Give Yourself a Money Makeover
You know what it’s like: whether it’s a result of a big life change or you just need to shake things up, it feels like it’s time for a makeover. But instead of swapping long tresses for a pixie cut, this kind of makeover is one that will outlast changing trends and you’ll always thank yourself for — a money makeover. The first step is to figure out what isn’t quite working for you. You wouldn’t sit for a haircut without indicating what you want changed about your hairstyle, so you also need to determine the flaws in your money strategy before you can change it. This means you will need to make an honest, objective assessment of your financial circumstances and list what you wish was different. For example, you may notice that you routinely carry a balance on your credit cards and end up paying a lot in interest. You would rather have that money to save or invest, so your wish is that you would stop carrying balances on your credit cards. In this process, you will likely have to deal with some things that reflect parts of you that you do not like, but take care to be honest while not overly berating yourself about your shortcomings. Step number two involves narrowing your wish list down to smaller, fixable bites. You can’t just snap your fingers and change everything at once, so you will need to choose what to focus on first. Look over your list and highlight a few items that would make a big difference and are within your grasp, such as taking intentional steps to improve your credit score or committing to a strict monthly budget. The next step is taking action. You will need to actually implement changes and stick to them. This is difficult, so it is helpful to make sure you have written down the measures you want to take and given yourself a timeline to follow. When a goal is fairly large, you may want to create milestone targets on the way to reaching it. This can help you keep better track of your progress and prevent the ultimate goal from seeming too overwhelming. The final step can sometimes be the first step: get help. If you are in over your head (or have more complex goals, like retirement, estate, or tax planning), then seeking professional advice should be your first step. But even if you have chosen to go it alone, having someone in the loop to keep you accountable can be the difference between success and failure. It can be easy to focus on all of the bad choices you have made in the past, but it’s important to remember to celebrate the progress you are making now. Every little step counts, whether it’s automatic contributions to savings, clearing your consumer debt, or just following your budget — make sure you acknowledge the good things you are doing in this money makeover.
Representative is registered with and offers only securities and advisory services through PlanMember Securities Corporation, a registered broker/dealer, investment advisor and member FINRA/SIPC. 6187 Carpinteria Avenue, Carpinteria CA. 93013, (800) 874-6910. Randall Wealth Management Group and PlanMember Securities Corporation are independently owned and operated. PSEC is not responsible or liable for ancillary products or services offered by Randall Wealth Management Group or this representative. CA Insurance License: #0727953.
This newsletter was prepared by Integrated Concepts Group, Inc. The opinions expressed in this newsletter are for general information only and are not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. The views expressed are those of the author and may not necessarily reflect those held by PlanMember Securities Corporation. Material presented is believed to be from a reliable sources and PSEC makes no representation as to it accuracy or completeness.