Hardwood Floors December 2018/January 2019

BUSINESS BEST PRACTICES FINANCE

By Jonathan Benner

INVEST AT ANY AGE BigStockPhoto ©

basics that are the foundation for anyone hoping to be financially successful. Let’s start with the fundamentals. PAY YOURSELF FIRST Too often we find people saving whatever is left over. That strategy simply does not work. Instead, you must pay yourself before your paycheck gets eaten up by expenses or you’re tempted to spend it. We recommend building up to saving as close to 20 percent of your gross income as possible. AUTOMATE Generally, the largest liquid asset people have is their work-sponsored retirement plan (e.g., 401(k), 403(b), 457). The reason for this is that systematic savings come right out of their paycheck. If you’re not taking advantage of an employer-sponsored plan, it’s probably a good idea to start. If you’re already taking advantage of such a plan or these types

of plans aren’t available to you, you can still set up automated savings using your online banking resources to set up auto deposit from your checking account into your savings, individual retirement account, or any number of accounts. MAXIMIZE YOUR BENEFITS Take advantage of company-sponsored health insurance, life insurance, matching retirement savings plans, and transportation reimbursement. Not only are these types of benefits usually very cost effective, but they can sometimes also help reduce your taxable income. The less you have to pay for these items, the more money you have to save for

Chances are if you are reading this article, you fall into one of three categories. You are either one of the 40 under 40 featured in the magazine, you’re aspiring to be one of these up and coming chosen 40, or you remember when you were under 40 and wish you knew then what you know now. Whichever category you may fall into, I pose the question – are your financial goals keeping pace with your career accomplishments? So often we see driven individuals who have put their heads down and worked their tails off only to look back 30 years later and have less than what they expected to show for it. This article will address which financial services are worth paying for as well as some financial

your rainy-day fund. ESTABLISH AN EMERGENCY FUND

Whether it be an unexpected bill or loss of employment, having a liquid reserve set aside to help get you through any

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