Money Tips – No Brainers – Part 2
Some Help on the Road to Your Financial Independence
I mentioned last week that we have been writing and posting blogs consistently now for the last several months. The consistency of this process has really helped us stay current on new money trends and we hope that it is helping you too. I stumbled upon an article recently that listed several “no brainer” steps to help families “win” financially. None of them are truly “rocket science” but great reminders on things to add to your arsenal when you are handling your personal finances. I wrote about three of them last week and here are three more.
Always Be Insured
We don’t often talk about insurance as part of your financial package, but it is vitally important. Health, property, life, auto, home and umbrella liability packages are all necessary. Personally, I hate insurance and I hate to buy it but, when I need to make a claim, I am always thrilled that it is there. First, find yourself a good insurance agent – one that is willing to help and teach you about the proper coverages and why they may be necessary for you. If an agent isn’t willing to teach you about insurance, he isn’t the right agent for you.
Always Pay Your Taxes
This one is one that pops up frequently in articles and seems like it is something that we all should automatically do but I am always amazed at the number of families that delay filing their taxes or ones that are several years behind. Again, this one may require that you solicit the help of a skilled professional and utilize one that is willing to sit down and teach you how to do this properly. Submitting your taxes isn’t something that only comes up around April 15 each year. It is something that should be a part of your financial plan throughout the year. If you usually pay at the end of the year, tuck a little extra back each month so the “hit” you must take in April doesn’t hurt so much.
If you are struggling to get out of debt, be patient. You didn’t get into debt overnight and it will take you a little while to get out of debt. If you are working to build a nice nest egg, be patient. The balance in your savings account may seem to slowly increase but a consistent plan to make those deposits will help build it slowly and steadily. Warren Buffet was asked how he was able to accumulate such significant wealth and he responded, “”The biggest thing about making money is time. You don’t have to be particularly smart, you just have to be patient.”
Next week, I will have a few more tips for you. Drop us a note and let us know what you think. Is this helpful to you? We would love to have your feedback.
If this makes sense to you but it just seems impossible or overwhelming, give us a call and schedule an appointment. We are experts at it and will be happy to offer you some basic direction and advice. It is what we do at Hollander & Associates.