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Financial Fitness More Than A Resolution

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By Fox 40 Staff.
Jason: New Year's resolutions about money usually end up like those about dieting--abandoned along the way. Greg Lesko of Lesko Financial offers a different approach. Greg.

Greg: Instead of resolutions, many people try setting goals. But here's another way to better your finances--milestones--benchmarks that show you're making progress. Because they emphasize the positive, they're less likely to fall by the wayside.

Jason: What are some financial milestones?

Greg: The first is easy: learn more about personal finance. That doesn't mean you need to earn a Ph.D in investing. But instead of dismissing financial info as "boring" take a look at some areas that directly affect you.

For example: What are the different kinds of retirement accounts? What is the relationship between stock and bond prices? Why is our economy doing better? With online videos, blogs and websites offering easy-to-digest information in short, interesting doses, you can learn a lot with a minimum time investment.

Jason: What about spending?

Greg: Once again, technology offers solutions. Phone apps to track your spending make it as easy as checking the weather. But don't just stop there.
Take a look at your assets- -what you own--and compare it to your liabilities--what you owe--to get a handle on your net worth. Then resolve to increase it this year.

Jason: How can someone increase net worth?

Greg: Paying down debt, for one. But you might also use an income boost as another milestone to reach. Get a raise, take a moonlighting gig or make extra money from your hobby or passion. Then resolve to invest the extra and congratulate yourself on gaining real traction toward your financial goals in 2015