What are the most important parts of your life? I’m sure your loved one, friends and family, your health, are all on the top of that list as are probably a few hobbies, sports, etc. I don’t think there are any doubts that your finances will have a major part in all of those factors. Money does not buy happiness but in many cases it does help. Do I need to provide examples? Being able to get good health care, insurance, help out friends and family, being able to take family vacations, to live a few dream trips with your loved ones, etc. All of those things have at least some relation to your finances.
I would personally consider health, and those close to me to be my top priorities but finances has to be at that next level. Most of us trust our doctor with our health, making sure that we do not have cancer or any other serious health issues. That being said, I would think that most of us still spend a decent amount of time doing their own research. What is important to eat? How important is it to practice sports? It’s safe to say that very people rely only on their annual visit to the doctor’s office to improve their health, feel and look better. However, a large portion of the population does exactly that when it concerns their finances. If you recognize yourself, I’d love for you to drop a comment. Why is that the case? What makes you think that those taking care of your finances are doing their job well and that you can trust your entire financial future in their hands?
I think it’s critical for everyone to take control of their finances. Even if you end up not wanting to do more, it’s still important to know what you own, what you are putting aside, how much fees you are paying and how the markets and everything else that is happening in the world impacts you, your finances, your projects and how your eventual retirement will end up looking like. We are all busy and have to leave some things aside. Taking care of your finances is NOT one of them.
How To Take Control
Step #1 – Get Some General Idea Of The Market News
How? You can start by not switching channels when your news program explains what is happening. It usually lasts only a few minutes and will give you a good start. You can also start by reading the headlines every day of a website such as MarketWatch. In most cases, the headline will give you the basic information that you need.
Step #2 – Find Out What You Own
You should know what debts you have and what assets. Where are you invested? How much of it is invested in risky assets? You should be getting statements on at least a quarterly basis.
Step #3 – Show Your Interest
Once you have some knowledge of what you own, start preparing yourself for meetings with your banker or your IA. Have questions ready about your investments, why he or her suggests specific strategies, asset allocations, etc.
Step #4 – Subscribe To Our Newsletter
Find Out More About Starting To Manage Some Of Your Money