Everyone wants to know the secret to getting rich. But what works for one person may not work for another, especially considering that people start from all different levels of economic wealth. That being said, there are a handful of tips and tricks that can be applied to nearly anyone for maximizing wealth and enhancing one’s sense of financial security. At Harvest Financial Planning, LLC, we want to help. Consider the following money advice from a handful of professionals and experts on the topics, and reach out to our team for advice that’s specific to you–
Make Saving Automatic
Putting away money into a savings account takes willpower. Which is why you should according to the consumer expert Andrea Woroch, by setting up an automatic, recurring transfer every month. You can use a money management app like STASH or Mint to help you understand how much money you can afford to put away on a regular basis.
Live on Less than You Make
Perhaps the most simple piece of financial advice, and one that can be applied to everyone regardless of income, is to live on less than you make. Todd Kunsman of Invested Wallet explains that the desire to “keep up with the Joneses” is one of the easiest ways to accumulate debt, and fast. Living below your means, on the other hand, means that you’ll be able to save money and avoid financial hardship.
If You Have Debt, Tackle It
Most people have some form of debt, whether that’s a mortgage or a car loan, student debt or credit card debt, etc. If you have debt, focus on getting rid of it, especially if you have what’s known as “bad debt.” Bad debt refers to debt with a high-interest rate, such as credit card debt or high-interest personal loan debt. You should always pay at least the minimum amount due each month on all of your debt, but if you have to pick and choose, be suggests Certified Financial Planner Lauren Anastasio.
Finally, don’t get in the habit of getting paid and just putting that money is a regular old savings account; instead, you want your money to work for you, even when you’re sleeping. This means investing in smart investment options, like a Roth IRA, 401(k), real estate, etc.
Meet with a Financial Planner Today
To learn more about smart financial planning that’s specific to you and your financial situation, call Harvest Financial Planning, LLC to set up your first appointment with one of our Certified Financial Planners.
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