As we enter 2015 many of us are trying to set new financial goals, from putting more money in our savings accounts, to even purchasing a home or investment property. In this article we’ll pull together some tips from leading financial experts that will aid you in taking control of your financial future.
Robert Kiyosaki, author of “Rich Dad, Poor Day”, says the first step to take control of your financial goals is to stop playing the victim. Unfortunately, in todays world the media has a way of discouraging investments and entrepreneurship. Fear sells, and we are constantly reminded that the economy is going down the drain or the unemployment rate is rising. The first step in achieving financial freedom is taking control of your own life. To be successful one must take risks. No matter what state the economy is in: People are making money, and as an individual you must own up to your shortcoming, and successes. Start this new year with a fresh perspective!
Most financial experts also agree that one of most basics steps in achieving your goal is simply to reduce your debts. In 2015, try to spend less and save more. Set up a monthly budget dedicated to paying off existing debts like student loans, and credit cards. Paying off your mortgage early is also one of the biggest financial advantages you can have. An average 30 year fixed $200k mortgage at 5% interest will end up costing the borrower half a million dollars with interest over the course of 30 years.
Consulting a tax expert should definitely be on your agenda for 2015. From starting a saving plan, to taking advantage of all of the tax loop holes offered by starting a Roth IRA, or contributing the max to your employer sponsored 401k. If you are not doing this already: you should! Counting solely on Social Security to kick in during our golden years might not be the best bet!
Earn more money! Although there is no easy way to increase your income, with the advent of the internet there are more opportunities to earn money available to the average person than ever before, and up to 1 in 10 individuals is making some form of supplemental income online. Why not you? Make 2015 a year to research ways of doing so, or enlist the help of a mentor. Even $100-200 dollars a month can make a wold of difference in the big picture!