After many years of working with and helping people as it relates to money, lending, finance and consulting, I’d like to share some general take aways that may be helpful to others over time:
• Most people want to manage and be smart with their money – they just don’t know how.
• Good financial tools (balance sheets, budgets, cash flow guides) help monitor progress.
• A simple budget will enhance your financial decision-making.
• Debt (including credit cards) can be a tool for financial success.
• No debt is a great goal but debt management is more realistic.
• Start with saving early (young) and let time be your best friend.
• Consistent savings is more important over time than focusing on your balances.
• 401k/403b and Roth accounts are three of the greatest savings tools ever allowed.
• Take advantage of every tax exempt or deferred option during your earning years.
• Listen to everyone but ultimately “go with your gut” when saving and investing.
• Find a trusted financial advisor who is a fiduciary and keep a good business relationship.
• Use and update a set of goals and financial objectives as a blueprint for success.
• Maximum of three goals at any one time
• Keep them simple and challenging yet achievable
• Involve others in your goals
• Replace goals when achieved and celebrate that event
• Review your financial picture (monthly?) and share with significant others as appropriate.
• Personal Investing can supplement your plan – Choose companies you use and believe in.
• Recognize investing is a fluid yet rewarding exercise – expect ups and downs.
• Ultimately, a long-term investment plan will reward you w/growth and financial security.
You have heard it before: “people don’t plan to fail; they just fail to plan”. I believe in goal setting. Having a simple, customized set of financial records can overcome a great deal of frustration. It’s about having good, clear information to help guide your decision making and your future. Finally, keep the faith!
Ken is a consultant with over 35 years’ experience helping individuals create a simple yet personal financial picture for them and their family. Knies has worked with multiple lenders and banks in various capacities to help further their corporate goals. He’s been involved in lending, project management, and supervision during his career. This latest chapter is dedicated to offering a more personalized picture with clarity to enhance clients’ financial decision-making.
