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Putting Your Financial House In order One Step At A Time.

April 11, 2016 by  
Filed under Business, Money, Opinion, Weekly Columns

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(ThyBlackMan.com) Most of us worry about whether our financial houses are in order. We wonder whether we’ll have enough money saved for our retirement. Or whether we can afford to go on holiday next year.

But wouldn’t be great if we could somehow spend a little less time worrying about our finances and a bit more time enjoying life?

I’ve put together some steps that you can take to put your financial house in order today. It’s time to stop worrying and start doing something about it.

Get Out Of Debt

Getting out of debt is tough. Most folks only went into debt because they had no money to begin with.

But getting out of debt is essential to your long-term financial health.Couple working on finances at home The best advice out there at the moment is to focus on those high-interest loans. If you’ve got payday loans outstanding, pay those off first.

Once they’re out of the way, you’ll find you start to accelerate towards your goal. Each time you pay off one high interest loan, there’s more money to pay off the next. Once that ball gets rolling, there’s no stopping it.

Manage Your Taxes

If you’re someone who owns a business or are self-employed, ensure that you stay on top of your taxes. All too often businesses fall into the trap of not hiring an accountant. Then they get into trouble with the IRS and need a tax lawyer to get them out.

To avoid this, build a relationship with an accountant within the first few months of trading. They’ll be able to advise you as you go forward.

Pay Your Bills Automatically

Paying your bills automatically is useful for a couple of reasons. The first is that you don’t have to go to the trouble of writing a check every time you want to pay for the electric.

But on top of that, paying automatically is safer. Late fees and charges for bills that you could have easily paid can rack up. And when they do, you’ll be left out of pocket at the end of the month.

Credit card companies can be even worse. Some credit card owners that make late payments can face fees of $40 or more.

Let A Broker Manage Your Savings

Markets go up, and they go down. It’s a fact of life in a world where there is economic uncertainty. Many people choose to manage and invest their own money in the stock market. But for some, that can lead to high levels of stress, especially when the value of your savings plummet from time to time.

Having a stock broker can help enormously. For one, stockbrokers more than anyone know that in the short term, prices go up and down. But if you’re like most savers, you’re in it for the long term.

Decide on a level of risk you’re happy with. Then work out how much you want to save and in what time frame and see if the two figures match up. You’ll be surprised just how far saving as little as $100 a month will go.

Staff Writer; Charles Love


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