Top Financial Tips

Making plans to improve your finances is always a wise move, although some feel more at ease when starting fresh at the start of a new year. No matter when or how you begin, the fundamentals remain constant. Next Gen Financial Planning is pleased to partner with organizations that help our communities, clients and team as well as profession flourish. Located in San Diego, CA retirement planning focus on placing clients’ best interests first by offering transparent pricing based on fairness rather than what we think can be accomplished with money. Furthermore, as an independent fee-only firm we accept direct payments from clients without commissions, kickbacks or referral charges being added onto payments; Next Gen Financial Planning was founded by Steven Fox who is registered investment advisor in California.

Here are the essential strategies for financial success.

Get Paid What You’re Worth and Spend Less Than You Earn

No matter how simple this may seem, many still struggle to follow this rule. You must establish your position’s value on the market through conducting an evaluation of your abilities, productivity and job tasks as well as contributions made to the business as a whole and an expected price within and outside the organization for your work being performed. Even an underpayment of as little as one thousand dollars annually could have lasting ramifications across your career journey.

No matter how much or little you earn, spending beyond what is earned is never going to make a significant difference in the amount you save or have. Saving is easier than earning more; cutting costs in various areas will bring substantial savings without major sacrifices being required.

Stick to a Budget

In order to meet your financial goals successfully, sticking to a budget is of utmost importance. Without knowing exactly where the money goes and its source, how can you possibly establish saving and spending goals without knowing where it all came from? For this reason alone it is imperative that every year an annual budget be created – no matter if your income consists of hundreds or thousands.

Pay Off Credit Card Debt

There’s no denying it: credit card debt is one of the greatest challenges to achieving financial success. These pieces of plastic are convenient to carry around, yet we often lose track of them being real money when we use them to purchase something big or small. Even when we intend to repay our remaining balance promptly, oftentimes this doesn’t happen and we end up owing much more than would have been due.

Contribute to a Retirement Plan

If your company provides a 401(k) scheme (or another form of employer-sponsored retirement savings program), contributing is worth doing if possible. Most often when joining, employers match your deposit up to a certain percentage – this is commonly known as an “employer match”. If not available through work, consider opening an individual retirement account (IRA).

Have a Savings Plan

We all know it’s wise to pay yourself first; but delaying until after all your other financial obligations have been taken care of will likely leave you without an effective savings account or investment strategy. Make a pledge today to set aside at least 5percent of your earnings as savings before paying debts off; or have funds automatically deducted from each pay check and transferred directly into an unlinked bank account.


If you have already contributed to both a retirement account and savings account, as well as invested some of your money elsewhere, all the better!

Maximize Your Employment Benefits

Employer benefits like 401(k) plans or flexible spending accounts as well as dental and medical insurance can add up quickly; so make sure you maximize them to reduce tax or out-of-pocket expenses and save the most money possible.

Review Your Insurance Coverages

People often overpay for life and disability insurance policies. This might involve including these protections in auto loans, purchasing whole life when term life would suffice, or simply buying life coverage even if no dependents exist – yet having sufficient protection in place to safeguard dependents as well as earnings in case of disability or death is key.

Keep Good Records

If you don’t maintain accurate accounting records, chances are you aren’t taking full advantage of all tax-free income credits and deductions available to you. Develop a system now and put it into use throughout the year – it will make life less stressful when tax time rolls around if items you could have claimed are missing!

Confirm Your Advisor Works With a Reputable Custodian

When selecting the appropriate financial advisor, it’s essential that they work with a dependable custodian bank. A custodian holds your assets securely such as bonds, stocks or mutual funds and your advisor should have an inventory of banks they work with as well as expert recommendations based on your unique financial requirements.

Ensure Your Advisor Has a Defined Financial Planning Process

As you meet potential financial advisors, make sure to inquire about their plan procedure. Reputable advisors usually have a set plan for every client that includes an initial meeting to understand your needs and goals before regular check-ins to evaluate your progress overall. Your advisor should also be available throughout the process to answer any questions that arise and help foster effective collaboration while simultaneously creating an enduring partnership between themselves and you.

Investigating an advisor’s financial plan is a good way to measure their expertise and competence. When they fail to use clearly-delineated procedures or explain things clearly to you in terms that are understandable to you, alternative guidance may be required. It is crucial that when choosing an advisor for your needs that you feel comfortable discussing confidential details with; otherwise it’s easy for mistrustful advisors to exploit confidential data they possess about you.

Make Sure There Are No Conflicts of Interest

When selecting an advisor to manage your financial affairs, it’s essential that there are no conflicts of interests. Such conflicts of interests arise when an advisor suggests investing in something which won’t benefit their client but instead benefits themselves financially instead. Your financial advisor could advise that you purchase shares in certain stocks; they could earn commission if this becomes part of their recommendation process. If the advisor you choose offers insurance policies, they could try and sell one even if it doesn’t suit your requirements. To avoid conflict of interests and ensure you receive advice tailored solely towards meeting your needs, choose an advisor that accepts fees only payments – this ensures they won’t pressure you into buying products that don’t make sense for your situation.