Be Financially Independent - Everyone looks forward to being financially independent, and it is possible if you refrain from making some common mistakes. There are times when you can look back and see many things you should have done differently. There may have been decisions that were supposed to bring you happiness but ended up causing you grief.
No Budget – A budget allows you to assess whether you are living within your means or not and make lifestyle changes to fit your needs. Having a budget is important so you can map out your expenses and know all the nitty gritty details of your spending. Wouldn't you like to have control over your finances by being informed where your money is going and if you are living within your means? Creating a budget is quite simple. Do it today, and take control of your finances.
Don´t Wait to Save For Retirement – Start investing in your retirement fund the moment you join the work force so that you have enough to last the duration of your retired life. Depending on your children after retirement is no fun. This is something that many of us overlook. Our priorities are family, children and holidays instead of securing the future. I eventually wised up to this and started contributing to my pension, but wasted so much money and time along the way.
Be in Touch with Your Finances – If your spouse is controlling the finances, saving, expenses and investments, make sure you are in the know. Learn how to manage the bills and keep track of your earnings. You could be in trouble if ever you need to be in control of the finances. Know where the money's going and how much you're saving. Stay on top of your family finances.
Have Long Term Financial Goals – It is not about how much you earn, it is about how much you save and invest. Work towards building an emergency fund for that rainy day. Create a goal of saving a part of your pay check every month. Take small steps, and work towards larger goals until it becomes more of a habit and less of a burden. You can't build wealth overnight.
Stop Untracked Spending with Credit Cards – Reign in the temptation to use credit cards so you don't end up with a huge debt that will not only empty your pockets but also affect your credit score. Credit cards can be a huge temptation because plastic is always available. If you are not careful then all of your monthly payments could end up going towards paying interest on the card. Pay by cash wherever and whenever possible. Track your expenses, and learn to differentiate between necessity and frivolous spending.
A good financial planner will address all of the above areas and most importantly provide you with a disciplined approach to your savings and ensure that your financial goals are met whatever they may be!
You can contact me Daniel McGonigle, Managing Partner at Affinity Global Wealth on (+351) 91 279 2998.
For advice or more information you can contact me, Daniel McGonigle, on (+351) 91 279 2998 or daniel@affinityglobalwealth.com.
W: www.affinityglobalwealth.com
