, their lifespan, and the long-term care. Just by investing in insurance, handling these possible risks is difficult. Rather, you should research more on cost-effective retirement risk management strategy.
Tip # 4 – Think About Your Kids:
The Professor of Health Insurance, Adam Beck, shared his money saving tip of 2017. Do small things in 2017 to save huge for your kids 10 years from now. Today, if you save small, it can act as a savior to your kids when they become adults. As for instance, they can use the saved money in future for pursuing better education or to achieve their dreams.
Tip # 5 – Regular Finance Review is Important:
By gaining thousands of global readers, The Penny Hoarder website of Kyle Taylor has become the ultimate source for those seeking personal finance advice. He wants people to enjoy managing personal finance. Consequently, he gave an interesting approach to finance. According to Taylor, ‘Date yourself.’ To do this, he advises to review your money quarterly. While reviewing, stay true to yourself to have a big financial future.
Tip # 6- Stay Glued to Financial Goals:
Have you ever thought that new administration of 2017 can affect your finance? 2017 money tips of Jean Chatzky, author of ‘Her Money’, can help you immensely even when the new administrative rules aren’t in your favor. As such, she suggested everyone should focus on his or her goals to achieve them fast. Knowing where you’re standing financially irrespective of the new policies of the government is significant.
Tip # 7 – Have Fund for Emergencies:
The next tip comes from the famous host of the radio show, ‘The Clark Howard Show’. His theory is –‘Spend less, save more.’ As Howard says, approximately, 50% of Americans fail to deal with the financial emergencies. If you want to beat others financially, you should have enough cash in your account to use them when the situation demands. Start saving minimum 1 dollar daily to build the habit of saving money.
Tip # 8 – Don’t Ignore Small Indulgences:
Nicole Lapin, who has been crowned the Best Money Expert at GOBanking Rates’2015, has the view that you shouldn’t leave your fun behind just to stay ahead financially. He said further treating budget like a fad diet only will make the person lose his hard-earned money. As a solution, he suggested frame a proper spending plan. Depriving yourself much on the minor stuff will make you end up splurging on crazy things later on when you’ve planned a cheap breakfast to stay on track.
Remembering certain key points can make 2017 a successful financial year for you. Right plan is necessary to success. So, set up a practical plan. Automate your financial strategy timely. Reserve enough time to visualize how much you can save at the end of the year. Make sure that your investments, insurances, and emergency funds are all set to meet the goal in time.