Why it matters, a family reality or only just a dream?
Just 1 in 4 American families are prepared for a financial emergency with more than 6 months of expenses saved. A State of the American Family study reveals that today’s families believe the American Dream involves three main priorities:
- Achieving financial security/independence
- Enjoying a comfortable retirement
- Helping their children get an education
Families are taking steps to secure their financial future and dreams, but clearly, more can be done to keep the American Dream alive. The top financial regret across all consumer groups is ‘not starting early enough.’ So, get started! The study reveals the 3 most common financial priorities are:
Debt
While it’s preferable to pay for purchases without borrowing, that’s not always realistic.
Confidence
Feeling confident in both short-term and long-term financial decision making through life.
Paycheck
Creating a strategy of consistently growing your living wage and not living paycheck-to-paycheck.
When you’re building a career and growing a family, it can be hard to envision your own retirement. But the top financial regret of American families is not starting to invest early enough. And since Americans are living longer, they will require more retirement savings to cover general living costs and increased medical expenses as they age.
Comfortable Retirement
The study reveals that 38% worry they will outlive their retirement, and 6% already plan to work part time.
Next Steps
Since you’re actively looking for ways to take greater control of your financial future, consider taking these action steps…
INVEST FOR RETIREMENT. The amount of income needed to maintain a decent standard of living in retirement varies from person to person and family to family. Think about your current and future expenses to see if you are saving enough right now. If you’re not, or if you’re not sure, come talk with a real financial investor.
PROTECT YOUR INCOME. Make sure you have a plan in place should you become too sick or injured to work. Passive income can help you meet those financial obligations.
SECURE YOUR FAMILY’S FUTURE. Teach the next generation about finances. Involving your children in discussions of investing and business with family budgeting can help them understand what is involved in managing money. Playing family board games that involve a money component can help younger kids learn about money in a fun way.
Pries Capital- An Investment Firm
Pries Capital is a strong and stable resource that can help you secure your financial future.
It’s in our nature to take care of the people who make life worth living, so we instinctively protect them physically and emotionally. Making plans to secure their futures should feel no different. This is not a concept we invented, but one we champion for the simple reason that people today take it for granted. To connect with a Pries Capital professional investor near you, contact us today. Together, you can take the right steps in creating a personal financial strategy that supports the American Dream for your family.
Jason Pries 