We all make mistakes in our lifetime. Some are better than others, but eventually we shake our heads, and wonder what the heck we were thinking. Hopefully, you didn’t ruin your financial future, but if you had a divorce fall in your path, likely you have some repairs you need to make. An illness or injury won’t do any better for you, and it can cause some instability that can be frightening. Don’t let sleeping dogs lie. By ignoring things, you cause yourself issues, and future problems. Here are a few things you should do:
Life is long
Many say that life is long, but overall, it is shortened down into segments for us. If you have made it to your thirties and you know you have failed at saving anything, realize that it’s not too late. Make a plan and actually write it down; then follow through with what you need to do.
We all do those and it usually falls into a category that we have to have; like groceries, rent, or clothes for the kids. Not all of us have figured out how to put a savings account together and managed to stay out of it. Emergencies happen all the time and it will affect the bank account every time. How you handle it is the next step.
To begin again
- Take ten percent of every check that you get paid and put that money away. So, if you get paid five hundred dollars a week and you put ten percent into the savings, in a month you have $200 dollars a month saved. At the end of the year, and you leave that money alone, you will have $2400 dollars.
- At $2400 dollars you can take a share of that and find a good investment company to help you invest. If you don’t have any idea who to use, then you visit your local bank or credit union and ask questions. They have some things you can take serious and get things growing for you.
- Continue to put ten percent into the savings and now you have investments added to your future.
- If you are in your thirties, you still have a good fifty years of life left. Keep going; look at what you are growing.
- College savings is a good idea if you have children. Everyone knows that not all paychecks will be five hundred a week. So, if you have it, take a five percent out for the kids and put into a college fund for them. Keep it in your head of reality, not all your kids will want college. Obviously you want them to go, but know, they have minds of their own as well.
If you are new to investing, your hardest position will be attempting to find someone to trust to guide you to success. One of our greatest challenges is locating that one investment person that won’t guide you wrong or steal your money. Being young introduces two challenges. Being naïve and being trustful. Meaning, when you walk into a business, you want to trust they will take care of you. The truth and problem is, they are just human beings, and they make mistakes as well.
You are going to have to work extra hard at paying attention to all your investments. Take the time to go over everything and if your radar goes off that something is wrong, listen to that intuition, and change it so you feel more comfortable with the situation.
Start with a bank or credit union and see what they recommend. Credit Unions didn’t need help with the financial crash of 2008, so start with them. They are independent and uphold very strict standards.
If you can keep going
Keep learning and continue to find the best investment growth for you. There are 401K’s to investigate and CD’s to invest in, as well as learn about. The one thing you don’t want to not do; is forget to put that money into the savings account—no matter what. You can be your own worst enemy, or your own best future planner.
Which sounds better for you?
Blair Thomas is an offshore merchant account payment expert, who loves all things finance and planning. He is also the co-founder of eMerchantBroker.com, the #1 high risk processing company in the country. If you would like to see what he’s up to, add him to your Google+ circle.
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Category: Personal Finance