Eating with Ang’s Top 5 is part of a series to simplify the more complex things in our lives. Ang sits down with experts in finance, social media, customer service, leadership, organization, food and more to give you 5 tips you can start using today!
Need to get more confident about your finances? Wealth Advisor & Financial Strategist Rebecca Korn says finance is like fitness. “When I started working out, I couldn’t do five push-ups! I kept working at it and now I’m up to new challenges.” Korn joined a select few who met Tony Robbins in January 2017 and will be featured in a new book by best-selling author David Meerman Scott. And, today, she shares her top 5.
1. Get specific with your financial goal. Korn says, “People say they feel like they want to get out of debt or get better with their money but don’t put a number on it.” She advises clients to put a real number on their goal. “Instead of ‘I want to get out of debt,’ think, ‘I want to cut my debt by 50%. That’s $10K.’ Now, we have a real number to work with, can set attainable goals and create a strategy.”
2. Get specific about retirement. “Most people put money into a retirement plan such as a 401K, but don’t have any idea how much money they will have at their retirement age or if that will be enough to live on.” Korn says this is where a financial adviser can help you craft realistic goals for life after work. “If you start implementing a plan now, you can chip away at that goal and meet it when you retire.”
3. Think about your spending. “You’re exchanging hours of your life for money that you earned. If you earn $25 an hour and then $25 comes out of your checking account on an auto-draft, that’s an hour of your life you exchanged for that purchase.” Korn suggests you review all auto-drafts and know exactly where your money is going. She asks, “Is the item worth your time?”
4. Have a reward. “Give yourself something to look forward to and treat yourself. Maybe it’s massage, fitness membership, lunch with friends or a beer. You only get one opportunity at life. Don’t spend so much time trying to save money that you forget to live.” Korn encourages her clients to spend more time with loved ones and wants to help them remove financial barriers from that pursuit.
5. What is your stuff worth? Korn says, “People don’t know what money they have in their stuff. We get consumed with clutter and we don’t want to take the time to go through it.” Korn says you can turn a profit on your goods. “Sell your collections, clothes, and other household goods. Take the cash!” Korn says people don’t know how easy it is to earn extra money. Use an app such as Postmark or Thread-Up or local consignment stores.
Bonus: Involve your family! Korn says clients regularly tell her how they want to be better with money than their parents were. She encourages parents to talk openly with their kids about money, educate them, and to set a good example. Korn says to use phrases such as, “We’re going to do this the smart money way.” She says the sooner we can empower our kids with good habits, the better.
Rebecca Korn is a Financial Strategist who specializes in working with small business owners. Follow her on Instagram & Facebook for inspiring ideas or call 717-856-9974.