What can you do to improve your financial health right now? We give you eight tips you can begin implementing today!
Full Transcript:
Hello and welcome to Arista Advice! Question of the week is: "Paul, what can I do to improve my financial health right now?" If you're feeling a little overwhelmed with your investments and your finances, you're not alone.
The Financial Health Network says that "Financial health is the degree to which people are able to be resilient and take advantage of opportunities over time." Implementing the steps to help you to feel resilient, so that you can take advantage of opportunities is a mindset that has to be developed.
Let me give you eight quick, brief steps to take.
Number one: spend - spend less than income.
Number two: pay bills on time.
Number three is have sufficient liquidity savings.
Number four: have sufficient long-term savings.
Number five: have manageable debt.
Number six: have a prime credit score that's over 650.
Number seven: have appropriate insurance for that unfortunate event that could occur.
Number eight: plan ahead financially, and have something written down on paper even if it's a napkin or talk with a fiduciary financial advisor to help you with your interests instead of a stockbroker or a brokerage firm that's trying to sell you products.
Start by identifying the specific issue that's the heaviest, and start discussing it and talking about it with somebody else. And remember to go to AristaWealth.com to get other videos, tools, and tips to help you live a life of significance.