Financial success is not easy to achieve. But by focusing on the fundamentals, reaching your financial goals is within your grasp. AOG Wealth Management, your expert financial advisor, shares four financial fundamentals that can help you achieve success.
Set Aside Expenses in a Liquid and Secure Account
The interest earned on bank savings may seem miniscule, but having a go-to fund for emergencies is essential to your financial well-being. In case of a layoff or a serious illness, a six-month financial reserve makes a considerable difference. Along with achieving financial milestones, it is also important to increase your emergency funds with about six-month’s worth of your annual salary.
Engaging in an Employer-Sponsored Retirement Plan
Contributing to an employer-sponsored retirement plan like a 401k is an important part of your retirement planning strategy. If an employer match is available with the retirement plan, you save even more money for retirement. An employer match is a great employee benefit. A common matching program is usually 50% on the first 6% that’s contributed. For instance, if you make $50,000 annually, and you contribute 6% of that to your plan, your employer, in turn, contributes an additional 3% or $1,500 to your plan. This can make a significant difference over time to your total investment growth. Consulting financial planning experts like AOG Wealth Management can guide you through this process.
Avoid Consumer Debt
While it can feel good in the short-term to purchase something expensive, living within your means is liberating over the long-term. The high interest of credit cards and certain types of loans can easily hold you back from achieving your financial goals. If you are burdened by high interest debts, make it your priority to pay them off. Avoiding high-interest credit cards and loans means you can more efficiently budget your finances to meet your needs.
Individuals who can live by these fundamental priorities can achieve financial peace. AOG Wealth Management offers our asset and wealth management services to help you achieve your financial goals. Call us at (866) 993-0203 to schedule a complimentary consultation today.
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