This special day was created in 2017 by the US Financial Literacy and Education Commission as part of their mission to promote financial literacy among Americans. On this day, we should all take time to reflect on our personal finances and make sure that we are doing everything we can for our future.
Items to consider today would include:
1. Organize your finances – It might seem like a daunting task, but go through all of your accounts, bank statements and credit card bills. Make sure everything is up to date. That doesn’t just mean tracking your spending. This can include making sure your beneficiary designations are properly setup too.
2. Set financial goals – Set short and long-term goals. While writing your goals down doesn’t guarantee success, a study performed by Dr. Gail Matthews at Dominican University showed that participants who wrote down their goals were 42% more likely to achieve them.
3. Learn about investing – “How many millionaires do you know who have become wealthy by investing in savings accounts?” – Robert G. Allen
4. Create a budget – Create a cash flow statement and measure what money you have coming in versus going out. Find opportunities to save for your future.
5. Talk to a financial advisor – If you have a deep cut on your leg, do you try to stitch the wound yourself or do you go to a medical professional? Why wouldn’t you go to an expert to help you with your financial goals too? Working with a Certified Financial Planner can assist you in clarifying your financial goals, prioritizing them and breaking them down into manageable steps.
One of the primary benefits of working with a CFP® is their expertise and knowledge. As planners, we provide objective advice with customized planning for each individual. Infinity Wealth Counsel helps you stay on track toward your goals by regularly monitoring your progress and adjusting as needed. You can rest assured knowing that your finances are in good hands.
Financial awareness is the key to financial security. Having a basic knowledge of finances and money management skills are essential for achieving long-term financial stability.
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