Countdown to the TOP 8 Money Concerns

April 10, 2018 § Leave a comment

When you sit down to handle your money, all alone at your computer, you may feel as if you are the only person worrying about the financial issues that concern you. You are probably NOT alone in your concerns. Here are the top 8 financial concerns:

Number #8 – No financial plan – So you know some of your goals, and you aren’t even sure they are the ‘right’ goals. But you have no plan to achieve them. According to one study, only 40% of Americans even have financial goals and only a small percentage have them written down. If you have financial goals, you and your spouse may not even AGREE on what to do next. Having a professional improves your chances of finding agreement and making a unique financial plan suited for your family.

Number #7 – Volatile markets – When the economy is moving along and any investment you make grows, life seems better and you feel smart. But when economic cycles turn your world upside down, or disrupting events cause years of downturns, it can make you wonder if you will ever reach your investment goals. Many individual investors pull completely out of the market when there is a downturn and then miss the recovery. If you know your risk tolerance, understand your investments, and use wisdom, even though no one knows the future, things generally turn around.

Worry Number #6- Crushing debt- If you have little cash remaining after paying bills and opt to use credit cards, your situation will become more difficult. You CAN get out of debt. You CAN stop adding to the debt and begin to take control of your life. Aiming your efforts at one small debt and gradually paying that off, to then add all that money paid monthly towards the NEXT debt. It may take a long time. But eventually, you will be in a better situation than you are now and free. Imagine how wonderful that freedom will feel!!!

Number #5 – Housing – In many markets housing has recovered from 2008 lows. Wages may not have kept up. And many are not preparing for home ownership with a disciplined savings plan.

#4- The fourth most concerning financial worry is no emergency fund. If you take money for saving right out of your check – either automatically, or getting cash out of the bank to put in a safe place, before you pay your bills, and you make a discipline of it, you will have an emergency savings account. For EMERGENCIES. Like a fire extinguisher is for emergencies. A real emergency. Not, oh, that’s nice and it’s on sale. Not, well I want to get that thing and look at this account full of money. Emergency savings.

#3rd top financial worry is college- To some making a decision about where your precious baby will go to school based on money seems cold. But it’s not cold. It’s amazingly practical. State schools tend to be less expensive. Local colleges mean that you don’t have to pay for four years of room and board. Scholarships, a 529 college savings plan, working while in school are all ways to help make college costs less onerous.

#2 Planning for Retirement- About half of people over 55 have nothing saved for retirement. Starting late to save is better than not starting at all. But starting early, and having the awesomeness that is compound interest work for you is even better.

#1- SPENDING- The top worry according to this article that plaque people about money? Undisciplined spending. Feeling like they ‘need’ more and more stuff and things. Eating out many nights a week. Spending when they are tired, feeling out of sorts, or entitled.

If you work hard for your money, you should definitely be the boss of it. Take it by the throat and get out of it what YOU want. Security. Freedom. A future. It’s all in your hands.

Finance with Chocolate Sauce