Top Eight Financial Tips

TOP EIGHT FINANCIAL TIPS SETTING PRIORITIES Goal Identify your goals clearly and why they matter to you, and decide which are mosť important. worthy goals often conflict with one another. When faced with such a conflict, you should ask yourself questions like: Which goal will cause the greater harm if it is deferred? STICK TO A BUDGET Identify how you're spending money now. BUDGET! Evaluate your current spending and set goals that take into account your long-term financial objectives. Track your spending to make sure it stays within those guidelines. PAY OFF CREDIT CARD DEBT BANK Credit card debt is the number one obstacle to getting ahead financially. Despite our good resolves to pay the balance off quickly, the reality is that we often don't, and end up paying far moře for things than we would have paid if we had used cash. 3495 3849 3940 5896 EMPLOYEE STOCK OPTIONS Employee stock options are no longer reservéd for the executive suite. More and more companies are offering stock options to the rank and file as well. Stock options are still popular. HAVE A SAVINGS PLAN 24 Pay yourself first! If you wait until you've met all'your other financial obligations before seeing what's left over for saving, chances are you'll never have a healthy savings account or investments. Set aside a minimum of 5% to 10% of your salary for savings BEFORE you start paying your bills. ASSET ALLOCATION Those with more years until retirement can afford to put a greater percentage of their assets in the stock market. Studies have shown that asset allocation is the single most important factor in determining returns from investing. Fixed Income (59%) Equities (39%) Cash (2%) MAXIMIZE EMPLOYMENT BENEFITS Employment benefits like a 401(k) plan, flexible spending accounts, medical and dental insurance, etc., are worth big bucks. Make sure you're maximizing yours and taking advantage of the ones that căn save you money by reducing taxes or out-of-pocket expenses. TAXES The best way to save on taxes is to contribute to your 401(k) or other retirement plan. Your tax rate will probably drop in retirement, even if taxes go up overall. TAX V* Vogue Financial Sources: http://money.cnn.com/magazines/moneymag/money101/ http://financialplan.about.com/cs/personalfinance/a/TopTenMoneyTips.htm https://www.mint.com/blog/planning/money-101-27-financial-tips-to-live-by-1013/ ш н1. нn.