5 Best Florida Financial Planning Advice
- Do Set Money Goals
It’s tough to make a plan without knowing what you’re saving for.
Be as specific as possible with your goals, from short-term objectives like taking a family vacation to long-term dreams like when and where you want to retire.
- Don’t Put Wants Ahead of Needs
Separate out what you need versus want, and make sure that you’re prioritizing those needs.
If your retirement fund is falling short, like two-thirds of Americans say theirs are, then scaling back or eliminating those family vacations might be wise to reach your retirement goal.
Tracking your expenses will help you get a sense of where you’re leaking money.
When you see how everything adds up, then you can decide, ‘OK, I’m going to make coffee at home,’ or ‘I’m going to pack my lunch once a week.’”
- Do Be Credit Savvy
Having good credit can save you money on everything from your mortgage interest rate to your car insurance.
Paying your bills on time and lowering your debt will boost your score.
Know your creditworthiness. Look for errors that could be lowering your score.
- Don’t Leave Money on the Table
Not taking advantage of your employer’s full contribution to your 401(k) match is like not cashing some of your paycheck.
Employers typically match about 3 percent of your salary.
That’s still not enough to set you up for a comfortable retirement, but at least it’s a start.
Increase your contribution by 1 percent each year.
Time it to coincide with your annual raise.
Ultimately, you should aim for maxing out your 401(k) and saving at least 15 percent of your income annually for your golden years.
- Do Have a Rainy Day Fund
Having an emergency fund will allow you to keep your financial plan on track if an unexpected expense like a car repair or medical debt crops up.
Depending on your situation, your emergency fund should contain three to six months’ worth of expenses — more if you feel insecure about your job or have dependents.
Mintco Financial Independent Advisors in Florida
Let’s face it. You can buy investments anywhere. You can find volumes of advice online. Why hire a Mintco Financial Advisors?
Since 1997, we have been helping financially-conscious Americans sort through the fog of investments, insurance and personal finance.
With our thorough financial process, we can help you get clarity on your highest priorities and then organize a decision plan to chart the path from here to there.
Call us at 813-964-7100
Email us at info@mintcofinancial.com