We could all stand to be financially stable.
The vast majority of Americans have trouble managing their finances and aren’t prepared for financial emergencies. There are a number of financial goals that could be beneficial for everyone to shoot for, and in our previous blog, we went over the first five financial goals that apply to everyone. If you haven’t read it already, check it out. Today, we’ll be finishing up with the last five financial goals that everyone could benefit from:
#6. Get out of debt.
While it’s true that everyone needs to have some debt at some point in order to build credit, you shouldn’t carry debt if you have another option. Debt can quickly get away from you and become an overwhelming obstacle towards reaching future financial goals, or even just staying ahead of your finances. When you no longer have to make monthly payments to your creditors, you’ll have more money to save, invest or even spend. Getting out of debt gives you a whole new level of control over your income. Making a budget is the first step towards getting out of debt, because it helps you determine how much debt you can afford to pay off each month. Once you know how much money you can pay off every month, you can then decide which debts are best to pay off first.
#7. Start saving for retirement.
It’s never too early to start saving for retirement, and one day, you’ll be glad you did. The first step towards accomplishing this goal is learning about the different retirement accounts you have available to you. If your employer offers any retirement benefits, that’s a great place to start. Many companies will even match a percentage of your contributions. If your employer doesn’t offer any retirement benefits, that doesn’t mean that you can’t start saving for retirement. Speak with a financial advisor about the options available to you.
#8. Start investing.
A lot of people think that you have to have thousands of dollars set aside in order to start investing, but that’s just not the case. There are plenty of small investments you can make in order to start making your money work for you. However, it’s important to make sure that you are ready to take on the risks associated with investing before you jump in, and getting your finances ready for investments is a wonderful goal in itself. Once you’re ready to start investing, find a financial advisor you can trust to walk you through the process.
#9. Create an additional income stream.
No matter what your overall financial goals may be, having an additional income stream available to you could go a long way towards helping you reach them much more quickly. In this day and age, it’s a lot easier to create additional income. You could get a part-time job, become a freelance contractor, sell stuff on Ebay and the list goes on and on. If you have the time to create additional income, then you’ll also have the added financial stability in case anything were to happen to you or your job.
#10. Free yourself up to do what you really love.
The ultimate financial freedom is the ability to work because you love it and not because you have to do it. And while you may not be able to get to a point when you don’t have to rely on your income, you can at least strive to be financially stable enough to give yourself time to explore your true passions and find a career you really love.
Reach your financial goals with the best financial planning app available.
The keys to reaching any goals are accountability, consistency, tracking your progress and having a plan in place. With the Goal Plus app, you’ll have one convenient place to do all of that and more. This app allows you to set and track any goal you want, and even better, it gives you the tools you need to achieve those goals, regardless of how big or small the goal may be. Take the first step towards becoming more financially stable and reaching your financial goals by downloading the Goal Plus app today! Visit our site to learn about all of the incredible features our app has to offer, and please contact us if you have any questions or concerns about using it.