Marion Syversen was in for this week’s Finance Is Fun talking about part one of a two part series on top financial worries.
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.
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.
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.
Next week we will tell you the top 4 financial worries as we help you know that you are not alone.