How you choose to live your life impacts your financial security. If you want a more secure future (and who doesn’t?), take a close look at the choices you make. Positive changes now could significantly improve your financial future.
If you are not completely satisfied with your responsibilities, salary or career path, it’s never too late to switch careers. You may need to refresh your skills or go back to school for additional training. Or you may want to stay in the same field but change employers. Update your résumé periodically and make sure your skills keep pace with innovations in your career field. A long period of unemployment could destroy your financial security.
»Your Housing Costs
While owning your own home is the American dream, being house poor is a nightmare for some Americans. The square footage of the average American home has grown steadily over the past several decades and so have the costs. If your mortgage, taxes and maintenance expenses deplete a large part of your income, consider moving to a smaller house. What you save in housing costs could be significant over the long term.
»Your Debt Load
With credit card offers arriving in the mail daily, it’s easy to get trapped in a vicious cycle of buying on credit and paying only the minimum every month. Soon, you’re paying more in interest than your purchase actually cost. Over time, credit card debt can have a devastating impact on your finances. But you can stop the cycle by paying off your balances and using cash for new purchases.
After a while, people realize that the only constant in life is change. However, finding the time to keep up with that change — and all the important details that accompany it — can be quite difficult.
»Your Insurance Coverage
Unfortunately, accidents happen. Sometimes cars crash, houses get struck by lightning and people get hurt. Skimping on insurance could lead to financial ruin. Protect yourself and your assets with adequate insurance. In addition to life, home, auto and medical insurance, make sure you also have disability insurance. If you are unable to work, disability insurance may replace a substantial part of your income.
First Command Financial Services, Inc.