Charting Your Financial Future
The Dollar Stretcher.com 'Get Out of Debt' Course
Getting out of debt is just the first step to financial freedom. Next you'll want to save an emergency fund and begin planning for your long-range goals.
An emergency fund is the cornerstone of your finances. Everyone has an occasional financial emergency. An unexpected auto or home repair, medical bill or loss of income. There's a good chance that it was the lack of an emergency fund that caused you to have the debt problem you just solved.
Here are some articles to help you with an emergency fund:
- Easy ways to build an emergency fund
- How to know when to use your emergency fund
- 8 reasons why you don't have an emergency fund
- 11 easy ways to find money for an emergency fund
You'll need a place to keep your emergency fund. You have a number of options. You can put it in a local or online bank, put it on a debit card or hide it in your mattress. You can use this tool to find the best rates for your savings.
Then compare prepaid debit cards to see if you're getting the best deal.
Financial freedom is much more than being out of debt and having an emergency fund. You'll also want to take control of your finances and create some long range goals.
We'll assume that you've already created a budget. If not, we recommend Simpleplanning.com.
The next step is to create a financial plan. You may choose to use a financial planner. We encourage you to use a "fee only" planner. That's someone who doesn't earn commissions from selling you investments or trades in your account. One commonly accepted accreditation is "Certified Financial Planner®". Most planners will charge about 1% of the money they help you manage annually. Some (but not all) planners will want you to have a minimum net worth to work with you. Most will offer a free introductory meeting. You can find a Certified Financial Planner® here.
You may prefer to do it yourself or feel that you don't have enough money to justify hiring a financial planner. If that's the case you might want to use some of the online tools available.
Take Action Now:
- Start building an emegency fund immediately. Even if you can only save a small amount each time, it can go a long way in helping you stay out of debt.
- Now that you have control of your finances, select another financial goal you'd like to reach. Would you like to pay cash for your next car? Start saving for your kid's college? Begin retirement planning? Continue reading TheDollarStretcher.com. We can help you reach your financial goals.
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