Once again, it’s time to make some New Year’s resolutions. This year, in addition to hitting the gym, learning that second language and getting better organized, why not also consider a few financial resolutions?
First, contribute more to your IRA and your 401(k) or other employer-sponsored retirement plan.
Next, try to build an emergency fund containing six to 12 months’ worth of living expenses. Without such a fund, you may have to dip into your long-term investments to pay for unexpected bills.
Also, try to reduce your debt as much as possible. The lower your debt load, the more money you’ll have available to invest for the future.
And here’s one more idea: Don’t overreact to volatility in the financial markets. Sharp, short-term price drops can be unsettling, but if you follow a long-term strategy, you can help yourself make progress toward your important financial goals.
(Provided by Jeff Rencher, your Edward Jones financial advisor located at 614 Fremont St, next to the police station, in Rupert, at 208-436-1520)
