If you have debt, come up with a debt payoff plan. But that doesn’t have to be you – and it can’t be if you want to be financially healthy.
You know that Americans are now holding record levels of debt. You’ll never be able to achieve financial security if you have a mountain of debt hanging over your head. Not quite there yet? Start with three months’ living expenses and go from there. Experts suggest tucking away at least enough cash to cover all your bills, living expenses and debt payments for at least six months, or even up to a year. To achieve financial security, start by setting up an emergency fund.
FINANCIAL SECURITY HOW TO
How to Get Financial Security: Make an Emergency Fund
While ballooning student loan debt is another financial concern, investing in your education can actually have the opposite effect, since it can boost your earning power in the future. A few exceptions to the no-debt rule can include mortgages, which experts generally agree to be a good investment, and student loans. Here’s why: If you have debt, especially high-interest credit card debt, you’re likely paying upwards of 16% APR each month. While debt may be the new “normal,” it’s a major obstacle in achieving financial security. Do you feel secure in your earning power and confident that you’ll be able to cover any unexpected expenses? Would your emergency fund float you for six months to a year should you lose your job or become too ill to work?Ĭommon Obstacles to Becoming Financially SecureĪccording to the Federal Reserve Bank of New York, household debt in America totaled $13.54 trillion in the fourth quarter of 2018. While financial security can be very tied to the numbers – how much you earn, how much you spend and how much you have saved – it also takes into account how you feel about your financial situation. To put it simply, financial security means having enough money to fund your lifestyle, as well as work toward your financial goals. Regardless of your interpretation of what it means to be financially secure, it’s likely on your long-term list of financial goals to achieve financial security. To others, it may mean earning a six- or seven-figure income, maintaining a robust investment portfolio and owning several real estate properties. To some, it may mean having enough money to cover all your bills, save for retirement and then have some left over.
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Compare Standard and Premium Digital here.Īny changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel.Financial security means different things to different people. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many user’s needs. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month.įor cost savings, you can change your plan at any time online in the “Settings & Account” section. For a full comparison of Standard and Premium Digital, click here.Ĭhange the plan you will roll onto at any time during your trial by visiting the “Settings & Account” section. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. Standard Digital includes access to a wealth of global news, analysis and expert opinion. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages.
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