Have you started working on your financial resolutions yet? What kind of questions have delayed you from reaching your goals? Today we’ll provide answers to help you stay on track financially this year.
Following our two-part podcast from a few weeks ago regarding financial New Year’s resolutions, David will answer some of the questions that listeners that wanted a bit more specific information about. Is anything standing in your way from reaching your 2021 financial goals?
After listening to the resolutions podcast, Carl in Lawrence had a few questions about credit cards. After a couple of years, he now has about $30,000 in credit card balances. He has a good job and regularly contributes to my 401(k) at work every 2 weeks. Can you help me with a plan?
David has five steps to helping you get debt-free. To start, stop using them. Should you keep making contributions while you pay off credit card debt? What if you have a company match? What order should you pay off the credit cards in and why does it matter? David breaks it down to give an estimate on how much you’re paying in interest with that kind of credit card debt. How can you realistically pay this off?
One client in Overland Park noticed his net worth didn’t grow last year. How concerning is this? It’s empowering to have that track record and to see that financial path. Knowing where you are has value and is worth recognition. But then, why didn’t it grow? Did your 401(k) balance decline? Did you sell at the wrong time? Make sure that you know how much risk you’re taking. Did you spend more on your living expenses? Or did you lose your job?
Finally, Rick in Liberty is 32 and single with a good paying job, but hasn’t started saving for retirement yet. Is he falling behind? Without access to a 401(k) through work, David recommends starting an IRA or Roth separately and to automate contributions. What are the action steps to make this happen?
How are you doing when it comes to your financial resolutions? Anything holding you back?
“Getting rid of that credit card debt is job #1. Depending on your income and your expenses, I don’t know how long that will take you, but you’ve got to have a plan in place and you have to stick to that plan.”
– David Dickens
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CONTACT US
OUR LOCATION
10975 Grandview Drive
Building 27, Suite 190
Overland Park, KS 66210
Get Directions
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