First off, congratulations!
You clawed your way through countless monthly payments and interest charges and made it out the other side. Your discipline and tenacity paid off, but now, with a debt-free life ahead of you, you’re unsure where to steer your financial ship.
Well, depending on what your income and savings look like, one or more of the options below may be a great place to start.
As you know all too well, debt doesn’t just get in the way of major goals like owning a home. It can also prevent you from building a financial foundation by making it difficult or impossible to put money aside for savings. But now that you’re out of the woods, it’s time to do just that.
Ask any financial advisor and one of the first things they’ll tell you to do is start a rainy day fund. Your goal with this fund should be to set aside around six months’ worth of expenses to protect you from the unexpected—layoffs, medical issues, car trouble, etc. So, at a pace that’s comfortable for you and your finances, start committing some cash to an emergency fund every month.
From there, you can move toward your other goals with a sense of financial security, knowing you have that cushion to fall back on if you need it.
When you have multiple milestones you’re trying to hit, it can be hard to balance them on your own. If the DIY method is a little too uncomfortable for you, you may want to enlist the help of a certified financial advisor. They can help you plan your future based on your goals and guide you through things like investing, handling taxes, making major purchases, opening retirement accounts, and more.
It’s never too early to start planning your retirement. In fact, the sooner you start, the more financially prepared you’ll be to live comfortably once you leave the workforce. So, once you have your emergency fund squared away, ask yourself what you want your retirement to look like.
Will you be relying on family to take care of you? Do you want to live in a high-quality retirement community or assisted living facility? Based on your answers, you’ll need to build a plan to save for and reach your target by the time you’re ready to retire.
Not only will you need enough cash to cover the fees associated with your living facility, but also day-to-day expenses and those fun impulse buys that bring a little light into your or your loved ones' lives. Just make sure to account for rising inflation as you put your plan together!
Are there any purchases or self-care needs you’ve been putting off because of your debt? Maybe you’ve been needing a new mattress but just haven’t had the extra cash to spare. Or maybe you’re overdue for a trip to the doctor, dentist, or mechanic.
Now that you’re debt-free, you can shift your focus back to those expenses that’ll relieve mental and physical stress and improve your day-to-day life.
You’ve pinched pennies and sacrificed years. You’ve earned the right to go on that trip. To get back into that hobby you had to set aside. To take yourself and the family out to eat and celebrate being debt-free.
The stress of being in debt for years can take a serious toll on your mental health. Now that you’ve made it out, you have every reason to treat yourself!
Realistically, with the rest of your life ahead of you, you’re going to have multiple financial goals you want to work toward. Maybe down the road you’ll need a new car or get the itch to invest in a rental property.
The trick is finding a way to prioritize and balance these goals without sacrificing your lifestyle or letting your debt get out of control again. Something that’s incredibly tough to do, even with the help of a financial advisor.
But when you have the Money Max Account (MMA) working for you, it’s a whole different ball game. With this award-winning debt elimination and wealth-building software, you can create your own roadmap to your unique financial goals and get step-by-step instructions on how to get there as fast as possible.
This automated program uses sophisticated algorithms and banking strategies to analyze your income, expenses, outstanding debts, and investments in real-time, working around the clock to give you the most mathematically precise guidance to achieve your financial goals.
For example, let’s say you want to build your emergency fund. With MMA’s custom goal feature, you can set the dollar amount you want to save, and based on your cash flow, the program will
redirect any idle dollars in your accounts for maximum impact and direct you on how to get there one step at a time. Like turn-by-turn directions from a GPS.
If an unexpected expense comes up, MMA will automatically adjust your “route” based on how much it costs, your cash flow, and other relevant financial factors. It’s like having a team of advisors working for you 24/7, crunching the numbers whenever you make a purchase or start working toward a new goal.
Now that you’re debt-free, MMA can give you the tools and confidence to build wealth and achieve your financial dreams—however many you might have. If you want to learn more, fill out the form below for a free one-on-one consultation where you’ll learn how the program can help you build your financial future.