As we navigate through changing times, it’s essential to focus on what we can control when it comes to managing our finances. The recent election results may have sparked uncertainty and volatility in the markets, but your financial well-being doesn’t have to be at the mercy of political outcomes. At Extreme Investor Network, we believe in empowering you with the knowledge and tools to take charge of your financial future, no matter what the external factors may be.
With the help of financial experts like Rianka Dorsainvil, founder and senior wealth advisor at YGC Wealth, we have curated a list of five actionable steps you can take to improve your financial health:
1. Build an emergency fund: Start by setting aside three to six months’ worth of living expenses in a high-yield savings account. This financial cushion will provide you with peace of mind and stability during uncertain times.
2. Increase savings goals: Maximize your savings potential by taking advantage of tax-advantaged accounts like traditional and Roth 401(k) plans, workplace retirement savings accounts, and Roth IRAs. By understanding the tax implications of each account, you can make informed decisions that align with your financial goals.
3. Review benefits from employers: During open enrollment, carefully evaluate your health insurance coverage, flexible spending accounts, and health savings accounts. These tax-advantaged accounts can help you save money on medical expenses while providing flexibility and long-term benefits.
4. Pay down debts: If you have outstanding credit card debt, it’s crucial to prioritize paying it off. Seek guidance from a nonprofit credit counselor to develop a debt repayment strategy that works for you.
5. Look for ‘missing money’: Explore the possibility of claiming unclaimed assets from forgotten accounts through websites like missingmoney.com or your state’s unclaimed property office. These untapped resources can provide a financial boost without much effort.
At Extreme Investor Network, we believe that staying informed and proactive is key to achieving financial success. By focusing on these fundamental financial practices, you can build a strong foundation that will withstand any economic environment, regardless of who holds office. Join us on our mission to empower investors with the knowledge and tools they need to thrive in today’s ever-changing market landscape.