7 Financial Tips From a Leading Expert
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Financially, you’re doing a lot of things right. But what are you missing?
FreeFinancialPlan.com has helped thousands of people and analyzed billions of dollars. Our CEO, a personal finance expert, finds it is common for people to overlook at least one of these 7 important areas.
Tip #7: Reduce your cybersecurity risk
Every two seconds an identity is stolen. As the old saying goes, “an ounce of prevention is worth a pound of cure”. You should protect yourself by taking three simple steps:
- Use a password protection app.
- Use a credit monitoring service with dark web surveillance.
- Monitor your accounts, for free. You must be able to see everything in one place. Try the #1 app in personal finance according to CNBC Select 2021.
Each cost little in comparison to what you’ll spend in time and money unwinding an identity hack.
Tip #6: Monitor your spending
We are all guilty of signing up for services that we used for a period of time, and then forgot about. Wouldn’t it be great if you could get a list of your digital subscriptions without digging through all of your statements?
Turns out, there’s an app for that! Truebill stays on top of your incoming bills, creates lists for you to review, and will even cancel your subscriptions for you. "The app that will save your hundreds of dollars", according to Forbes.
Tip #5: Eliminate fees and maximize your benefits
It is likely you are earning 0% interest on the money in your checking account and paying unnecessary fees. Yes, changing accounts is a bit of a hassle. But, our average user can save about $500 by switching to SoFi.
Similarly, why not upgrade your credit card to one that offers 2% cash back on all your purchases AND awesome perks like complimentary cell phone insurance coverage up to $1,000?
Tip #4: Right-size your 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 #3: Get a will
No one enjoys thinking about their death, or the death of their loved ones, but 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 #2: Simplify your investment strategy
The best investment strategy for most people is one that is simple. The majority of our users can increase their chances of success and lower their fees by systematically investing in a low-cost, globally diversified ETF.
Tip #1: Use debt wisely and 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.
Get unbiased guidance, a personalized to-do list & more resources here.