Have you been putting off creating a financial plan? Sometimes you put your money on the backburner–whether that means not knowing how much you’re really spending or not looking at what kind of investments you’re making. As we enter into the new year, it’s time to get back in the game with your finances.
(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)
In a new TV show called “Back in the Game” Alex Rodriguez tries to help athletes get back on their feet. When talking with Olympic swimmer Ryan Lochte, he asks the swimmer how much money he has in savings. Lochte has no idea and hasn’t checked his accounts in who knows how long. While this might sound extreme, unfortunately it’s the case for a lot of people when it comes to their retirement accounts. Do you know how much you have in your retirement accounts? What about a financial strategy and know where your money is going?
Do you have a spending plan (otherwise known as a budget) each month? Knowing how much you spend now will help you know more about how much you’ll need later. Without a clear picture, you are setting yourself up for dumb decisions and failure later.
Have a strategy and financial plan in place. Look also at where your investments are going. Reevaluate what you’re trying to do with your finances. Finding an advisor who you can trust who is willing to help educate you on what you’re doing and what you should be doing should help set you in the right direction.
You don’t have to be an athlete to need someone to help you get back in the game when it comes to your finances. Make sure you have an understanding of where your money is going, how much you have, and what your financial future looks like.
Listen to the full episode or click on the timestamps below to hear a specific segment.
[0:16] – Former New York Yankee Alex Rodriguez is helping athletes get back on their feet through a show called “Back in the Game.”
[1:31] – Financial advisors sometimes act as a wake-up call for clients who don’t have a handle on their finances.
[3:05] – How much do you have in expenses each month?
[5:55] – Where should you make your investments?
[7:10] – What kind of fees are you paying for your investments?
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