Benjamin Franklin once said, “If you fail to plan, you are planning to fail.” But as you chart your financial course, what steps should you take?
First, identify your goals and try to establish a price tag for them. You can, and should, continue to revise your estimates over time.
Next, create an investment and savings strategy that can help you reach your goals. Since one of your main goals will likely be a comfortable retirement, you’ll probably want to contribute regularly to an IRA and your 401(k).
Another suggestion:
Control your debts. The less you owe, the more you can save and invest. It’s also important to build an emergency fund to cover unexpected costs, such as a major home repair. Without such a fund, you may be forced to dip into longterm investments. And revisit your financial strategy regularly to ensure it’s still aligned with changing circumstances in your life.
None of us can guarantee that our carefully laid plans will always yield the results we want. But by taking the right steps at the right times, you can greatly improve your chances.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones, Member SIPC