Making sound financial decisions is a critical component of financial success. However, for many, it can be daunting and stressful. The complexities of the financial world may leave you feeling overwhelmed or questioning your ability to make the right decision for you and your family. Never fear! With a little time, effort, and planning, you can build your Money Confidence.
Strategy 1: Know Your Financial Goals
Knowing your financial goals is instrumental to making financial decisions. With busy, time-starved days, it’s easy to get distracted and forget the core principles of financial management. Setting financial goals upfront will help you understand where you want your money to go, allowing you to focus on the various aspects of your financial life and direct your attention toward gaining the knowledge and skills needed to help achieve these goals.
Strategy 2: Educate Yourself
In life, confidence is built on a foundation of education. The same holds true for your Money Confidence. Learning about the financial world doesn’t happen overnight, but you can become knowledgeable with time and effort. Start by looking at financial topics that interest you and then read everything you can find! Consider taking a course, participating in a workshop, or attending a webinar. You’ll be surprised how much you can absorb by reading, listening and being around like-minded people.
Strategy 3: Develop A Budget
Managing your money is essential to the financial decision-making process. Financial management involves weighing the potential costs against the perceived benefit. Developing a budget helps you make smart choices by first identifying funds available for specific expenses and then tracking expenditures to help keep you on target to reach your goals.
Strategy 4: Utilize Financial Tools
Thanks to the internet, financial tools designed to help manage your spending, savings, debt, and investments are simply a keystroke away. These on-line tools can help you save time and effort, while providing the necessary insights you’ll need to help make managing your finances easier.
Strategy 5: Utilize A Financial Professional
Whether you’re looking for financial advice on a specific topic or want help creating a comprehensive wealth plan, financial advisors are here to help you. An important word when it comes to financial advisors is “fiduciary.” By law, a fiduciary is an individual who must make decisions in the best interest of their customers. An essential first step when finding a financial professional is to ask them if they are a fiduciary.
LSIA is here to help you and answer your financial questions. CLICK HERE to contact us.
LS Investment Advisors, LLC (dba LSIA) is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.