There are some very common financial decisions clients make that, unintentionally, serve as roadblocks to financial health. Below are some "whoopsies" to avoid!
Not enrolling in your company's retirement plan.
Enrolling is:
- One of the most convenient ways to save for retirement. If your company matches your contribution, it’s like getting free money.
- Automatic-withdrawal from your paycheck = out of sight, out of mind
- Nobody ever told us they started saving too soon.
Not freezing your credit reports.
The number of criminals looking to access your personal information to apply for a loan or other credit in your name is increasing every day. And so is their skill in making it happen.
The easiest and most effective way to prevent this is to take ten minutes of your time to freeze your credit report. Visit the "client links" tab on our website to follow the simple steps and freeze your credit report today.
Pulling a "Clark Griswold".
Expecting a holiday bonus? The Clark Griswolds out there (though well-intentioned) may be tempted to put a down payment on a new swimming pool before the bonus is paid. We caution you to hold off on any spending until your expectation becomes a reality. Once received, here are some recommendations on how to put it to good use:
- Invest some (or all) into your retirement plan and/or the employee stock ownership plan (if your company has this benefit).
- Pay down some of your debt. This option will set you up for a new year with a healthier budget and potentially less financial stress.
- Create an emergency savings account so you can be well-prepared should any unexpected costs arise in the new year.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Investing involves risk including loss of principal.