Achieving financial freedom is a primary life goal for most people. Unfortunately, many commit mistakes that can lead to the opposite—economic hardships, debts and other financial difficulties.
AOG Wealth Management, your trusted provider of investment management services in the area, discusses four financial mistakes you need to avoid.
1. Excessive Spending
This mistake must be avoided at all times, especially if you are in the midst of a financial hardship. Come up with a detailed budget and see how much “extra” money you have each month to spend on non-essentials. Set aside that much and don’t spend any more than that.
2. Living on Credit
Sure, the use of credit cards for purchasing even the most basic items has become somewhat normal, but a wealth management advisor would tell you not to rely on them for your daily living. Depending on credit may cause you to spend more than you earn.
3. Living Paycheck to Paycheck
Many households across the country live paycheck to paycheck. This is a dangerous way to live because it leaves no wiggle room for unexpected expenses, such as a medical emergency. Try to save a portion of your paycheck every month so you have a security blanket.
4. Failing to Invest
The whole idea of financial freedom is to make your money work for you. Failure to invest early may prevent you from retiring comfortably. Before it’s too late, be sure to allocate some of your savings into either the stock market or other income-producing investments. Working with a financial advisor can help.
Being aware of these pitfalls allows you to steer clear of them and make better decisions along the way. Take advantage of the opportunity to grow financially with AOG Wealth Management. We provide top-notch wealth management services where we actively monitor your investments necessary to customize your portfolio based on your risk and reward profile.
Give us a call at (866) 993-0203 to get started. You may also fill out our contact form for a complimentary consultation. We serve Washington, D.C., and the surrounding areas.