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Being smart with your money. - Your Financial Success

Being smart with your money.

April 28, 2022 yourfinancialsuccess Comments Off

How do you take your hard earned money and make it grow? When you live paycheck to paycheck, as many Americans do these days, it can be hard to set aside for the future, and even harder to have money to invest and grow.

Then, when you do put aside some money, it can disappear with a poor investment choice, making it appear even more difficult.

Why is it that some people are so fortunate and just always seem to have money when they need it? Is it because they make more? Probably. But you’d be surprised how people who make a lot more money never seem to have enough, and are always “broke”.

In reality, it is what you do with your money, how you spend it, and how you save it, which truly defines how much free money you end up with at the end of the day.

Here is a perfect example which illustrates this very clearly. Did you know that the average American spends between $1900 – $2300 per year on coffee? If you get that coffee at more expensive coffee shops, it can be even more. How about if you were to just make coffee at home and skip the Starbucks? You’d have an extra $2000 roughly you could put in a future savings account – maybe a kid’s college fund, or towards retirement.

Look, dropping out the great coffee shops may not be an option for some, but there are plenty of choices that can be made to budget correctly.

The first step to figuring it all out is to actually sit down and look at where your money is going. A great exercise is to do a budget, and keep it updated monthly. If you look at where your money goes, how much you need to maintain your lifestyle actually, you can get a good grip on where you are at. That can lead to some great revelations on how to cut expenses and grow income, so you can save.

The next step is to set priorities. You need to know where to put your money first, second, third, etc. If you do get a bonus, what do you do with it? Do you buy a new fancy watch? Or do you set it aside in an interest-growing retirement account? Or pay off a credit card that’s charging 17% interest? That is a giant leap to being smart with your money.

Then once you start to get a grips on where you are at and what to do with your money, you can begin to get educated on how to correctly invest your money, preserve what you have, and have it grow and make you more money. Knowledge is power, and you have to know what is true and false in the wide world of finances and investments. It can get pretty confusing pretty quickly! With so many options, you need to really know what you are doing.

Once you have a good grip on investing, you have loosened up some of your finances to actually save, and you have your priorities straight – you will be solidly on your path to accumulating wealth.

It’s much easier said than done. Each step above has it’s own pitfalls to overcome. That is why having an experienced and trained financial consultant working with you is such a great idea. Many successful people have an expert who helps advise them on how to plan and save their money.

Kfir Cohen is an expert financial consultant who has helped thousands of people reach better lifestyles. He knows money, knows investing and saving, and is available to provide a financial analysis and budget and plan for you completely for free.

That sounds like it’s impossible, but it’s true – his services to you are at no charge in helping you understand and plan for a better financial future. Contact us today to schedule an appointment.

Your Financial Success