How to Build a Solid Financial Foundation
When you come across the phrase "getting your financial house in order" while reading about money matters, you may wonder what it entails. Essentially, having your financial "house in order" implies having a strong foundation and the necessary pillars in place to ensure your long-term financial stability.
Your Bank
Choosing a bank is an important decision that affects your financial goals. There are many types of banks, from big national ones to small local ones. Each bank has its own strengths and weaknesses, so you should compare them and see what they can offer you.
Your Emergency Fund
Your emergency account is like a fire extinguisher box: you should only open it when you have a financial crisis. A financial crisis can be different for everyone, but it can include things like a busted water heater, a big car repair, or a job loss.
Your Retirement Strategy
Saving for retirement is something you may want to think about at some point. If your employer offers a retirement plan, you can use it as an easy way to start saving.
Insurance
Your insurance program should fit your personal situation. For example, if you have a family that depends on you, you may want to get an insurance program that covers you if something bad happens to you or if you can’t work for a while.
Your Estate Strategy
You can start planning your legacy anytime. For some, this can mean leaving some money to your loved ones. For others, it might mean setting up a program that helps charities and organizations. Whatever your goals, it’s important to make sure that your assets go where you want them to go.
Whenever you’re ready, there are 3 ways I can help you!
Organize Your Money Course: Are you ready to take control of your financial future, instead of letting it control you? This course will help relieve your financial anxiety and get you back on track.
Book a 1-on-1 Meeting: Whether you’re looking for assistance with your financial planning needs or are in the financial industry and you want to learn how to grow your practice, I can help.
Lake Avenue Financial: If you’re looking to build a relationship with a team who can help simplify, educate, relive the stress caused by money decisions and make sure you are on your way to financial independence, we are here to help!
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