(PART I OF A THREE PART SERIES)
It seems as if these days are filled with a constant focus on money. We “spend” a great amount of time throughout our lives trying to make it and spend it. One thing is for sure. When we speak to friends, family and co-workers, we all have similar goals:
“My goal is to make a little more money than I spend, have enough money for the things I need and in case of an emergency plus somehow plan for my retirement”
The month of April is financial literacy month. Take a look at www.mymoney.gov to continue to learn more. The focus on financial literacy gives us a chance to stop and think about where we are and where we are going with our money. Regardless of the answers of today, financial freedom, which simply means having financial CHOICES every day of your life, is of utmost importance to us all. Let us, together, take a few steps closer. Enjoy this three-part series and together, let’s travel down the road towards financial literacy.
STEPS 1 – 2: Earn
Each one of us is our greatest financial asset and has the ability to earn a lot of money throughout our lives. We have choices to make about where to work and what job best fits our individual skills. While interviews are an obvious chance for companies to evaluate your ability to fit into the job, it is also a great chance for you to determine if the job is right for you. Once you are “in” and fully on board with your job, take a couple of steps to maximize your earning power throughout your career.
1. Education at any age.
By continuing to learn, we never put a cap on our potential. And as the changes we face come faster and faster towards us, this fact is more true today than ever. Education is also more available and affordable now than ever. By searching on Twitter you can find blogs and articles on any topic. YouTube can provide amazing visuals and presentations to draw from. There are inexpensive ways to learn.
2. Flexibility and Attitude.
Every company undergoes change over time. And each person within its walls will be faced with the necessity to move with the organization and be a positive force towards implementing company plans. Have flexibility and a great attitude to remain an invaluable and indispensable member of the team.
STEPS 3 – 4: Borrow
It is a fact that certain situations warrant a need to borrow money. The strategy to remain in control of the things which are within your power will serve you well in the short run as well as the long run.
3. Low interest Loans vs. High Interest Credit
Haven’t you heard of “good” debt vs. “bad” debt? This is the most important time to distinguish between the two. By avoiding debt that is too expensive to pay off, you also avoid the nightmare spiral that can happen if debt is out of control. Shop around for the best option for you. Work with a financial institution you know, like and trust. By keeping your interest payments affordable, you will be able to implement a plan to pay off the balance.
4. Keep credit clean
The worst thing that can happen to anyone when needing to borrow money to get rejected. Are you simply asking for too much at this time? Is your credit in need of repair? Has your credit not been built yet? Take this important process seriously and act strategically. Build your credit before you need to take a loan. Pay your bills on time. Financial freedom comes with great responsibility, which is in your control.
Planning for financial literacy begins as a child, increases in importance when we begin to work and never stops to be a key skill through retirement. When it comes to partnering with the most qualified adviser who has your best interest in mind, consider your credit union. And with regard to your family’s insurance needs, we at PFP | The Family Security Plan® are here for your, as your personal adviser, at every stage. Simply reach out to us at firstname.lastname@example.org. We can help you find a credit union and work with you to seek out the insurance protection tailored specifically for you.
Written By: David J. Sussman Esq. CLU