Reaching Goals of Financial Success
Saving for retirement, taking care of one’s family, eating healthier, exercising more... these are goals that a lot of people have. According to a survey, the most common New Year’s resolutions made by Americans include: losing weight, saving more and spending less, paying down debt.
Sometimes it’s difficult to achieve those goals when temptations lead us astray. We want to lose weight, but someone offers us a slice of cake. We want to save for retirement, but then we conveniently forget our budget constraints when making a purchase.
Here are some tips to make the journey to financial success easier on you:
The simple equation of “More money in, than out,” will result in a surplus. Unfortunately, in today’s economy, that’s easier said than done, however, there are some simple things one can do to reduce spending. Take a look at your monthly expenses. Do you have any recurring memberships that you aren’t using? Cancel them. Can you get a better rate on your TV plan? Your cell phone plan? Internet provider? Can you make your own coffee in the morning instead of stopping off for a $5 cup of coffee on the way to work? Is there a more efficient way to do your commute every day?
According to a recent review, most Americans spend $20 per week on coffee and up to $1500 per year on their commute.
Most Americans have less than $1000 in savings and about 20% don’t even have a savings account.  Now that you’ve freed up some of your income by reducing the spending, instead of going shopping, start saving! It doesn’t particularly matter what you’re saving for, whether it be retirement, or just to have an emergency fund in place for the unexpected, having a cushion of savings is never a bad idea.
Seek out the advice of a financial expert. If you’re in a position to invest, then a sensible middle-ground approach is recommended and can be essential towards achieving long-term financial success.
It would also benefit you greatly to take advantage of any employer-sponsored investment plans (like a 401k), so that you can maximize your nest-egg.
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. Member FINRA & SIPC
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