Most Americans strive for a fulfilled life – a good job, a nice home, a family, and a bright future. However, statistics show that this American Dream is not a reality for far too many. According to
Jack Canfield, author of Chicken Soup for the Soul ®, we are capable of creating the life we want.
It’s the actions and decisions we make that create the life we’re living. So if you have not achieved everything you’d like to in life, take action now – don’t wait for a crisis or a major event to get you thinking about your financial future. Set goals, and then align your financial plans so that you can achieve your ideal life.
These three tips can help you get there:
- Use credit for investment, not purchases. Use credit cards as a convenience but not to buy large items that run up the card and make it tough to pay back the balance. Debt should be used for buying a house, starting a business, or to further your education.
- Live within your means. This takes discipline. Don’t be tempted to buy things just because your friends or neighbors have more than you do. The secret to staying solvent is simple – make more than you spend. Debt is one of the major causes of stress for Americans. More than three out of every four American families are in debt, according to the Federal Reserve's Survey of Consumer Finances.
- Pay yourself first. Save and invest at least 5 percent to 10 percent of your income.  Put it in a retirement savings account that can help reduce your taxes and ensure your future independence. The best way to do this is to arrange for the money to come off the top of your earnings. Regard it as an expense that you have to pay out before any other commitments. That way you can’t be tempted to spend it.
When you have accumulated some money and you’re ready for larger investments, find a reliable financial advisor who can help you evaluate the benefits and risks and help you find the ones that are right for you.
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances.
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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website: www.davidlerner.com