Having a good relationship with money is important for your future. When you manage your money correctly, you will have a safe and secure future.
"If you have a good relationship with money, then it generally means you have more choices in the rest of your life," Kimberly Palmer, NerdWallet's banking and credit card expert said. "Your relationship with money literally influences the rest of your life choices — where you live, whether you get married (and possibly even to whom), when and if you have kids, what vacations you go on, what education and career you pursue — it affects everything. If you prioritize improving your relationship with money, then often, the rest of your goals in life will follow."
Financial experts weighed in on why a person’s relationship with money should be an important one:
Money is power-
Sallie Krawcheck, CEO and co-founder of Ellevest says, "The society we live in is a capitalist one, and money steers it. It plays out in politics; it plays out in the way companies handle (or don't) allegations of sexual harassment against their senior employees; and it can even play out in our personal relationships. A big reason why women have less money than men is the pay gap, yes — but also that we're not saving and investing as much as we need to. We live longer, we earn less — and we need to account for that while preparing for the future. Ask for that raise, set a budget for yourself (I recommend the 50/30/20 rule) and start investing regularly."
It has a cause and effect cycle-
Money effects almost everything in our lives. It steers whether you will buy a house, get married, have a child. If you can save your money wisely, you will be able to purchase things like a house.
It effects the type of lifestyle you have-
Budgeting is key. If you want to splurge on a vacation, save up during the year. Spend money on things that you actually need.
Acknowledging your relationship with money is important to getting your finances in a healthy place.
Managing your money will make your life less stressful-
I think we can all agree that money equals stress. When you manage your money, you will be able to do things that you want in life.
Having an unhealthy amount of debt can effect every part of your life. Start saving when you are young so as you get older you have more flexibility.
In today’s heavily regulated market, tax benefits and investment dividends achieved through retirement plans can be significant. Many plans offer immediate dollar-for-dollar tax savings. But the rules are diverse and complex.
Cosmo Financial’s expert consultants can help you achieve your financial objectives through a host of wealth building investment strategies and a full range of variable products to help complement your current financial position. Call for an appointment at your convenience.
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