Expert Contributor: Five Financial Planning Tips for Making 2019 A Success

Expert Contributor Michael Brady Offers Advice for a Healthy Financial Future

Written by Michael Brady, MBA, of LPL Financial

The 2018 holiday shopping season showed incredible results. It is true our economy is consumer-driven and I imagine you played some part in these historic results.

Now that we are into February, the credit card bills have arrived and everyone’s savings accounts have taken a hit. It is time to rebuild and the following tips can help.

1. Complete a monthly budget

This may sound basic. However, a sizable amount of US families do not have a monthly budget. Just completing this exercise can help start your journey towards financial success. When completing a budget, overestimate the expenses that can change from month to month.

2. Pay that credit card debt down

Interest and finance charges from credit cards act as quicksand to your overall financial position.

Put a plan together to get those cards paid off in full as soon as possible. Remember, most of those interest rates are at or above 10% so there is no reason to hang on to extra savings which pays nearly nothing while allowing that interest to pile up.

3. Set realistic financial goals

If you want to finance a large project such as a vacation home, remodeling project or even a wonderful vacation experience make sure to plan how this will be paid for. Be realistic about your goal and how to accomplish it and your chances of success grow tenfold.

4. Save for the future

If you are employed, I hope you are participating in your current employer retirement plan. That is one of the best ways to save for your retirement years. If you are fortunate to be offered a match of your contributions, please contribute at least up to the match. Building a retirement nest egg can help you navigate the many financial challenges that come during the post-working years.

5. Your investments should reflect you

Any and all of your investments should be based on two important factors: time and risk tolerance. Each account you have should be attached to a future need that helps define when those investments need to be used. That is a vital factor in how those funds should be invested. The second piece, risk tolerance, is a very personal factor that is attached to your emotion on your money. How you will react as those investments move up and down over time is a clear indication of your risk tolerance. Be sure your investments reflect both to be financially confident.

TRUST MATTERS. Especially when it's YOUR money.

Michael Brady, MBA, of LPL Financial

Have you ever wondered who your financial advisor really works for?

I work strictly for you. I work hard to build a relationship of trust by providing thoughtful, unbiased guidance and placing your interests first. Invest with a knowledgeable financial advisor who’s on your side, someone who truly cares whether your investments are right for you.

Call today for more information or to schedule a consultation

Michael Brady, MBA

LPL Financial, 780 Parkway Blvd, Broomall

(484) 472-7704

www.mikebradylpl.com michael.brady@lpl.com

Content of this material is for general information only and not intended to provide specific advice or recommendations for any individual. Securities and Advisory Services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC MKT-06061-0410 Tracking #641747.