Broker Check

More Money Doesn't Mean You Don't Have Money Woes

| June 21, 2016
Share |

Click here for my latest interview.

A study out from the Center for Financial Services shows the majority of people struggle to manage their money. Many people might think - more money means less problems - but that's not all true. While financial health does look better the higher a person's income, that doesn't always solve your problem.
Financial planner Matt Logan says It's not necessarily about how much you make. There are people making a lot of money but are still financially unhealthy. There are people that don't make a lot of money and they actively plan and assess their risk - and they're much more financially solvent than people making more money. You need to address your debt to be financially healthy- and that goes for everybody.

Even if you're not making a lot of money -- Matt says there are three quick ways to save a little bit of money to make their financial lives a bit more stable.

First, build an emergency fund. Second, take advantage of the retirement plan at work. Matt typically tells people they should have three months of expenses put away. Third, put at least a small amount of money in an emergency fund ahead of addressing debt. It's so easy to stay focused on cutting into debt but then say your water heater goes out. A small emergency fund could be used to pay for something like that instead of digging yourself into more debt. This helps set yourself up for success.

According to information on TD Ameritrades site, 70% of people reported that financial health can have a positive impact on your physical health.

So next time you decide to blow off planning for your financial future for an extra hour at the gym, you might want to think a minute and realize the two may actually be related and both have an effect on your physical health.

Share |