It is important for you to devise an effective financial plan to secure the future well-being of your family. People of your age need to keeping aside enough money to pay for tuition fees of their children’s college education and invest a certain amount in a lucrative investment scheme for their retirement. Even after fulfilling such long-term objectives, there should have some monetary resources left to purchase a residential house. It is prudent on your part to hire the services of a proficient expert who specializes in this field to assist you in determining the amount of savings you should have at this phase of life.
Barry Bulakites is a prominent motivational speaker in America, who express his views on the current economic conditions facing the country in various public seminars. Many television networks also invite him to discuss and debate such issues on their prime-time chat shows. Furthermore, this marketing graduate from Western New England College and the London School of Business & Finance is also the President of Table Bay Financial Network, Inc. and its main distribution officer. This financial advisor also specializes in assisting people to search for feasible investment schemes to plough their money into for their retirement. He even helps corporate organizations establish sustainable schemes for their employees for such purpose.
This prominent financial advisor says it is important for you to keep in mind the following financial planning tips at this stage of your life to ensure you do fall into the cycle of overspending and debt:
Create a suitable cash reserve fund
The first step towards securing financial security at this phase of your life is to build a viable emergence fund. Ideally, you should keep accumulate cash equivalent to at least six months of monthly income in such a fund. Moreover, you also need to open a separate bank saving account from where you can spend money on the expenses you need to incur.
Curtail your debts
If you have outstanding credit card or medical bills to pay off, you next concern is to find ways to repay such debts as soon as possible. This will prevent such expenses from accumulating and enable to you channelize the money you save into lucrative investment schemes.
Get the maximum out of Employee benefits
At this phase of your life, you to ensure your contributions to pension schemes that the government sponsors like 401(k) retirement plans is equivalent to what your employer is depositing on your behalf. If this is not the case, you should take steps to increase the amount you are depositing in this plan.
Invest in alternative retirement investment schemes
Besides the saving in your organization’s 401(k) or 403(b) plan, you search for other suitable retirement plans where you can invest your money like Roth IRA.
Barry Bulakites says people in the 40s should take a seriously look at the finances at this phase of their lives. The above tips can help them to make up for the shortfall in the savings and investments of the previous years. This will help them to lead a stress-free live during their retirement.