If a natural catastrophe has affected your neighborhood, you know that expensive repairs must be made to your home and other property. You must rebuild your finances and your house or business if you want to get back on track. The best financial move someone can make is to start an emergency fund. Your savings can help you get through difficult times and prevent going into debt if you lose your job, are involved in an expensive car accident, or experience any other unfavorable surprises. But what happens if the emergency requires you to restart? It may be upsetting to see your money go during a difficult financial time. But keep in mind: That was the purpose of the money. Here is what to do. Set a Reachable Objective It’s crucial to have a strategy before beginning to refill your funds. According to Paul Sundin, a CPA and tax consultant at Estate CPA, “don’t set a target for yourself that you know you won’t be able to attain you’ll end up unhappy.” Start small instead (and realistic). For instance, consider concentrating on accumulating enough money for one month’s costs rather than declaring, “I need to save up $10,000 ASAP.” Once you’ve done that, focus on saving money for another month. You’ll ultimately reach your starting $10,000; however it could take some time. Evaluate Your Budget Get your budget in order after you know the amount of money you need to save so you have a plan for getting there. According to Brittney Castro, a CFP with Mint, “start by checking your financial accounts and make sure you know where you are in terms of your net worth, or assets minus obligations.” then consider where your savings objective fits into the picture. A free personal financial tool like Mint may help if you need it by gathering your transactions, giving you an overview of your net worth, generating personalized budgets, and monitoring your progress. Reduce unnecessary spending Budget reductions are a difficult but necessary phase in the process. Look for methods to cut back on your discretionary expenditure, which includes non-essential costs that consume a sizable portion of your income. Consider buying in bulk and trying meal preparation. Alternatively, lower your streaming services, so they include commercials. Consider giving up your automobile in favor of public transit or downsizing your residence. You decide how much you will give up to save your desired amount. You don’t have to survive on less forever, so keep that in mind. The idea is to increase your savings swiftly, so you have a safety net in case of more financial difficulty. Take a Break From Your 401(k) While it’s likely that you’ve heard that saving for retirement should be a top priority, it’s normal to put off retirement savings while you get your short-term funds back on track. If your work gives a match, it’s a good idea to make a minimal contribution to qualify for it (hey, free money), but until you have an emergency savings fund again, don’t worry about saving anymore. Think about a side business A great way to accelerate your savings is to increase your income. However, doing so does not always require working longer hours or looking for a second job. Consider taking up a second job that will allow you to supplement your savings with some more money. You can complete it even if you lack a particular talent or area of expertise. There are numerous opportunities to earn additional money, such as selling goods you no longer need, working as a virtual assistant, babysitting on the weekends, freelancing, walking dogs, and more. However, remember that you may need to set aside part of your excess cash for taxes.
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Email: [email protected]
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Bio:
After entering the financial services industry in 1994, it was a desire to guide people towards their financial independence that drove Aaron to start Steele Capital Management in 2013. Armed with an extensive background in financial planning and commercial banking coupled with a sincere passion for helping people, Aaron has the expertise and affinity for serving the unique needs of those in transition. Clients benefit from his objective financial solutions and education aligned solely withhelping them pursue the most comfortable financial life possible.Born in Olympia, Washington, Aaron spent much of his childhood in Denver, Colorado. An area outside of Phoenix, Arizona, known as the East Valley, occupies a special place in Aaron’s heart. It is where he graduated from Arizona State University with a Bachelor of Science degree in Business Administration, started a family, and advanced his professional career.Having now returned to his hometown of Olympia, and with the days of coaching his sons football and baseball teams behind him, he now has time to pursue his civic passions. Aaron is proud to serve on the Board of Regents Leadership for Thurston County as the Secretary and Treasurer for the Morningside area. His past affiliations include the West Olympia Rotary and has served on various committees for organizations throughout his community.Aaron and his beautiful wife, Holly, a Registered Nurse, consider their greatest accomplishment having raised Thomas and Tate, their two intelligent and motivated sons. Their oldest son Tate is following in his father’s entrepreneurial footsteps and currently attends the Carson College of Business at Washington State University. Their beloved youngest son, Thomas, is a student at Olympia High School.Focused on helping veterans and their families navigate the maze of long-term care solutions, Aaron specializes in customized strategies to avoid the financial crisis that care related expenses can create. Experience has shown him that many seniors are not prepared for the economic transition that takes place as they reach an advanced age.With support from the American Academy of Benefit Planners – an organization with expertise and resources on the intricacies of government benefits – he helps clients close the gap between the cost of care and their income while protecting their assets from depletion.Aaron can help you and your family to create, preserve and protect your legacy.That’s making a difference.
Disclosure:
Disclosure:Investment advisory services are offered through BWM Advisory, LLC (BWM). BWM is registered as an Investment Advisor located in Scottsdale, Arizona, and only conducts business in states where it is properly licensed, notice filed, or is excluded from notice filing requirements. BWM does not accept or take responsibility for acting on time-sensitive instructions sent by email or other electronic means. Content shared or published through this medium is only intended for an audience in the States the Advisor is licensed in. If you are not the intended recipient, you are hereby notified that any dissemination, distribution, or copy of this transmission is strictly prohibited. If you receive this communication in error, please immediately notify the sender. The information included should not be considered investment advice. There are risks involved with investing which may include market fluctuation and possible loss of principal value. Carefully consider the risks and possible consequences involved prior to making an investment decision.Confidential Notice and Disclosure: Electronic mail sent over the internet is not secure and could be intercepted by a third party. For your protection, avoid sending confidential identifying information, such as account and social security numbers. Further, do not send time-sensitive, action-oriented messages, such as transaction orders, fund transfer instructions, or check stop payments, as it is our policy not to accept such items electronically. All e-mail sent to or from this address will be received or otherwise recorded by the sender’s corporate e-mail system and is subject to archival, monitoring or review by, and/or disclosure to, someone other than the recipient as permitted and required by the Securities and Exchange Commission. Please contact your advisor if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services. Additionally, if you change your address or fail to receive account statements from your account custodian, please contact our office at [email protected] or 800-779-4183.
