Financial success can feel elusive for those just starting their own careers. It does not have to be too complicated if you follow four tips from AOG Wealth Management. These tips are geared towards developing the right mindset and priorities as you strive for financial success.
- Prepare for the worst.
It always begins with your personal savings. As your trusted financial planner in Northern Virginia, we advise to save and create a substantial savings account. Even though the interest on savings accounts is minimal, it is still an important step in financial management and your path forward to financial security. Set aside three to six months of your annual income in a savings account and use only for emergencies. This money will help you pursue your financial goals with relative calm and security, regardless of the bumps in the road that life my present.
- Get insured.
Ideally, you would want to establish insurance that can replace your income should you encounter a health issue that prevents you from working. While we always hope for the best, it pays to prepare for the worst. Determine a term that makes most sense for you and your family and your overall financial goals. Make sure the insurance coverage you get covers your needs adequately.
- Grab that plan.
If you are working for a company that offers a good 401(k), invest in it, especially if the plan includes an employer match. Financial success is predicated upon saving and smart asset management. Keep in mind that if your employer matches your contribution in even a modest amount, that’s free money!
- Live within your means.
Cut up high-interest credit cards and always pay your credit card balance each month. Make sure that what you spend within a pay period is far less than what you earn. Spending beyond your means will only trap you in a cycle of debt. If you are already in this trap, prioritize paying off debts as soon as possible.
AOG Wealth Management understands that the goals and needs of each individual vary. That is why we provide custom-tailored investment solutions based on what your financial situation. You can reach out to us if you have any questions about your taxes, retirement funds, and more. Call us today at 1-877-600-3573 and we will share with you the range of our investment options.
The article and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you consult your accountant, tax, or legal advisor with regard to your individual situation.