Five Financial Tips by Vinny Dallo, CLU, CLTC, LUTCF
1. Know Your Numbers! Most people know their gross salary, but it’s also important that you know your monthly Net Income. I also suggest to my clients that they use something to track their expenses. Pay attention to what comes in and what goes out!
2. Pay Yourself First! Before you pay a single bill, put money away for yourself. Challenge yourself to save at least 20% of your net income. I suggest putting 10% in an emergency fund, and 10% in a retirement account.
3. Have a Plan! Most people are saving for retirement. What is your time frame for having your investments become sources of income? How much money will you need to produce the income you want? Don’t guess… have a plan!
4.Protect Yourself and Your Loved Ones! Life Insurance belongs in every portfolio.
5. Seek Advice! Using Google and YouTube are helpful for certain responsibilities, but your financial planning may be better served if you work with an experienced financial adviser.