WiserAdvisor – Blog

Main Menu

  • Home
  • Financial Advisor Guide
  • Financial Planning
  • Retirement Planning
  • Education Planning
  • Estate Planning
  • More
    • Personal Finance
    • Portfolio Management
    • Financial Trends/Government

logo

Header Banner

WiserAdvisor – Blog

  • Home
  • Financial Advisor Guide
  • Financial Planning
  • Retirement Planning
  • Education Planning
  • Estate Planning
  • More
    • Personal Finance
    • Portfolio Management
    • Financial Trends/Government
Financial Planning
Home›Financial Planning›Financial Tips for a Lifetime

Financial Tips for a Lifetime

By WiserAdvisor Insights
October 29, 2019
324
0
Share:
Financial-tips

Last Modified on July 22, 2020

Managing your finances optimally can often be the key to a happy life. Unfortunately, many of us are weak at managing our finances and usually don’t end up as comfortable and wealthy as we could. It’s a fact the there is a deep link between life and money. 

Most Important Financial Tips at 3 Crucial Stages of your Life

For most of us, financial goals evolve as we progress in our lives. So, what can be done to ensure that you never have to worry about your finances?

When you are starting out on a Career

1. Make a budget and stick to it

This should be the starting point for all your future aims and objectives in life. It is imperative that you never spend more than you earn. Cutting unnecessary costs can result in big savings and that’s how you can build wealth. So, make a budget and stick to it, irrespective of whether you are making thousands or millions of dollars. 

2. Track your expenses

Being able to visualize and track your expenses can help you make smart decisions and achieve big goals in the future. After all, how can you save money when you don’t even know where it’s going in the first place? The simple answer is that you can’t. So, always keep track of your expenditures.

3. Clear your debt

For many people in America, credit card debt is the number one obstacle that keeps them from getting ahead financially. It’s easy to swipe a card to purchase things, but credit card debt generally accumulates despite your resolve to pay it off soon. You don’t want that to happen. So, go easy on the card and clear your debt as soon as possible.

4. Start saving towards retirement

Old age and retirement are imminent and none of us can stop it. However, preparing for your retirement well in advance can work wonders throughout your life. The sooner you start saving, the better your finances will be once you’ve retired. So, if your employer offers a 401(k), 403(b) or similar retirement plan, do whatever is necessary to get it.

When you get Married, have kids and buy a Home

1. While switching jobs, take your retirement money with you

In this day and age, people tend to stay with the same company for a shorter period of time as compared to prior generations. If, and when, you switch jobs, make sure that you take your retirement money with you. You can either roll it over to your new job’s account, or transfer it to an IRA you control.

2. Start consulting with a financial planner

A financial planner can help map out how much money you’ll eventually end up with by saving a certain amount every month. Hire a financial planner who provides consultation for a couple of hours every now and then and gain some valuable insights into what you should be focusing on when it comes to saving money.

3. Get life insurance

Some couples choose to get life insurance as soon as they get married, while others wait till they have children. Either way, the financial cover that life insurance provides tremendously helps when there is income loss at an already difficult time. In the unfortunate event of you or your spouse passing away, the financial aid offered by life insurance will soften the blow for surviving family members.

4. Buy a house that you can afford in the long run

All of us want to own a nice, big and comfortable home. However, if you overextend and go out of your way while purchasing one, the result can be financially devastating. So, work with professional investment advisors and mortgage brokers to buy a house that doesn’t put too much stress on your income and debts.

5. Start saving for your kids’ college education

Once you have had kids, they become your top priority. To this end, start saving for their college education. A good step would be to open a 529 account for them and save some money every month through automatic transfers to the account. However, prioritize saving for your retirement. Your children can always take out a student loan to pay for college, but there will be little or no financial help coming your way once you retire.

When you are Retiring

1. Know your monthly income and expenses

When you are on the verge of retiring, you need to think about your monthly income and expenditure. Once you have decided on how much money you will need on a monthly basis, consult a financial planner. With the planner’s professional advice and help, come up with a plan to turn your assets into a steady stream of income in the most tax-efficient manner possible. 

2. Review your investments and downsize if needed

You’ve worked hard all your life to build a nest egg and now you need to maintain it. Don’t end up suffering a huge financial loss the moment you retire. Instead, take a close look at your investments and straighten out problem areas, if any. Moreover, if you are having trouble paying for day to day expenses, consider downsizing. For instance, move to a smaller home. Not only will you save money on taxes and utilities, but moving to a new community could also bring other social benefits.

3. Take a second look at your will 

It may have been decades since you first developed your will, and updating it based on current circumstances is advisable. Employ an attorney to ensure that assets are passed on to your family in the way you intend them to be. Also, decide which of your loved ones make medical and financial decisions for you in case of incapacitation.

To sum it up

In the end, there is no doubt that sound financial planning goes a long way in helping you lead a healthy, happy and comfortable life. You don’t need a fancy degree to figure this out. Just make use of the aforementioned tips to manage your finances expertly through the course of your life.

For professional tips on managing your finances optimally, consult top financial advisors today.

Financial Tips for 3 Crucial Stages of your Life Download this Article as a PDF

Tags#financial advisorFinancial Tipspersonal financePortfolio ManagementWealth Management
Previous Article

How to Find the Right Withdrawal Rate ...

