Think about money differently in 2018. Manage it as you manage all things in your life, to meet real life goals.
Here are 14 ways to make your money work for you:
1. KILL DEBT. Strive for zero balance on your credit cards or transfer those debits to 0% APR credit cards.
2. THINK RETIREMENT. Set-up a 401k through work or your financial advisor. Bump up your contribution.
3. EMERGENCY FUND. Strive for 3-6 months of expenses. Try an online savings account that you won't easily access. Don't use it for anything else.
4. MAD MONEY. Holiday, travel, home upgrade? Roll funds into a 2nd account, separate from the emergency fund.
5. LIFE INSURANCE. The younger you apply the better the rate. Term rates are low right now. Great to know you have an asset to leave to loved ones.
6. INTEREST RATES. Shop for the lowest rates. Transfer balances to lower interest rate cards, cable, internet, cell phone plans etc.
7. CHECK YOURSELF. Review your spending, expenses and investment goals. If you're misbehaving consider learning about finance. Check #tonyrobbins #suzeorman or other money wiz and learn to strategize rather than react.
8. NET WORTH. Investments + assets - liability. Set goals from there.
9. CREDIT REPORT. Ugh. It matters. Get your free 3 credit reports annually online. Strive to raise your score.
10. GOT THE REPORT. Fix errors, pay down big debt, don't open new credit lines.
11. RE-FI. A good time to re-fi is now, when interest rates remain low. For your house, car or any other loan. Just ask.
12. MONEY OUT. Track your purchases, review where you can trim.
13. GET ORGANIZED. Make a spreadsheet. Add income, fixed expenses and allocate the rest to entertainment. Live within that budget to help you meet your life plans.
14. SAVE. Set up auto drafts to savings and next year at this time, you'll be enthused by your financial growth!
Seek professional advice from a financial professional before making any major changes to your investments or financial profile and set yourself up for a productive 2018.
Patty Rogers, Broker Associate, BRE#00669968, The Grubb Co., provides Next Level East Bay Real Estate Representation!
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