Only 4 Things You Can Do With Your Money
During my years at Lighthouse Financial Advisors, I’ve learned (and from only the BEST), that there are actually only “4 Things You Can Do With Your Money”:
- Taxes – not a choice, we MUST pay our taxes!
Tax planning is critical throughout the year with our clients. Being aware of your current tax situation allows you to make adjustment & alleviate any surprises at tax time.
- Spend – everyone’s spending is different.
Best recommendation is to be mindful of your spending. Learn to separate wants from needs. Review what makes you happy and understand your money personality. Having clear goals makes this easier.
- Save – Save 10% to 15% of Gross Income. .
Same as “Spending” goals are important factor. Saving & building wealth will lead to Financial Independence (Different for everyone) It’s amazing the peace of mind from just having $50,000 in reserve in case of an emergency. It’s the hardest of the 4.
- Give Away – Donate to charities, gifting to family & friends
Giving is just one way to share your success with others. Being charitable not only helps others, but gives you a wonderful sense of satisfaction.
