• Advertise
  • Donate
  • Subscribe
    • Become a print subscriber
    • Sign up for e-Newsletter
    • e-Editions
Saturday, June 3, 2023
No Result
View All Result
Minnesota Spokesman-Recorder
  • News & Features
    • National
    • Local
    • Special Editions
      • MLK Legacy
      • Black History Month
      • The MSR Celebrates Women’s History Month
  • All Sections
    • Opinion
      • Mellaneous by Mel Reeves
      • Word on the Street
      • Reaching Out From Within
    • Health + Wellness
      • Minnesota Cancer Alliance Breast Cancer Gaps Project
    • Sports
      • Timberwolves/NBA
      • Lynx/WNBA
        • 20 in 20
      • Twins/MLB
      • MN Wild/NHL
      • Vikings/NFL
    • Business
      • Small Business Month Celebration
      • Black Business Spotlight
      • Finances FYI
    • Arts + Culture
    • Photo Galleries
    • MSR Forefront Digital Roundtable Series
      • MSR Forefront Highlights
    • Go Green
    • Education
    • Bulletin
    • Jobs & Opportunities
      • Legals
  • Events
    • Submit an event!
  • Obits
  • Sister Spokesman
  • e-Editions
Minnesota Spokesman-Recorder
  • News & Features
    • National
    • Local
    • Special Editions
      • MLK Legacy
      • Black History Month
      • The MSR Celebrates Women’s History Month
  • All Sections
    • Opinion
      • Mellaneous by Mel Reeves
      • Word on the Street
      • Reaching Out From Within
    • Health + Wellness
      • Minnesota Cancer Alliance Breast Cancer Gaps Project
    • Sports
      • Timberwolves/NBA
      • Lynx/WNBA
        • 20 in 20
      • Twins/MLB
      • MN Wild/NHL
      • Vikings/NFL
    • Business
      • Small Business Month Celebration
      • Black Business Spotlight
      • Finances FYI
    • Arts + Culture
    • Photo Galleries
    • MSR Forefront Digital Roundtable Series
      • MSR Forefront Highlights
    • Go Green
    • Education
    • Bulletin
    • Jobs & Opportunities
      • Legals
  • Events
    • Submit an event!
  • Obits
  • Sister Spokesman
  • e-Editions
No Result
View All Result
Minnesota Spokesman-Recorder
No Result
View All Result

7 tips to tackle your financial goals with confidence

by MSR News Online
February 13, 2019
16
SHARES
326
VIEWS
Share on FacebookShare on LinkedIn
Courtesy of Getty

Many Americans have a certain vision for their financial future, but not a clear path for how to achieve their goals. We all know we want better credit and enough money to retire, but financial stability extends well beyond that.

Do you have a savings plan? Are you prepared for financial emergencies? What about college for your kids?

Whether you are a novice when it comes to counting your coins or an experienced investor, there are always steps you can take to take control of your financial destiny. You don’t necessarily need a professional financial planner to do so, say some experts.

“Many individuals are quick to hand over responsibility for their future to financial advisors and fund managers in the hopes of achieving better returns than they could on their own,” says Dale Gillham, an analyst, financial educator and author of Accelerate Your Wealth: It’s Your Money, Your Choice. “If you’re looking for the best person to handle your investments without any conflict of interest, look no further than yourself.”

While that may work for some who are financially savvy, others will work better with the guidance of an expert — especially when it comes to long-term financial goals. But either way, we all need to empower ourselves with basic information to reach our desired financial levels.

- ADVERTISEMENT -

Here are seven basic tips to help you tackle your finances.

Set a specific goal

Setting goals may boost your confidence in achieving them. According to Lincoln Financial, those who set a financial goal for themselves in 2017 were more likely to feel that their finances had improved over the course of the year, compared to those with no financial goal. Whether it’s saving more for retirement, paying off a debt or investing in stocks, setting a goal is a great place to start.

Make a plan

Having a financial plan in place can help you prepare for life’s surprises and face them with confidence. A financial plan doesn’t need to be complicated, but it should cover everything that’s important to you at this specific stage of your life.

- ADVERTISEMENT -

A financial advisor can provide an objective voice to help you stay focused on your goals while balancing your risk preferences and time horizon. They can also provide education to help determine when to fine-tune your plan. If you already have a relationship with an advisor, schedule time to review your plan and make any necessary adjustments.

Build your investment portfolio

“Investing is less complicated than you might realize,” says Gillham. “With some simple knowledge of proven strategies, you can build wealth on your own.” This includes managing a portfolio of five to 12 stocks which is easier to manage and represents lower risk.

Consider multiple sources of protected lifetime income

According to Lincoln Financial, 82 percent of pre-retirees are concerned about what will happen to their investments if the market drops. Build diversity into your retirement income plan by incorporating different sources of lifetime income in addition to Social Security. Do you have a pension? Have you considered incorporating an annuity as a portion of your plan?

