In this week's Arista Advice, Paul L. Moffat of Arista Wealth Management discusses how to better financially plan in 2020 and offers some New Year's resolutions tips.
Hello, welcome to this week’s Arista Advice. Hope you’re well and having a great day.
Question of the week is “How to better financially plan for 2020?” I first want to say, I hope the last decade was great and wonderful for you. I’m very optimistic of the next decade. There’s many doomsayers out there. They’re saying that things are bad, and things are getting worse. I’m here to say that the statistics tell us differently.
Death rates are dropping. Crime rates are dropping. We’re living longer. We’re living in safer neighborhoods and safer communities. It’s the media that’s causing a problem, so let’s stay focused on the statistics.
Last year Mass Mutual found that 28% of those they surveyed were creating a financial plan. Are you interested to know what those top three resolutions were?
Number one, 35% of Americans planned to put money into a savings account. I celebrate that number and hope that it goes higher. Number two, 34% plan to stick to a budget, creating a budget and sticking to a budget, and the third most popular resolution was paying down credit card debt. Whatever your debt is, find out what the interest rate is and work to sacrifice and to put money aside to pay down your debt.
Don’t allow yourself and your goals to fail this upcoming year. Stay on track and focus on your financial goals, and you will soon realize your financial goals. If you write them down, discuss them, share them with others your chances of achieving them are very, very high.
Hope you’re well. Have a great week, and we look forward to talking to you soon.