Financial literacy is about empowering individuals with the knowledge, skills, and confidence to make better decisions about their finances. Here is part 2 of a 2 part summary of some tips you may find useful.

1. Start good habits early – Prepare a cash flow plan, or budget to track your spending and reduce any expenses you might not need to make.
2. Pay yourself first – Instead of waiting until the end of the month to see what’s leftover, set aside your savings first and then use the remaining money to pay for expenses. Learn more here.
3. Start investing – There’s no better time than the present to start investing. The longer your time horizon, the more you can benefit from compound interest. Remember to diversify, Hold many types of investments so if one product doesn’t do well, it can be balanced off by other products. Even $1 a day or $5 a week is a good start.
4. Check your emotions – Research tells us that our judgment and decision making can be greatly influenced by our emotions rather than rational thought. It’s a good idea to take a step back and evaluate the situation before acting. Read more here.
5. Work with a Financial Planner – If you are not sure how to invest, what you need to save for retirement, how to reduce your taxes, or even where to start, working with a financial planner can have a significantly positive impact on your overall wealth.
6. Insure your risks  – Insurance may not always be top of mind, but death or a disability can have devastating consequences for your family finances. Protecting yourself against a future loss is a must and it doesn’t have to be expensive. Learn more.
7. Have a plan – In order to reach your financial goals, it’s important to know what they are. To be effective, you should take some time to determine what you want to achieve and how you’re going to accomplish it. Learn more.

If you need assistance please contact me for a complimentary 30-minute discussion and cash flow consultation. It’s never too late to start!