The two biggest expenses facing most Americans are healthcare and taxes. The status of both are up in the air and causing a great amount of stress for millions holding there breathe awaiting what is going to happen.
In short, there are a lot of question marks on healthcare and taxes.
How do you plan for what you don't know? Here's how you can create financial stability in a time of uncertainty.
A Great Financial Plan Today Has To Be Flexible Above All Else
How you make a strong financial plan when you don't know what is coming, is accounting for flexibility.
You can't control what is going to happen.
But you can control your financial foundation you build your life upon. It's essential you build it right.
This is relevant for anyone that is 23 or 53!
First Thing You Need To Do Is - Create An Emergency Fund!
This is the foundation in creating financial confidence. Get this done first, and do it correctly, and you will dramatically reduce the stress of your life.
How much should you put in an emergency fund?
A strong emergency fund has at least three months of income. It is money that you put in a boring, fully-liquid savings account before you direct a dollar anywhere else.
If you are worried about all that is happening in Washington, D.C. Here's how you take a step towards financial peace of mind.
Are you prepared for your taxes changing?
Or, have you been considering your healthcare costs?
What about the realities of life? Sickness? Job loss?
This 3-month foundation makes all of those changes easier and shifts the control to your court.
That's the first step.
Next, It's Time For You To Open Up A ROTH IRA
ROTH IRA's are after tax accounts. The contributions you put in it is still liquid and it exists as an extension to your savings accounts.
This means that not only will you have three months of income, but also a fully funded ROTH that is an extension.
You can't access the growth of your ROTH but you can quickly pull this money whenever you may need it.
On top of your foundation, you now have additional layers of security and growth.
Finally, The Last Step To Being Prepared For Any Financial Headline - Put Your Money Towards Paying Off Debt!
Start paying off your debt before you save anything else.
The road to financial freedom has never been more important.
Washington and the President may decide to make a number of changes on healthcare, taxes and retirement savings plans.
You can control your future.
Want to talk about your specific situation?
After a brief talk or coffee together, you can have peace in your financial situation.
I would love to help.