Rich or poor, working or retired, blue collar or white collar. None of those things or any other will get around the simple fact that money is important. As such, there are certain things that everybody should do with their money. These don’t mean that everybody should approach money the same way. It just means that in some fashion, each of the below items should be on everyone’s list of money goals.
Have A Rewarding Career
Don’t hate your job. It’s just not worth it. You don’t have to love every minute of the day that you’re at work. That’s just not reasonable.
But you should enjoy what you do. You should feel that you’re making a difference.
Make Your Job About More Than Money
Money is great, but it’s not everything. You want to have enough to pay the bills and enjoy life, but always look at the trade offs. If you’re missing your kids grow up or losing your friends on account of your job, reconsider your priorities.
Money is a means to an end. Treat your career accordingly.
Have A Fallback Plan For Your Income
Your job may seem like the most secure thing in the world. It might not be tomorrow. You might love your job more than anything. That could change in an instant.
Always have an idea of what you could do next.
For some this could be another position or a contract job. For others, maybe you have a side hustle that you could do full time.
Whatever the case, be prepared.
Whether you’re just starting off and on an entry level salary or you’re rolling in it, save money. It’s important. Even if you’re paying off debt, save money. It’s a cushion to fall back on that everybody needs.
Budget And Track Your Money
Do you know where your money goes? Do you know where you want it to go? You should be able to say yes to both of these questions.
Now, you might not want to track down to the level of every dollar. Or maybe you do. Whatever your style is, you need to do both of these things for money success.
Understand Your Investments
If you invest on your own or through a 401(k), it’s important to know what you’re investments entail. Even if you have an adviser, you need to know where they’re putting your money.
This won’t guarantee you will never lose money, but chances are, if you understand where your money is, you’ll end up with more of it than someone who doesn’t.
Be Well Insured
If you drive, you need auto insurance. A homeowner? You need insurance on your property. What if you rent? You need insurance on your property. If you have family that counts on your income, life insurance is key.
Understand the different types of insurance and know what you need. Make sure it’s current. Your needs today might be different than tomorrow.
Look over your policies and your needs at least once a year. As part of that, bid out your insurance to see if you can find a better price. This is one area that changes often.
Know Your Credit Like You Know Your Family
Your credit is the basis for almost anything you do with money. You can’t get loans without good credit. You can’t pay your bills if you have too much credit. Some employers won’t hire you if you have bad credit.
The bottom line is that you need to know your credit. Know what you owe. Know your score and what it means. Keep track of such things regularly.
It’s one of the most important things you can do for your money.
What’s the use of money if you don’t have a plan for what to do with it? Of course you have your needs today that must be accounted for. But also know what it’s there for long term. Plan. Have a vision for what your money will be doing for you down the road.
These are some items I think are of utmost important for anybody that thinks money is important. That’s you, right?
Readers, what do you think of this list? What are some of your personal money goals that might not be on this list?