- ADVERTISEMENT -

“Diversifying your portfolio to include a source of protected lifetime income, like an annuity with optional benefits, can help to safeguard savings and provide for predictable income in your retirement,” says John Kennedy, head of Retirement Solutions Distribution, Lincoln Financial Group.

“Never invest more than 20 percent of your total capital in any one stock,” he adds.

Build an emergency fund

If you’re a regular reader of Money Matters, then you should know by now that 40 percent of adults in the U.S. are unable to cover a $400 emergency expense. So, setting goals, without planning for a rainy day will get you nowhere fast. Instead of just planning to make it through a financial crisis, most experts advise saving up at least three months of living expenses in case of job loss or unexpected expense.

Strategize taxes

- ADVERTISEMENT -

Recent changes in tax laws have some concerned about how taxes will impact their finances and retirement income this year. Discuss tax-smart strategies with your advisor to help increase your income and keep you on the right track.

Do your research

No matter how good your financial expert is or how much you think you know about finances, make it a priority to stay on top of financial trends and changes. Follow websites like BlackEnterprise.com and NerdWallet.com for up-to-the-minute news and find books that address your needs.

The key to financial success is staying focused on your goals and working with a plan. If you don’t choose to connect with an expert, make sure to research and set clear strategies for your success.

Information provided, in part, by StatePoint.

Support Black local news

Help amplify Black voices by donating to the MSR. Your contribution enables critical coverage of issues affecting the community and empowers authentic storytelling.

Donate Now!

ADVERTISEMENT
Previous Post

How safe is CBD oil?

Next Post

Council member on racism, changing face of Brooklyn Center

MSR News Online

Reach the MSR staff at msrnewsonline@spokesman-recorder.com.

You Might Also Like

pets can be expensive
Business

Consider these pet insurance products to protect your fur baby

Avoid These Top 10 Common Financial Mistakes
Business

Avoid These Top 10 Common Financial Mistakes

Take control of your financial future
Finances FYI

Take control of your financial future

Build good credit during and after college
Business

Build good credit during and after college

7 wise ways to spend your tax refund
Uncategorized

7 wise ways to spend your tax refund

How to survive a financial crisis
Business

How to survive a financial crisis

Next Post
Council member on racism, changing face of Brooklyn Center

Council member on racism, changing face of Brooklyn Center

  • Facebook
  • Instagram
  • Twitter
  • YouTube
ADVERTISEMENT

The Latest News

2023 legislative session will have a profound and lasting impact

Black Business Spotlight: 5enses Design & Home Staging

Black Business Spotlight: 5enses Design & Home Staging

Mobile campaign aims to heighten mental health awareness

Mobile campaign aims to heighten mental health awareness

Know your operator: Tamica Washington

Know your operator: Tamica Washington

tan and black dogs

What’s too hot for animals left outside in the summer?

Kick off summer with hot new (and old) movies and TV shows

Kick off summer with hot new (and old) movies and TV shows

Minneapolis
◉
82°
Fair
5:28 am8:53 pm CDT
SunMonTueWedThu
90/68°F
88/66°F
77/61°F
79/61°F
82/63°F
Weather forecast Minneapolis, Minnesota ▸
ADVERTISEMENT
ADVERTISEMENT

Upcoming Events

Apr 6
April 6 @ 7:30 pm-June 3 @ 9:00 pm Recurring

Wit by Margaret Edson

Apr 14
April 14 @ 9:00 am-August 12 @ 5:00 pm

Paper Is People: Decolonizing Global Paper Cultures

Jun 3
June 3-June 4

FANS Ultra Race

Jun 3
10:00 am-12:00 pm Recurring

Re-Imagining Station: Frequencies for Healing and Illustrating African Diasporic Consciousness with Jamie J. Philbert

View Calendar

Read our latest e-Edition!

ADVERTISEMENT
ADVERTISEMENT

Subscribe

  • Home/Office Delivery
  • Weekly e-newsletter
  • e-Editions

Support

  • Donate
  • Subscribe
  • MSR Newsstand Locations

Connect

  • About
    • MSR Staff
  • Contact
  • Send a news tip
  • About
  • Privacy Policy
  • Terms

© 2023 Minnesota Spokesman-Recorder

No Result
View All Result
  • News & Features
    • Local
    • National
  • All Sections
    • Arts & Culture
    • Health & Wellness
      • MN Cancer Alliance Breast Cancer Gaps Project
    • Business
      • Black Business Spotlight
      • Finances FYI
      • Small Business Month Celebration
    • Opinion
    • Sports
  • Events
  • Obits
  • Sister Spokesman
  • Donate
  • Subscribe

© 2023 Minnesota Spokesman-Recorder

 

Loading Comments...