Give yourself the gift of financial sanity going into the new year with these 3 easy financial tips:
Stop watching any sort of financial TV.
MSNBC, Bloomberg, CNBC – they are all designed to sow fear and uncertainty in you so that they may sell more advertising. Their very programming advocates short term outlooks, when most investors are looking 30 years out. Financial magazines that help you plan for the long-term (Money, AARP, Kiplinger’s) are a better way to use your financial education time.
Make sure you are investing at least 15% of your own money into your retirement account.
This will have two advantages: Building a nest egg for future security AND getting you used to living off a smaller income.
Talk to your kids about money.
From saving a bit of allowance each week to smartly navigating the college tuition jungle, to saying, “we can’t afford that now,” helping your children understand money at a young age it will keep them from being a drain on your resources as you enter your golden years.
Happy New Year!