They say if you fail to plan, you automatically plan to fail. When it comes on to securing your future, this is sound financial planning advice, regardless of your current age or social standing.
No matter how much you earn, personal financial planners will tell you that it is possible to achieve financial stability. One of the keys to doing this is to set SMART (specific, measurable, attainable, relevant, and time-based) goals.
This can be challenging if you’re not prepared to take care of your own finances. The good news is that there are personal asset management professionals and financial advisors around, including Sound Asset Management. Experts like these can work with you to set targets you can actually achieve. With that said, here are three of the top financial goals you need to be pursuing.
- Become debt-free
Most people will be in debt at some point in their lives. In fact, one 2018 CNBC report found that the total U.S. household debt had reached an all-time high of $13.5 trillion. What's more, some 70% of U.S. college graduates have substantial student loans to pay off. Having debt makes it difficult to achieve any other financial goals, so becoming debt free should be chief among your targets.
- Create an emergency fund
Having an emergency fund can have long-term implications for your financial health. When you have an adequate cash cushion, it gives you peace of mind to know that you have funds to fall back on if you suddenly need to deal with the cost of an emergency. It also has a buffering effect so you don’t have to disrupt your long-term investments or divert your paycheck to cover unexpected expenses. You never know when an emergency could arise so building up such a fund is essential.
- Be retirement-ready
Getting ready for life after work means solid retirement planning. Unfortunately, the data suggests that most Americans simply aren’t putting away enough money. That's likely to lead to a future burdened by financial strains rather than a life of comfort. Fortunately, there are personal wealth management experts around who can assist people toward achieving the goal of becoming retirement-ready.
If you want to start working on these or any other financial goals, Sound Asset Management is a good place to begin. www.soundasset.com