CLEAR WATER (WQOW) – April is National Financial Literacy Month, but are you financially stable?
News 18 spoke with a local expert about five things you can do to achieve financial security.
Ryan Connor, private wealth advisor at Buska Retirement Solutions in Eau Claire, said if you’re just starting out, the first thing you need to do is start investing in your retirement, whether it’s a 401(k) plan. or a pension.
Another thing you can do is budget. Be aware of how much you are spending and how much surplus money you have at the end of each month.
Third, Connor suggests setting up an emergency fund or rainy day fund worth about six months worth of emergency expenses, like a medical bill or car repair.
“It’s usually going to be kind of a guiding rule,” Connor said. “Now whether it’s a specific dollar amount or a percentage will depend a bit on your specific budget, but it’s really important to get it in place because to avoid getting stuck in one position situation where you’re going to have to use more expensive debt can be a situation that can really mess with your long-term financial plan.”
Looking ahead, Connor said another thing you might want to consider is where you’ll be living in the years to come. Will you continue to rent or possibly buy a house?
He also said to rely on the experts in your life for advice, whether it’s a financial planning service, a retirement company, a bank or a credit union.
Additionally, he wants to remind everyone that our financial goals can change drastically and that there is no one size fits all when it comes to setting long-term financial goals.
If you’re nearing retirement or are retired, experts say you should think about how your money can provide you with a reliable income, because the older you get, the harder it will be to get back to work.
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