Remember when the most pressing matter on your mind was not retirement income, but rather what to do on Saturday nights?
A recent survey found that Generation X — adults now approaching or in their 40s — is poised to face some of the biggest financial challenges in the future. And that while millennials — those who reached young adulthood around the year 2000 — are not yet engaged in planning for retirement, members of Generation X don’t have as much time as they may think. After all, while you may consider yourself as young as you feel, your finances should represent your actual age. If not, then you could be falling behind with your financial strategy.
[CLICK HERE to read the news release, “Financial Finesse Releases Second Annual Generational Research on Employee Financial Issues,” at Financial Finesse, Jan. 14, 2014.]
Interestingly, when it comes to strategizing, new research has found that more than half of the households in America that do engage in comprehensive financial strategies earn less than $100,000. Perhaps that’s because when you don’t have vast coffers of money, it’s that much more important to manage what you have. And the more extensive the household strategy, the more effective they can be at saving, debt management and potentially purchasing insurance products.
[CLICK HERE to read the news release, “New research shows most American households do financial planning, but the extent of this planning varies greatly,” at the Certified Financial Planner Board of Standards, Sept. 18, 2013.]
[CLICK HERE to read the report, “Financial Planning Profiles of American Households,” at the Certified Financial Planner Board of Standards, Sept. 18, 2013.]
Even The Federal Emergency Management Agency (FEMA) is a big proponent of financial preparedness, observing that preparing for challenging times involves much more than just stocking up on water and canned goods. You need good credit and room on your credit cards in case you have to live on them for a period of time — should challenging times happen to leave you homeless and perhaps even jobless. You should put together a kit that contains copies of important financial documents right next to the fresh batteries and candles.
[CLICK HERE to read the article, “Financial Preparedness,” at FEMA, Oct. 31, 2013.]
Since we are at the start of a new year, it may be a good time to review your expenses over the past few months. Holiday shopping aside, there may be aspects of your spending that you can shift over to saving with an eye toward your long-term future. After all, once you’ve left college behind, there’s a lot more to consider than your weekend plans — and having a financial strategy can be one of the best ways to help you meet long-term goals.
[CLICK HERE to read the article, “The Smart Way to Set (And Stick To) a Budget,” at Forbes, Jan. 13, 2014.]
[CLICK HERE to the video, “Financial Planning Starts with the Truth,” at Forbes, Jan. 17, 2014.]
As always, we’re here to help you become better financially prepared. Give us a call if you’d like to get together for a no-obligation meeting.
By contacting us, you may be offered information regarding the purchase of insurance products.
These articles are being provided for informational purposes only and should not be used as the basis for any financial decisions. While we believe this information to be correct, we do not guarantee the accuracy or completeness of the information included. All clients are encouraged to consult qualified tax and legal professionals before making any decisions about your personal situation.
Source: Woods Blog Old