Step 15: Secure Your Financial Future
Don’t despair if you are behind on your retirement goals. If it is any consolation, you aren’t alone; studies show many households are not adequately prepared for retirement.
Category: Financial Literacy
Step 14: Expect The Unexpected
Unfortunately, bad things sometimes happen to good people. In fact, bankruptcy filers often site an “unforeseen” event as the cause of their financial demise. In addition to long-term savings, financial experts agree that consumers should aim to have three to six months living expenses saved for emergencies. By learning to expect the unexpected, you can keep a minor financial setback from turning into a major financial crisis.
Step 13: Pay Down Your Debt
There are two popular methods that people use to tackle debt.
Step 12: Set Short, Mid & Long Term Goals
Personal financial goals will differ in the length of time needed to achieve them. Short-term goals are priorities that can be accomplished within two years. Be sure every goal has a specific purpose, a dollar amount that it will cost, and a realistic target date.
Step 11: Set Smart Financial Goals
Before you think about setting goals, review the five parts of SMART goals.