Many health insurance companies are concerned about your daily health and promote wellness. It’s the same with your financial health. Ask, is your bank account healthy?
We know that financial burdens can weigh us down, a lot of us would like to ignore the issues until a crisis happens. As you know with your body, the smartest approach is to think about your health all the time—not a few minutes before the ambulance arrives.
Overspending is like overeating; it can get out of control. The fact is, if you treat your money with the same respect and care you ought to treat your body, you simply decrease the chance that you’ll need financial CPR.
As CNN reported recently, four in ten Americans can’t cover an unexpected $400 expense?
- Of all the financial decisions you’ll make over your lifetime, this one is a no-brainer. Every time you get paid, take 10 percent of that check and put it into an emergency account. It doesn’t count for retirement, nor used for bills, and not something you tap into when you decide that you really, really need an automatic lollipop maker. It’s something that will give you peace of mind. Having an emergency backup account to use if the car dies, or your spouse needs an extra hand to help with an illness, or you need to change jobs, or the roof leaks—while still being able to pay bills, save for retirement and make investments—is the thing that will relieve your day-to-day financial stress as much as anything short of winning the Virginia Lottery.
- Take the second 10 percent of your paycheck and put it in a retirement account. Nothing gives you the freedom to follow your passions and to relieve stress more than having a retirement fund. Often your employer adds to that retirement account But this plan means you have to live below your paycheck, and it means you may need to budget carefully, so you can enjoy these freedoms.
More ways to Check is Your Bank Account Healthy?
- Do you know where your goes? Carry a small notebook or diary in your purse or bag, and record your daily purchases for one month. At the end of the month, sit down and look at your purchases, and then consider how to cut back. You’ll probably amaze yourself at what you can live without.
- Ask for more money. The truth is, women earn about 11 percent less than men with equivalent education and experience. In one interesting study, researchers told participants that they’d would receive anywhere from $3 to $10 to play Boggle. In the end, they were paid $3. And guess what happened. Eight times more men than women asked for more money. Similarly, four times as many men as women report that they negotiate for more money during a job offer. The message: Ask, ask, ask.
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I am Christian Dunlap and my company, ChristianBuysHouses.com, buys houses all across Hampton Roads, including Virginia Beach, Norfolk, Chesapeake and Portsmouth.
Give me a call today at 757-705-8812, and I will do my best to provide you with the fastest and fairest home selling solution you need.