Disposable Income and Still Broke?

Feeling broke at the end of the month, despite a hefty income? If you’re like many Gay Americans, you like to spend – but a large number of us are not saving for future needs. In failing to adhere to a personal budget you might be making a dent in your assets; yet by developing personal spending rules, you can take control of your money rather than have it control you. Setting aside a percentage of your take-home pay as an emergency ‘safety net’ could protect you from the strain of unexpected financial demands. Talk to your financial professional and explore the simple options in setting money aside. Emergencies aren’t the only times that bring financial woes. A significant number of Gay Americans do not sufficiently save for retirement. Ask yourself, “How much money do I need in order to retire?” By contributing to your company 401(k) and setting a specific amount of money away each month for retirement, you’re that much closer to reaching your goals…not to mention you’re learning how to better handle your cash flow. Speak with your financial advisor and find out what’s right for you.

By Michael G. Buchanan
Your Financial Advisor