7 Financial Tips From a Leading Expert

7 Financial Tips From a Leading Expert

Some links in this article are from our partners. See our Advertiser Disclosure for details on how we make money.

 

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:

  1. Use a password protection app.
  2. Use a credit monitoring service with dark web surveillance.
  3. 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.

  • Home & Auto: The market is very competitive and you should get a quote once a year. You can compare home and auto rates, from multiple insurance providers in a matter of minutes.

 

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.

The best part? You can automate your savings, with no commissions, and hold everything in one account (like crypto and stocks). Prefer more assistance? Get free or low-cost guidance.

 

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.

 

Visit FreeFinancialPlan.com

Get unbiased guidance, a personalized to-do list & more resources here.

 

 

Base Terms, Conditions, and Disclosures: Our Terms of Use (accessible at the top and bottom of the page) includes our Advertiser Disclosure and details on how we make money. By using our site you agree to be bound by these Terms of Use. © Anasova 2021. All rights reserved.
Additional Terms & Conditions : Please note: This site is for education purposes. This site does not contain personalized advice. This site lacks sufficient detail and disclaimers for you to make any actionable decisions. You will use the information for thoughtful conversation with your advisors to determine how these ideas may or may not relate to your unique situation, personal needs, goals and risk tolerance. With respect to recommendations, your savings, needs, or experience may be different from our other users. Past performance does not guarantee future results. All strategies have risks. These risks are not fully disclosed on this site. You must evaluate these risks with your professional advisors. You may not qualify for the products featured in this article. Rates, terms and qualification are subject to our partners' terms and conditions, which may be found on their respective sites.