Brim Financial: How to Achieve Your Financial Goals
How do you plan on reaching your financial goals? If your answer is either, “Working until I die,” “Winning the lottery,” or “Robbing a bank,” then you could probably use a bit of fiscal planning.
Fortunately – unless your objective is to become a multi-billionaire – there is no overly complex process involved in achieving relative financial security. It’s an incremental process that requires vigilance, frugality, and time (not to mention, a steady income). If you have a steady income, you’ve already cleared the most difficult hurdle. Here’s what you need to do next.
- Open an emergency fund. According to a report published by the Federal Reserve, 40 percent of Americans could not come up with the funds to cover a $400 emergency expense. The sooner you have emergency funds put away for sudden, unforeseen costs, the better off – i.e., more secure – you’ll be.
- Reduce your existing debt. The cost of carrying debt can be enormous and ruinous. If you’re carrying debt from student loans, mortgage, your car, or credit cards, you’ll want to make sure you’re paying it off in a way that reduces your interest and fee burden. Brim Financial offers low-rate, high-reward credit card services that can help you earn valuable points and lower your fees.
- Focus on retirement. Whether or not you plan on completely stopping working once you reach a certain age, the fact is that most people simply won’t be able to continue working high-stress or physically demanding jobs as older adults. Having retirement funds ready for the point when continuing full-time work becomes untenable is essential to long-term financial security.
While the question of how to make enough money to meet all of our lifestyle needs and objectives will be – for many of us – difficult to answer, addressing these three essential components of finance will help you build a nest egg that will continue to feed you well into your golden years.