Rudman Cannon Financial Advisors Blog
Planning your financials is a bold move to secure your future. There are certain blunders you might find challenging along the way while you are on the path of financial freedom. But these instances should not in any way stop you.
Millennials usually do not think about planning their financial stature ahead. But other people are trying to be wiser and investing in financial literacy programs to help them. So, if you are one of those who wants to achieve financial freedom in no time, here are five rules about financial planning you should follow:
Financial planning is all about plans. Having a concrete plan or even just a skeleton can go a long way. Financial planning looks easy but it is very challenging. In fact, it also needs dedication and discipline to see how planning your financials can go a long way.
In your plan, try to point out your current net worth, your investments – how much you can invest and how much you want your returns to be, and how much money you need and when exactly you need it.
Securing your finances is not an easy thing to do especially if there is an emergency. Making sure that you have emergency funds for an unexpected death, medical needs, and income loss will lean you on the safe side.
As much as possible, you should save 20 percent of your monthly salary to make sure that you have something to spend when the situation calls for it.
Taxes are one of those permanent things in this world. In fact, it can affect your finances more than you can imagine. So being responsible for paying your taxes can save you a lot of hassle in the long run. Always remember that paying taxes is an obligation you must accomplish.
Investments are always a risk, making sure that they are worth it can be a good reward for you in the future. Keeping a savings is not enough, if you want to grow your money, you should start investing, too.
Keeping your finances stable is not an easy thing to do. So if you are in need to spend on something, make sure that you are getting your money’s worth.
As early as now, make sure that you plan your finances so that you will not have anything to worry about in the future. At Rudman Cannon Financial Advisors, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. To learn more about how we can help you, please contact our agency at (212) 790-4256 or Click Here to request a free quote.