Setting yourself up for financial success in 2022
CHATTANOOGA, Tennessee (WDEF)- From Covid rates increasing to inflation pressures to new IRS rules, just about everyone is looking for any way to save money in the new year.
“Take out a notecard, maybe a sticky note and simply write out your top three financial goals. They may be paying off $25,000 in credit card debt. It may be saved $10,000 for retirement it may be safe for the trip of a lifetime, whatever it is focus all of your energy on one primary goal and what you find is number two and number three fall in line because of the progress and momentum that you’re making towards that one goal,” said Kinney.
Financial Expert and Good Money Revolution author Derrick Kinney said there are several ways to use the new year to set up financial success.
Also paying off debt as quickly as possible, credit card debt could cause you to lose roughly 20 percent of your income.
“What you would’ve done is just found 20% of your income that you could save, pay towards debt, really put towards your goal so people right now that are spending everything they’re making a really scary Monday night and this is a really great time to start the new year with what’s not needed but I like that I can maybe cut out of my budget,” said Kinney.
As for Covid, particularly the omicron variant, he recommends investing each month over the long term to ride the market roller coaster.
“The goal is not putting all of your chips on the table at one time because if you lose that bet guess what you lose all your money. This way you’re buying high some months, low some months but it averages out,” said Kinney.
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