“Do I have enough money in retirement?” I hear this question quite often. Simple question but complex answer. There are certain things that you can do to see if you are on track.
Generally speaking, you should have 8 to 12 months of final salary saved up. Typically you would need more if you retire earlier or less if you decide to work longer. Add in social security or a pension and this should give you a good assessment of what you have on the ASSET side of the balance sheet.
Then subtract the LIABILITIES such as mortgage payment, real estate taxes, utilities, home insurance, auto insurance, life insurance, health insurance, car payments and maintenance, gas. This should give a general idea of your expenses. A lot of people don’t realize how much is actually” going out of their pocket” until they put it on paper.
Prepare for “unknown” risk. This risk can be devastating to your financial well being. The major cause of this is health-care cost for a unknown illness to a family member or having to take care of elderly parents. These situations can be mitigated with proper planning.
Making your money grow with proper asset allocation in your portfolio is extremely important. First, it’s good to know your risk tolerance. This is usually put into three categories. Conservative; Moderate; Aggressive. Get to know this and it will allow to construct a portfolio that suitable for you ideally with the help of a trusted advisor.
Sound preparation and due diligence are required to make sure that you live the lifestyle that you worked so hard for come retirement.
[email protected]#financialplanning#financialadvisortips#financialindependence#savings#investment#insurance#lifeinsurance#growmoney#retirement#save#moneymaker#money#getrichtips#dfwfinancialplanner#dfw#ira#annuities#cashvalue#dallasmoney. #fortworthmoneyteam#buildingwealth#buildinggoals#millenialswealth#blackbloggersunited#financialliteracy
1. Set a monthly savings goal: automate deposits for each week or month to reach it. Start small – even if it’s five percent – and build on it. .
2. Separate the “wants” from the “needs:” look carefully at where you’re spending your money. Scale back on any extra purchases such as unnecessary shopping, expensive coffee drinks and other non-essentials. 3. Sell your unwanted items: purge your closet or home of things you no longer need and try selling them online or through a garage sale.
4. Cash only policy: give yourself a weekly allowance and pay with cash only. This helps you budget more carefully instead of swiping your card and forgetting about it later.
5. Keep the change: if you get change back, round up to the next dollar and move it into your savings. Some banks have the option to deposit $1 from your checking into your savings account for every transaction.
6. Meal prep: there will always be good lunch deals but it’s not just the food that you’re paying for; it’s the cost of time and gas to get there. Take time to plan your meals in advance so you can eat comfortably during the week. You can also plan your meals around what’s on sale at the grocery store every week.
7. Use public transportation or carpool: some employers even reward employees for using alternative modes of transportation!
8. Roll over any extra money you have at the end of the month to your savings. #savings#emergencyfund#budgeting#financialfreedom#financialliteracy#frugal#texas#Fortworth#dallas#dallasmoney
Are you paying too much for your electricity?
We can find you a better rate on your bills.
We are Voltstreet : www.voltstreet.com
We would love to hear from you...please send us a note for an analysis on your electricity rate.
😂 Lol me this morning, in straight slow motion!! 😏 But I finally made it to the gym then off to hustle.. Didn't wake up in a Bugatti today but I will be soon 😉 Hope everyone has a great Monday & a very very blessed day!! 👐 #GoodMorning#TYJ#Blessed#Motivated#LatinaOnTheRise 😘