Next Article

Clearing air around the term “Tax Exempt”

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0
WiserAdvisor Insights

WiserAdvisor Insights

A team of dedicated writers, editors and finance specialists sharing their insights, expertise and industry knowledge to help individuals live their best financial life and reach their personal financial goals. We believe that there is no place for fear in anyone's financial future and that each individual should have easy access to credible financial advice.

Related articles More from author

  • Investment-Sucess
    Portfolio Management

    7 Factors You Must Remember to Ensure Investment Success

    March 19, 2020
    By WiserAdvisor Insights
  • Financial Advisor
    Financial Advisor Guide

    The Importance of Sharing Your Complete Financial Information With Your Financial Advisor

    December 1, 2020
    By WiserAdvisor Insights
  • 6 Questions on Sustainable Investing That You Need to Ask Your Financial Advisor
    Portfolio Management

    6 Questions on Sustainable Investing That You Need to Ask Your Financial Advisor

    November 1, 2020
    By WiserAdvisor Insights
  • Balanced--funds
    Personal Finance

    Everything You Need to Know About Balanced Funds

    October 20, 2019
    By WiserAdvisor Insights
  • 1099-forms
    Financial Planning

    Things You Can Learn From 1099 Forms

    March 15, 2020
    By WiserAdvisor Insights
  • Itemized-Deductions
    Financial Advisor Guide

    Itemized Deductions: A Beginner’s Guide

    January 6, 2020
    By WiserAdvisor Insights

You might be interested

  • Recession
    Financial Planning

    Key Strategies for Investing During a Recession

  • Covid-19-Vaccine
    Retirement Healthcare

    8 Important Facts A Retiree Should Know About the Covid-19 Vaccine

  • Retirement-fund
    Retirement Planning

    All About Withdrawing Retirement Funds

  • Popular Posts

  • The benefits of working with a financial advisor - WA

    The benefits of working with a Financial Advisor

    By WiserAdvisor Insights
    July 16, 2019
  • retirement-accounts

    Choosing the Best Retirement Accounts

    By WiserAdvisor Insights
    July 8, 2019
  • financial planning DIY-Checklist

    How to Prepare an Annual Financial Plan – Financial Planning DIY Checklist

    By WiserAdvisor Insights
    June 10, 2019
  • IRAs-Work-401

    How IRAs work? 401k vs IRA

    By WiserAdvisor Insights
    July 4, 2019
  • Retirement-Planning

    Retirement Planning checklist

    By WiserAdvisor Insights
    July 8, 2019
  • Financial-Advisor

    Why and When do you need a Financial Advisor?

    By WiserAdvisor Insights
    July 8, 2019
  • Financial-Professional

    How to prepare for a meeting with your Financial Advisor

    By WiserAdvisor Insights
    July 8, 2019
  • monitor your financial advisor

    How to monitor the activities of your Financial Advisor?

    By WiserAdvisor Insights
    July 16, 2019

Don't miss out! Get our Helpful Financial Tips Newsletter

Categories

  • Business Finance (2)
  • Education Planning (23)
  • Estate Planning (16)
  • Financial Advisor Guide (14)
  • Financial Planning (91)
  • Financial Trends/Government (2)
  • Personal Finance (8)
  • Portfolio Management (36)
  • Retirement Healthcare (1)
  • Retirement Planning (65)

WiserAdvisor is America’s oldest and largest independent network of screened financial advisors. We make it easy and convenient for consumers to find and connect with advisors in their area. We have successfully helped over 100,000+ individuals find their best financial advisor since 1998 with no match fees, no commitments, no obligation, and complete confidentiality. WiserAdvisor has been featured in The Washington Post, The Washington Journal, ABC, CBS, Yahoo and has been seen in numerous other leading financial news and information websites.

Follow Us

  • Recent

  • Popular

  • ETFs

    7 Reasons Why ETFs Are Getting Popular Among Investors

    By WiserAdvisor Insights
    January 21, 2021
  • Education Tax Credit

    6 Important Pointers to Know About Education Tax Credits

    By WiserAdvisor Insights
    January 20, 2021
  • Covid-19-Vaccine

    8 Important Facts A Retiree Should Know About the Covid-19 Vaccine

    By WiserAdvisor Insights
    January 15, 2021
  • The benefits of working with a financial advisor - WA

    The benefits of working with a Financial Advisor

    By WiserAdvisor Insights
    July 16, 2019
  • retirement-accounts

    Choosing the Best Retirement Accounts

    By WiserAdvisor Insights
    July 8, 2019
  • financial planning DIY-Checklist

    How to Prepare an Annual Financial Plan – Financial Planning DIY Checklist

    By WiserAdvisor Insights
    June 10, 2019

Contact Us

Corporate Headquarters

12150 Monument Drive, Suite 400
Fairfax, VA, 22033

Business Hours

8:30 AM – 5:00 PM EST (Monday – Friday)

Email Address

wa.assistance@wiseradvisor.com

Phone Number

(703) 651-2060

Fax Number

(703) 259-4487

  • Privacy Policy
  • Terms & Conditions
© Copyright 2019 WiserAdvisor.com. All Rights Reserved.

Add WiserAdvisor - Blog to your Homescreen!

Add