Your plan should accurately reflect your own financial needs, goals, and best course of action. What is financial planning?įinancial planning is essential to achieving long-term and short-term financial goals, while also preparing you for potential future risks and obligations. Read about our picks for the best online financial advisors here. No matter what your current financial situation is, a solid financial plan offers guidance and insight beneficial to all households. Whatever point you’re at in your career, it always pays to invest time in your finances-and ultimately, in yourself.Financial planning is a broad and encompassing practice that aids you and your family in better managing your money and preparing for potential risks. Money can be hard, but there are many tools and knowledge sources to make it just a little easier. This can benefit both employer and employed, as surveys indicate that more employees would stay with their employer longer if they offered financial wellness benefits. “It’s a scary time for recent grads to be entering the ‘real world,’ so it’s more important than ever that employers provide financial wellness resources and support past open enrollment,” says McPherson. People will continue to experience financial stress even once the pandemic ends. “While this might not immediately appear to be a financial challenge, it could impact career growth and opportunities for some,” McPherson notes.ĭespite these challenges, CollegeFinance found that roughly 6 in 10 people continued making payments during the interest freeze period, among whom 86% were able to make progress on paying down their loans. The pandemic has created extra challenges for younger workers who not only experienced higher unemployment rates, but also missed out on in-office mentoring, networking and training opportunities during the lockdowns. SmartPath also offers a free online resource called the Money Moves Quiz where anyone can answer 15 questions about their current finances and receive an actionable plan tailored to their individual situation. ![]() “That’s ok, so long as you understand the basics. “Some topics in these resources will interest you and others will be dreadfully boring,” says McPherson. McPherson also has some book recommendations, including The Psychology of Money, Fuel: The Most Important Number in Your Financial Life (authored by SmartPath’s CEO/Co-Founder) and The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money. ![]() “These cover the basics like creating a budget and smart ways to pay down credit card debt, and go all the way to advanced topics like investing in rental real estate.” Money Mustache, The Penny Hoarder and Millennial Money. ![]() “Start by reading as much as you can,” says McPherson, who recommends blogs like NerdWallet, Financial Samurai, Mr. When it comes to personal finance, knowledge is power. Resources to become more financially savvy Establish a paydown strategy and make it work for you.” “Those loans won’t take care of themselves. “Will you be pursuing forgiveness or trying to pay off your loans ASAP?” McPherson asks.
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