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Your financial success is determined by the choices you make. Make the most of your money by avoiding simple mistakes when it comes to financial planning and saving. Fiduciary retirement advisor Jordan Schwartz of Strategic Wealth Designers joined the newscast to discuss how to set yourself up for a successful retirement. Avoid frivolous spending.
“We are all guilty of extra spending,” Schwartz says. “But the extra lattes here or eating lunch out there can add up. Build in a plan for treating yourself so you can have these things that you enjoy, just don’t go overboard because $5 a day is over $1,800 a year.”
Recurring charges or subscriptions sound great in theory because you don’t have to worry about it. These leads to forgotten purchases down the road. Avoid paying for services you don’t use, like a gym membership or a TV subscription you thought you’d love but never watch.
“Credit card debt can hurt you,” Schwartz says. “Living within your means is critical to your financial success. Keep this in mind when making your day-to-day purchases or when it comes to big-ticket items. Cars depreciate as soon as you drive it, so avoid buying a new car you really can’t afford.”
Begin saving as early as possible in your career to generate compound interest and to take advantage of “free money” that is available through an employer 401(k) matching program. To see additional stories surrounding business and economic news for Denver area, visit https://KDVR.com/Money and if you have a question for Thomas send an email to firstname.lastname@example.org.