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    What Financial Health Matters Means to Me (#FinHealthMatters)

    Financial Health Matters Sexy

    What Financial Health  Matter Means to Me, and what it should mean to you.

    We never stop hearing the importance of physical health, emotional health and psychological health. But it so happens that taking care of your financial health (matters) is a critical component in all three.

    By David Rae Certified Financial Planner™, Accredited Investment Fiduciary™

     

    You may be sexy but are you Healthy Financially?

    The whole notion of health – whether with oneself or in a relationship – is one of the consequences, for good or for ill.  Eat well and exercise and chances are you’ll live happier and longer. Indulge in destructive behavior and the opposite is true.

    With finances, it works the same way. Make smart, strategic moves today and, consequently, you’ll live better and with less stress. Or make dumb financial moves, max out a pile of credit cards and blow through every last dime you’ve got now and you’re guaranteed to suffer later. (Wake up call: Does a flashy new car every year look as good if it means being homeless as a 90-year old?) As a Fiduciary Certified Financial Planner, it is my job enables the former and to help my clients avoid the latter.

    Rich People's Roth IRA David Rae
    Smile and remember Financial Health Matters

    For myself and for my clients, I count three main tenets of financial health matters:

    1) Pay yourself first:

    Once the bills are paid, this means socking away a set amount of money first – and regularly – without even thinking of spending it. You probably won’t even notice the money is gone but you will notice how it adds up. If you never keep anything you will never be healthy financially or come close to being financially independent. What counts is not how much you make but how much you keep.

    2) Plan and save for long-term goals:

    Whether it’s buying a house or taking a dream vacation, it’s more likely to happen if you make a plan and stick to it. I know tons of people who have huge “travel” budgets but who never really get to take a big glamourous trip because the waste all their cash on dinky little weekends away that they often don’t even enjoy. If it’s worth wanting, it’s worth planning for.



    3) Have an emergency fund:

    With somewhere around half of Americans not knowing how they would cover a $400 emergency, this basic step may take some work. Set some smaller goals first, like $400 saved, work up to saving a month’s salary and then onto the more typical 3 to 6 months depending on your job security and family responsibilities. What’s a good figure? Six months salary plus the amount of your health insurance deductible in the bank will keep you sitting safe and sound. It sounds like a lot but looks at it as a work in progress.  If you’re financially prepared for an emergency, it becomes less of an emergency.

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    Financial health may even improve your plain ol’ health for a couple of reasons. First, you’ll be able to afford the good things to keep you in good shape. And, most importantly, financial health will mean you won’t be plagued by the worst kinds of soul-destroying stress.

    Until next time, remember your money matters  Your Financial Health Matters TOO. #finhealthmatters.

    David Rae Financial Health
    David Rae Take your Financial Health Seriously and so should you

     

    DAVID RAE, CFP®, AIF® is a Los Angeles-based Wealth Manager with DRM Wealth Management, a regular contributor to the Advocate Magazine, HuffPo Blogger and a financial adviser proudly serving friends of the LGBT community for over a decade. Investopedia Named David one of the “100 Most Influential Financial Advisors” in the US.  Follow him on Facebook or via his website, www.davidraefp.com. 

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    Connect With David Rae, Financial Planner LA

    David Rae, CFP® AIF®

    President / Founder DRM Wealth Management LLC

    1(323) 905-4380

    david.rae@financialplannerla.com

    "What Financial Health Matters Means to Me (#FinHealthMatters)"

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