You have completed college and also graduate school or even medical school. You have invested a large sum of your time and resources in educating yourself to create a higher probability of success in your future career. While paying for this might have included scholarships and financial aid, it also most likely included a significant amount of student loans! After school, starting off life on the right foot financially is important. Developing a budget, understanding the right amount of insurance, saving for retirement – along with a debt reduction strategy! – can drastically change your financial future. A good financial advisor can make all the difference.
Here are a few ideas that can help improve your financial trajectory:
- Identify professionals you trust and like. This is important when you are getting or paying for advice. Make sure they have your best interest in mind and that you understand why they are recommending a certain product or solution. Also, always understand the costs associated with the advice or product you are purchasing.
- Search for ways you can easily learn more about financial literacy on your own. Commit to reading an article a month or read a book to understand the basics. One book that was recently recommended to us is The Marriage Challenge written by Art Rainer. This is a great resource and finance guide for married couples.
- Have a plan and don’t try to “wing it.” If nothing else, write down your financial goals and two or three ideas for how you are going to accomplish them. Then, find someone to hold you accountable or check in and measure your success.
- Get a second opinion. Before making any big decision, such as buying a first home, purchasing life or disability insurance, or making a significant purchase, seek more than one opinion to gain confidence in your decision.
At Foster Group, truly caring for you means taking the time to learn what’s in your heart and using proven mthods to help you pursue your goals. If you are interested in learning more about Foster Group, how to develop your financial plan, or get a second opinion, contact us.