11 Safe Money Strategies

When building wealth and achieving financial security, you must think like a long-distance runner preparing for a marathon.

No matter where you are on your financial journey, planning for the end is essential. These 11 safe money strategies will help you successfully cross the finish line.

1. Live below your means
   We all want to live a life of grandeur, and for some of us, we can and do. But not all visions of grandeur include custom-detailed cars, vacations on a private jet, and owning a yacht.

   Living a good life does and should look different for every person. What I want to discuss with you is what life should look like for you and doing so in such a way that it considers your needs, wants, and circumstances. Making sure you spend less than you earn allows you to avoid lifestyle inflation as your income increases. It allows you to save money, pay off debt, and invest in the future while still being able to live.
   
   And it doesn’t matter how much you make or what income you have. This rule is income-agnostic and applies to everyone.
   
   Living below your means is the foundation for achieving financial success and building long-term wealth.

2. Build an emergency fund
   A few things are certain in this life — the main one being that you can’t predict how it will all unfold. Not having an emergency fund leaves you vulnerable to life happening — be it the unforeseen passing of a loved one, a layoff, or a hefty medical bill.
   
   An emergency fund is your ticket to lowering anxiety about the unknown and protecting yourself from potential debt. Debt that will take that initial big expense and make it even bigger.
   

3. Pay off high-interest debt
   We all know that having a credit card isn’t the equivalent of having real-life Monopoly money, yet sometimes we act like we forgot. High-interest debt, such as credit card debt, is one of the biggest financial burdens most people endure because it's the easiest to obtain.
   
   Out of all your debt streams, see which ones have the highest interest rate and pay them off first — while still maintaining payments on your other debts. The higher the interest rate = the longer you wait to pay it off = the more money you lose.
   
   Start at the top and work your way down until you’re debt-free.
   

4. Invest in a retirement account
   We’ve all dreamt of what life could look like once we stop working. What you’ll do and where you’ll go is a mystery, but what we do know is that you’ll need money to make it happen. You can invest your money in many different ways to help set you up for retirement — creating streams of income that will support you until the day you die.
   
   From traditional investments (401(k)’s and IRAs) to more non-traditional investments (annuities) — work with a Retirement Specialist to help you figure out what’s best for you.
   

5. Diversify your investments
   We’ve all heard the phrase, “Don’t put all your eggs in one basket,” and there’s a reason. When it comes to investing, it’s essential to diversify your investments because as the markets shift — so will your total investment. Spreading things out allows you to weatherproof yourself a little better when a storm rolls in. #marketvolatility
   
   Different investment assets include stocks, bonds, and real estate.

6. Buy Insurance
   We buy insurance when it comes to owning a home or a car — insuring your investments is no different. It is an important part of any financial plan as it will help you protect your assets and income should the unexpected arise — such as a layoff or a lofty medical bill.
   
   Plan for the best — prepare for the worst.
   
   

7. Avoid scams
   If there is one good thing about scammers, it is that in today’s day and age, we’re more attuned to the fact that they are there and know their tactics — or at least their most current tactics. When it comes to scams, the common thread between all of them is that it always comes down to money. Be wary of any random calls or messages about investment opportunities that don’t have a real person or face tied to the other end of it and/or anything that seems “too good to be true.”
   
   Trust your gut and talk to a professional.
   
   

8. Be patient
   If there were a pill that we could take that would allow us to make heaps of money overnight — trust me, we’d take it. Unfortunately, investing takes time and a lot of patience. This is why it’s good to start investing as early as possible and stick to your long-term plan — even if things seem volatile.
   
   More time = more compounding = more wealth
   
   

9. Avoid unnecessary fees
   We’ve all gone to open a credit card and looked at all of them to weigh out their benefits and perks — but have you looked at the associated fees? Fees, no matter how small or insignificant, can eat away at your investment returns over time.
   
   Be sure to choose investments with low fees to avoid any unnecessary charges.
   
   

10. Think about the unknowns
    We’ve already discussed that there’s no way to know what will happen. Still, outside of what happens in your personal life, we must consider what’s happening at a federal level. The reality of a person who retired 50 years ago versus someone retiring today versus someone retiring 50 years from now is astounding. There is almost no comparison. Federal regulations and laws change the amount of taxes and potential rules associated with your investment.
    
    One way to navigate these murky waters is to choose an investment that maximizes tax benefits and guarantees lifetime retirement income.
    
    

11. Get professional help
    You would hire a plumber to fix a leak, just as you would hire a firefighter to put out a burning building — retirement strategies are no different. So many things go into creating a comprehensive and holistic retirement strategy. A strategy that takes your needs as well as your wants into consideration.
    
    Working with a retirement specialist is a proven way to make sure you can get the most out of your retirement so you can start living. 

    
    Hi — I’m Lori.

    I became a retirement specialist to help change the retirement narrative – freeing professionals to live a life of grandeur, thrills, and connection.  A life that contrasts the life you live when you’re caught up at work. A life you’ve been dreaming about since day one. Work with me to create guaranteed income that keeps rolling in until the day you kick it.

This article is intended to serve as a basis for further discussion with other professional advisors in legal, financial, and tax. I have made every effort to provide accurate numbers and explanations. The information in this report should only be used as basic information regarding the subject of probate. Always consult with your tax preparer and legal advisor regarding questions for your specific situation. This report does not purport to provide legal advice at any level and is only meant as general information.