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<\/a><\/p>\nThe first step to take control is to set a few life goals. Maybe travel the world, retire or change careers. Once you set some goals, it\u2019s easier to figure out how to get there. Not having financial objectives is sort of like taking a road trip without deciding where you\u2019re going.<\/p>\n
How stressful would it be to jump on the freeway without knowing what city you were going to? You wouldn\u2019t know how long you\u2019d be traveling, how much money to take or if you\u2019d have time to check out some sights along the way.<\/p>\n
Not having financial goals causes the same uncertainty as traveling without a destination. You don\u2019t know if you\u2019re saving enough, when you can retire or what standard of living you\u2019ll be able to afford in retirement.<\/p>\n
Folks that don\u2019t set goals default to the mindset of making as much money as possible. This leads to stock market watching. Since the only objective is to accumulate as much money as possible, an increasing market makes them happy while a down market makes them stressed.<\/p>\n
In addition to setting some financial goals, focus on these four things that are well within your control:<\/p>\n
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- Pay off credit cards every month.<\/li>\n
- Save at least 15 percent of your income.<\/li>\n
- Don\u2019t try to time the stock market.<\/li>\n
- Have a diversified, low-cost portfolio.<\/li>\n<\/ul>\n
Don\u2019t feel bad if you don\u2019t know how to do some of these things. I remember starting my first job after college with a mechanical engineering degree (many, many years ago). During the employee orientation, I had to make all kinds of decisions that I was not prepared to make. Was it better to put money in a 401(k) with pre-tax or after-tax contributions? How much should I contribute? Should I buy long-term disability insurance?<\/p>\n
I was not prepared to answer any of these questions. Although I was embarrassed, I shouldn\u2019t have been \u2013 and neither should anyone else. Personal finance is not taught in our education system. Very few people take a high school or college course in personal finance or investing.<\/p>\n
One way to educate yourself is to arm yourself with knowledge. Most people would rather stick toothpicks under their fingernails than read a personal finance book. But try reading \u201cYour Financial Travel Guide to Life\u201d written by Sheryl Rowling. Using a travel theme, this book makes personal finance understandable, straight-forward and hopefully enjoyable. Visit bit.ly\/2EPH1BK<\/a> for more information about the book.<\/p>\n
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<\/a>steve doster<\/figcaption><\/figure>\n Taking charge of your personal finances really isn\u2019t too complicated once you are equipped with some basic financial knowledge. Managing money is just a matter of someone taking the time to lay out the facts in a simple, logical format. Think about your financial goals and focus on what you can control. If you do that, then you will create peace in your financial travels.<\/p>\n