Financial freedom is not a myth. It can be attainable when you have the right financial strategies in place. As soon as possible, consult a certified financial planner in Vancouver. Since many of us have no idea how to manage our finances, it helps to consult a certified financial planner in Vancouver to understand what we need to do to gain financial freedom.
You can start by assessing your current financial standing. Are you making mistakes that can jeopardize your financial goals? The following are just some of the most common mistakes people make:
1. Not setting aside money for your emergency fund.
Did you know that less than 4 in 10 people have an emergency fund? A lot of people don’t set aside money for emergencies and end up borrowing money or using their investment funds to tide them over.
Start by saving $1,000 for your emergency fund and build it every month. A portion of your money should immediately go to your emergency fund. You can automatically set it up so that you don’t forget.
2. Using your credit card a lot.
Do you use your credit card all the time when you go out? The thing is, if you can’t pay for it in cash, you can’t afford it. Credit cards are useful but they also cause many people to spend more than what they can afford.
Another reason why people get into deep credit card debt is that they only pay off the minimum amount. You only end up accruing interest and that will get you buried in debt. If you use a credit card, make sure you pay for all of it on your due date.
3. Elevating your lifestyle whenever you acquire more money.
Got a bonus from your job? Did you get promoted and now have a bigger salary? Try not to elevate your lifestyle whenever you have more money. It’s not uncommon for people to elevate their lifestyle because they can already afford it. Instead, save or invest the additional money that you have and maintain a modest lifestyle. Only spend money on things that you deem necessary.
4. Buying an expensive house or car.
Assess your financial capabilities. How much can you afford when it comes to a house or a car? Set a strict budget and don’t go over it if you don’t want to be house or car-poor.
To make sure you have a solid financial plan in place, go to a certified financial planner in Vancouver such as ZLC Financial who will help you make the right financial decisions.
For more details about Certified Financial Planner Vancouver please visit our website: zlc.net