13 Ways to Gain Control Over Your Financial Life

13 Ways to Gain Control Over Your Financial Life

September 26, 2014

One of the most common statements I hear from people is, “I need to gain control over my financial life.” With all of the challenges and demands that are placed upon us everyday, I’ve made this concept easy for you by breaking it down into 13 simple strategies that can change the way you handle your financial life:

1. Set priorities: Decide on the most important financial priority to you (i.e. pay off home, reduce
credit card debt, etc.) and make it your number one objective.

2. Make a budget: A budget will tell you where every penny you make is being spent. Categorize each purchase to determine where you may have some spending flexibility.

3. Investing: Determine what asset classes you need to have your hard earned money in then diversify. Meet with a financial advisor to make sure you get started on the right path.

4. Control debt: Don’t use credit cards to pay for things you consume quickly such as meals and vacations.

5. Save for college: The younger the child the easier it is. Explore the various programs such as the 529 College Savings Plan, the Hope Credit and Lifetime learning credit.

6. Kids and money: Teach your kids and or grandkids the power of investing and budgeting. These good habits will help them become financially responsible later in life.

7. Plan for retirement: We all realize that the older we get the faster time goes by. Save as much as you can, as early as you can and have a retirement plan created for you. Your financial advisor can also help you develop continued sources of income once you retire.

8. Asset allocation: Obtain a thorough understanding of asset allocation. Owning numerous stocks is not asset allocation. Owning numerous stocks in different sectors is.

9. The team: The days are long gone that you can do it all yourself. Hire a team of the best advisors to manage your investments, plan and prepare your taxes, protect your estate, etc.

10. Taxes: Have regular reviews (i.e. quarterly) with your tax professional to adjust your holdings and to ensure you are claiming all of the proper deductions.

11. Become the family CFO: Manage your family’s financial affairs as a CFO would of his or her business. Create and monitor your personal balance sheet and cash flow statement.

12. Estate planning and asset protection: Hire an estate planning attorney to protect your estate, create a will or trust or shelter your investment real estate. Or if you already have a trust established, meet with your estate planning attorney regularly to make sure everything is up to date.

13. Entrepreneurship: As our economy continues to change we must be in control of our own financial destiny. If you have a passion for a service or product, seriously consider the idea of starting a business.

You must decide if you want to be in control of your financial lives RIGHT NOW, or just take what life throws at you as it comes. The latter could be much more difficult than you realize, like that of treading water upstream. You have the tools to take control of your financial life. Now implement.

Contact Sanchez Wealth Management, LLC for your no-cost, no obligation financial review and retirement income analysis. Let us empower you and educate you with the roadmap to your financial destination. Visit for more information.

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