People are classified into two categories namely planners and non-planners when it comes to saving money. Non-planners save money when they like and have surplus funds. Such people put in small amounts in a workplace retirement plan. They feel everything will be alright in the long run. On the other hand, planners set a target and duration and save regularly to meet the target.
According to recent statistics, only 33% of people in the US have a well-planned financial goal. Others do not have sufficient money to make a worthwhile plan. In a recent survey, around 65% of people save funds based on a well-written financial plan. They feel financially sound and stable. Financial planning is very important to achieve the set financial goals. It reduces uncertainty.
Many people feel I do not have sufficient money and how can I save for future or urgent needs. It is a wrong notion. You need to invest small chunks of money at regular intervals to jumpstart your savings. Even lower-income households can save a lot by adhering to the guidelines of Billy Crafton Financial Advisor of San Diego.
Create A Plan for Investment
You can frame an investment portfolio with a set timeline and target. You can achieve this target comfortably without risk with small savings. A clear financial plan helps to keep some funds for daily household chores, tuition fees, paying credit card dues, and home loans. You can invest the balance amount for your future needs and earn interest.
Keeps You Away From Bad Habits
Saving money boosts your security, and confidence, and helps you enjoy a quality life. For example, life insurance provides savings and gives protection. It secures your family members and gives a lump sum amount for them to lead a happy life in case of an unfortunate event. You can also take a loan from insurance to meet emergency needs. It will also help you to make good habits. Some people clear credit card dues on time and never carry them forward to the next month.
Billy Crafton of San Diego will guide you with a better plan for your future. The company understands your income, monthly payments, and other receivables and suggests a perfect plan to suit your future goals.
Lifetime Goals
Reducing daily expenses helps to save more money and create wealth in the long run. You need to set a target for example buying a new apartment, better car, child education, child marriage, or savings for retirement. It highlights wealth creation importance. You can accomplish long-term wealth creation by investing in equity mutual funds.
Save for Retirement Early
Some people feel like saving money for their retirement when they have just six or seven years of service left. It is not sufficient to achieve the desired savings for retirement. You need to begin retirement savings when you have 25 or 30 years of service left. You need to plan the amount required to live happily after retirement. You can invest in debentures, mutual funds, and high-growth funds and earn handsome returns for the future.
Those, who do not like taking risks, can invest in safe investments like government bonds, debentures, fixed deposits in banks, real estate, etc. Bonds are of less risk and provide moderate returns without any risk.
Balanced mutual funds give you handsome returns in the long term. The fund divides your income and invests some portion in bonds, equities, fixed deposits, real estate, etc. You can make switches to reduce risk and improve earnings. Billy Crafton of San Diego will also do this task for you.
High growth funds invest in bluechip stocks for attractive returns in the short term and long term. The fund house uses the latest investment tools to measure fund performance and transfer funds to good stocks that offer higher yields. The fund houses also invest in index funds to give you better returns for your future needs. You need to read the terms and conditions of an offer and make a decision before deciding to park your hard-earned money. You should also know the efficiency of a fund before investing. Billy Crafton of San Diego will help you to find the best fund and invest for your long-term needs.
Billy Crafton San Diego Financial Advisor 