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Basic advice that anyone can follow to get started now!

  Personal finance is a broad topic that encompasses various strategies and resources aimed at improving an individual's financial well-being. Managing your finances effectively is essential for achieving financial goals, reducing stress, and securing your future. Here are some key aspects of personal finance help that anyone can follow to begin getting a grip:

Budgeting:

Creating a budget is the foundation of sound financial management. It involves tracking your income and expenses to ensure that you're living within your means. Personal finance tools and apps can assist in setting up and maintaining a budget. They categorize expenses, provide spending insights, and help you visualize your financial situation. The important part is to stick the plan. Or don't and be broke and blame anyone and everyone else for your ignorance, laziness and pride. 

Editing: 

The bit nobody likes. Cutting out lazy expenses and bad habits. The hardest part of any plan. Stop smoking/vaping. Make coffee at home. Bring a lunch. Walk if it is possible. Downsize your car or home. Skip going to bar or club. Postpone that vacation. Cancel streaming services. Stop using Uber eats and Door Dash. You would be surprised at how much you waste each month being a lazy ass. 

Savings:

Building an emergency fund is crucial for unexpected expenses or financial setbacks. Financial advisors typically recommend saving at least three to six months' worth of living expenses. NPF suggests double that at least. Setting up automatic transfers to a separate savings account can help you save consistently without much effort so long as it is realistic to the household income and debt. Making more money and getting your head in the game as well as getting off social media is also a good idea. 

Cash Reserves:

Allocated funds set aside in a liquid and easily accessible form to capitalize on investment opportunities as well as making planned large purchases in cash rather than credit. Not to be confused with emergency funds which are literally for emergencies like loss of a job, unexpected large expenses and health emergencies. 

Debt Management:

Managing and reducing debt is a critical part of personal finance. High-interest debts, like credit card balances, can be a significant financial burden. Strategies for tackling debt include the snowball method (paying off the smallest debts first) or the avalanche method (prioritizing debts with the highest interest rates). You do not need a new iPhone every year, instead implement strategies to use debt to build income streams. 

Investing:

Investing is a way to grow your wealth over time. Different investment vehicles include stocks, bonds, real estate, and mutual funds. Personal finance advisors can help you determine your risk tolerance and investment goals to create a diversified investment portfolio. Be forewarned, nobody cares more about you and your financial future than yourself. Nothing is more important than educating yourself. Do not go in blind. 

Retirement Planning:

Saving for retirement is essential to ensure you have enough money to maintain your lifestyle after you stop working. Employer-sponsored retirement accounts (e.g., 401(k)) and individual retirement accounts (IRAs) are common options. Financial advisors can help you create a retirement plan tailored to your age, income, and retirement goals. Very few are actually worth the money however. Generally speaking, unless you are willing and able to educate yourself and fully research investments before you invest, you are wasting time. Open a ROTH/Traditional IRA, pick a low cost broad market index fund like Vanguard 500 Index Fund Admiral Shares (VFIAX) or the Fidelity 500 Index Fund (FXAIX) and max out each year. 

Insurance:

Adequate insurance coverage protects you and your family from unexpected events like medical emergencies, accidents, or natural disasters. Types of insurance include health, life, auto, and home insurance. Evaluating your insurance needs and shopping around for the best policies can save you money in the long run. It is especially important if you run a business or make above 6 figures. We live in a very litigious society.  Everyone hates paying for insurance, until you need it. Find the best priced one that covers all your needs and go for it. 

Financial Education:

Learning about personal finance is an ongoing process. Many individuals benefit from reading books, taking courses, or attending workshops on financial literacy. There are various online resources (LIKE MINE!), podcasts, and blogs that provide valuable financial education. Not everybody tells you the truth and more than a few are shills for larger companies. Do your research. 

Seeking Professional Help:

For complex financial situations, those requiring specialized knowledge, or if you just prefer a professional to call on, consulting a certified financial planner (CFP) can be beneficial. They can provide personalized advice and guidance. In the USA, visit https://www.letsmakeaplan.org/ to find a real CFP, not uncle Bob with his I-Pad and subscription to Barron's. 

Long-Term Goals:

Establishing clear financial goals, such as buying a investment property, starting a business, or retiring early, can provide motivation and direction for your financial journey. Set up small goals you need to accomplish in order to get to the larger goals. Each time you complete a goal, reward yourself in a small way. If you aren't excided about it why even bother.

Monitoring and Adjusting:

Regularly reviewing your financial progress and making necessary adjustments to your budget, investments, and financial goals is essential for success. It is important to be able to pivot when necessary. Failures and losses are part of the game. If you can't handle that, you are not ready to step up to big leagues. 

For more information and to get yelled it in person visit the CONTACT PAGE or send an e-mail to newphoenixfinancial@gmail.com

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