Planning Your Financial Future

June 12, 2019

While most people already understand the importance of financial planning, many of us start working and earning money long before planning seems necessary for retirement.

Here are some things to think about:

  • Roughly 1/3 of all Americans pay the bare minimum
    due on their credit card statement each month.
    Financial knowledge and understanding will give you the
    tools to spend wisely and budget properly.*
  • Researchers estimate that 2/3 of Americans would be
    unable to come up with $1,000 in the event of an
    emergency.*
  • Under 25% of today’s young adults actually know
    finance. Learning about financial planning properly and
    through valid channels will give you the real tools you
    need to understand.*

Becoming prepared financially

It’s important to understand that planning isn’t just for when you’re retired. There are many milestones that require strategy and preparation, including marriage, the birth of children, job changes and more.

So, when is the ideal time to start planning? That question is square one; the first consideration that will get you on the best track for success.

In reality, the right answer is to start thinking about the future when you get married.

This time in your life is perfect for taking inventory of your (and your spouse’s) finances, defining your long-term goals, and pursuing opportunities for even greater financial success. If you wait any longer into your career, damage control may be impossible.

Submit comments, questions and topics of interest at infocus@bfgny.com
*https://money.usnews.com/money/personal-finance/saving-budget/articles/2017-05-16/8-scary-financial-statistics-and-how-to-avoid-becoming-one.

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