On this episode, we revisit some of our favorite clips to cover some of the more important frequently asked financial questions. Taken from episode 6 is the question: Do I need a financial plan? With this comes further questions, and you’ll want to listen in to hear what the answers are. Episode 11 asks the question: What little things can you do to improve your financial life? There are so many little things you can do to improve your finances, listen to this episode to hear what they are. The last question is taken from episode 13. How will you pay for your child’s college? A popular topic this time of year.
Do you really need a financial plan?
Many people wonder if they really need a financial plan. Wondering if it’s worth your time and money to create a financial plan? People that do, discover more opportunities to save money which is a great way to make the plan pay for itself and then some! Compare a financial plan to a doctor’s checkup. Revisiting your plan each year is a great way to stay on track and focused on your financial goals. It is not just for retirement, it is something you should begin when you start your career. Listen to this episode to hear why you wouldn’t want to live your life without a financial plan.
What are some little things you can do to improve your financial life?
Improving your finances doesn’t necessarily mean you need to let go of little luxuries you have become accustomed to. There are actually quite a few things you can implement now that are relatively painless. The most challenging part of implementing these action steps are simply setting them up. One simple way you can improve your financial future is to set up an automatic monthly deposit into your investment account. This used to be something difficult, but with the advent of mobile banking, it can literally be done with the push of a few buttons on your phone. Listen to this episode to hear simple steps you can take to improve your finances.
How to improve your financial future with your 401K
Another way to improve your financial situation is to make the most of your 401K. Some people don’t even have this set up to take advantage of their employer match. They are leaving a 100% return on the table! Make sure that your 401k is set up to deposit the most that you can each month. When setting up your 401K it is important to diversify. Many people are afraid to do anything with their 401K account and simply leave it all in cash or employer stocks. They are missing out on a great way to grow their money. Listen to this episode to hear how important it is to set up your 401K properly so that you can get the most out of your retirement savings.
How to pay for college?
Paying for college can seem like a daunting task. A state university education can cost around $100K and a private university can be more than double that. There are a few things you can do right now to help you figure out how to pay for your children’s education. There are many different ways to pay for college, but the important thing is to have a strategy. It is important to choose the right school for your child, one that has the right fit. By knowing what you can afford this can be a great way to limit your child’s choices and help you choose the best fit. It is important to remember not to focus on the sticker price of the school because there are many ways to reduce the costs of tuition. Listen to this episode to hear some great ways to create a strategy for paying for your child’s college education.
Outline of This Episode
- [1:27] Do you really need a financial plan?
- [11:32] Little things you can do to improve your financial life
- [19:39] How to pay for college?
Resources & People Mentioned
Connect With Chad and Mike
- Connect on Twitter @csmithraleigh@TeamFSINC
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