7 Financial Tips From a Leading Expert
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Build a free financial plan to get customized recommendations, or check out these seven tips that you can glean from the wealthy & easily implement today:
- Reduce your cybersecurity risk
- Eliminate expenses & fees
- Right-size your insurance
- Get a Will!
- Simplify & automate investing
- Use debt wisely & strategically
- Get a financial plan, and update it regularly
Tip #7: Reduce Cybersecurity Risk
You should protect your money & identity by taking three simple steps:
- Use a password protection app.
- Use a credit monitoring service with dark web surveillance.
- Use the "Best App for Investors" to see all your accounts in one place..
Don’t have all three? You’re not alone. 85% of people are in the same boat.
Tip #6: Eliminate Fees & Expenses
The best thing you can do to avoid unnecessary expenses is to set a budget and monitor your expenses. If you need help keeping on top of incoming bills and monitoring your subscriptions, try the app that averages $500 in savings for users.
Similarly, wealthy people don’t pay fees on their bank accounts. Yes, changing bank accounts is a bit of a hassle. But, our average user can save about $400 per year by switching accounts.
Tip #5 Right-sized Insurance
Our data shows most people have way too much, or too little, insurance. Both are expensive, in different ways.
Life Insurance: Term Life Insurance is generally best, and cheaper than you think. You can get a life insurance quote online in minutes while staying 100% anonymous.
Tip #4: Get a Will
70% of people don’t have an updated Will. Having a Will is essential if you are married or have children.
Fortunately, getting a Will has never been easier. You can get a Will in minutes, from home, through a guided process with prices starting under $100.
Have kids? Your kids need guardians.
Tip #3: Simplify & Automate Investing
Think the wealthy use complicated investment strategies? Wrong. Most wealthy people rarely trade stocks. Instead, they place the majority of their money in low-cost index funds.
The best investment strategy for most people is one that is simple and automated. We provide detailed suggestions in our free financial plan.
Tip #2: Use Debt Wisely & Strategically
Debt is like cholesterol: there are good and bad types.
Get rid of bad debt. Consolidate your debt that has an interest rate above 8% with a personal loan. Getting your rate takes less than 1 minute.
Refinance your student loans.
Keep good debt (like a mortgage). Make the required payments but instead of paying down more, build up your savings. Now is the time to refinance.
Tip #1: Get a financial plan, and update it regularly
Big surprise: almost all wealthy people have a financial plan. A good financial plan is simply a checklist of things to do with solid supporting information on “why”.
Most wealthy people have quarterly reviews. They run a plan, review their to-do list, take action, and don’t worry about things until the next quarter.
Fortunately, you can too. Get unbiased guidance, a personalized to-do list, and more.