Do your finances keep you up at night?
According to a study by Northwestern Mutual, two thirds of Americans experience financial anxiety so extreme that their health is negatively affected. Of these anxieties, the largest fears are unforeseen emergencies and inadequate retirement savings.
Instead of worrying about your financial situation, however, there are some steps you can take to put an end to your financial anxieties and plan for both emergencies and retirement.
First, create an emergency fund. You should set aside enough money to cover six months of your living expenses. This way, whether you face unplanned medical expenses, damage to your home, or the loss of your job, you will be financially prepared to make it through the emergency.
Second, you should invest your money in the stock market. Purchasing high-quality stocks and holding them over a long period of time is the best way to earn a large return. When your money is set aside and growing, instead of being spent, you will have peace of mind knowing that you are on the path to a financially sound retirement.
Third, reassess your financial plan several times throughout the year. Your life is bound to go through numerous changes that may impact your financial situation. As a result, it is essential to continue to evaluate your situation in order to optimize your savings plan.
No matter the amount of your paycheck, you can always find at least a little bit to set aside each month. Once you have a plan in place, you will feel more secure about your financial situation, and can stop being a victim to your financial anxieties.
If you have any questions, please contact the Shinn & Co team at firstname.lastname@example.org or call 941.747.0500.