Simonic, Simonic, Ratnecht & Associates, Inc

Simonic, Simonic, Ratnecht & Associates, Inc
Certified Public Accountants

Thursday, April 26, 2018

7 Simple Steps to a Brighter Future

Today’s economic environment, based on natural standards, is not a comfortable one for many people.  Many of you find yourselves upside down in your homes which is a recent phenomenon with the housing market today.  Many still have too many credit cards.  There are a lot of people out of work.  Some have investment properties that have lost their value, as well.

Financial security is not rocket science.  Achieving a bright financial future takes focus, discipline, organization, and faith.  I would like to share seven simple steps with you that if applied, will brighten your financial future.
1.  Organization.  Organization is a key to success in any avenue in life.  Financial organization is a key to financial success.  When you take the time to organize your finances, knowing where you have been, where you are, and establishing a plan for where you want to be financially, is not only rewarding, but provides a sense of freedom.  Although this is a simple step, it requires effort.  This means that you have to get your documents together as to how much you owe and to whom it is owed, as well as what you have been spending in the household versus what you can reasonably budget for the future.  There I go with the “B” word!  The budget is something no one wants to talk about, yet everyone needs.
2. Live Frugally.  This step is one that is practiced by millionaires.  There was a book written entitled “The Millionaire Next Door.”  It was the result of college research to determine how millionaires live.  What they found was that the guy next door who is driving the pick up truck and wearing overalls is usually the millionaire.
3. Reduce Debt.  When you establish a plan to reduce debt and work that plan, you are working towards a brighter future than those that have given up and take debt as a fact of life.  Retirees who have paid off their debts, including their home mortgages, find that it is easy to enjoy retirement without the cares of debt.  Younger people who have been working toward eliminating their debt find that removing the burden of debt is a motivator for stress elimination. 
4. Do What It Takes.  This step is very simple but sometimes the most overlooked by people who are in financial trouble.  Sometimes we are so far into a financial situation that we don’t see the “forest for the trees.”  All that means is that as things pile on you, you just don’t think clearly as to how you can resolve cash flow shortages.  All of us have different talents.  It takes very little to start a side business to bring extra money into the household.  I know this first hand because I was there in the past.  When not enough money was coming in from my regular job, I started a home based business to generate additional revenue for the household.  Whether you are good at handy work or are artistic or consulting, your talents are valuable.
5. Maximize Your Savings.  The younger you are the easier it is to save for the future.  If your company matches retirement contributions, that is an easy place to double your money.  If they don’t, saving a little earlier on in life will build wealth for the later years.
6. Don’t Put All of Your Eggs In One Basket.  In the past many people have focuses on funding their company retirement plan only to find that the retirement plan was not there for them the way they expected it to be when they retired.  I suggest that you diversify your investments.  You should split your investment money into four categories.  Low risk, moderate risk, medium risk and high risk.  If you practice this your results will always be above average.
7. Look Beyond the Dollar.  You have heard it said that stress is a killer.  That is very true.  A lot of people focus on the money and neglect the other things in life that will ensure a bright financial future.  Those things are your health, family relations, and your relationship with your Heavenly Father.  These areas, if neglected, will definitely result in dimming your financial future.  My mother always said that if you don’t have your health, you don’t have anything.  Cultivating your family relationships will strengthen your ability to have a more secure financial future.  No one cares more than family when you are in a situation.  And of course, without a strong relationship with your Heavenly Father, you may develop riches but you will never develop wealth.  Riches are temporal, as Proverbs warns us, riches take wings and fly away like an eagle.  Wealth is generational and is an outcome of a strong relationship with your Heavenly Father.

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