Phil's Personal Finance Tip of the Day:
Financial Goals Every Consumer Should Make
The start of a new year provides a fresh chance to get your finances in order, create a budget and increase your savings.
“A lot of people are thinking about the national deficit and unemployment,” says certified financial planner Dan Keady, director of financial planning at TIAA-CREF. “People need to take those concepts to a personal level and have a New Year’s resolution to take control.”
According to money experts, to make a financial resolution stick, you must create an actionable and realistic goal and then conduct a thorough personal finance assessment.
“To take an assessment, list on a piece of paper all you own and call it assets and then all you owe and call it liabilities,” says certified financial planner Karl Byrd, vice president of Security Ballew Wealth Management.
“The difference between the two numbers is your net worth.”
Byrd advises conducting this evaluation every year to help identify any trends over time. For instance, if your savings is steadily increasing, that means your budgeting plan is working. However, if your debt level is creeping up, it’s time to readjust your spending habits.
Inspirational Quotes@Inspire_Us from Twitter:
Champions keep playing until they get it right. -Billie Jean King
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