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A financial planner outlines 4 New Year's resolutions about money that never work, and how to set more realistic goals instead


Published on 2024-12-28 16:41:03 - MSN
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  • Instead of setting vague goals, financial planner Mamie Wheaton suggests assigning three-month milestones for the year with specific dollar amounts.

The article from MSN Money discusses common New Year's financial resolutions that often fail and suggests more realistic approaches. Financial planner Lazetta Rainey Braxton highlights four ineffective resolutions: 1) Vowing to save more without a plan - Instead, she recommends setting specific, measurable goals like saving a certain percentage of income or for specific purposes. 2) Promising to pay off all debt immediately - A more practical approach is to focus on high-interest debt first or to consolidate debts. 3) Committing to a strict budget - Rather than a rigid budget, she suggests using a flexible spending plan that allows for occasional splurges. 4) Aiming to invest without understanding - Braxton advises starting with education about investments, perhaps through a financial advisor or educational resources, before diving in. The key takeaway is to set achievable, well-thought-out financial goals that consider personal circumstances and allow for adaptability.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/personalfinance/a-financial-planner-outlines-4-new-year-s-resolutions-about-money-that-never-work-and-how-to-set-more-realistic-goals-instead/ar-AA1wCnzz ]