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Lesko: Stick to the Fundamentals for 2016

Posted:
By Fox 40 Staff.
Jason:

IN THIS FIRST WEEK OF 2016 YOU MAY HAVE

HEARD ENOUGH ABOUT FINANCIAL

RESOLUTIONS. GREG LESKO OF LESKO

FINANCIAL WANTS TO HELP SIMPLIFY YOUR

MONEY GOALS FOR THE NEW YEAR. GREG...

Greg:

THANKS JASON. INSTEAD OF ADDING TO

NUMEROUS PUBLISHED LISTS OR

OVERWHELMING YOU TO THE POINT WHERE

YOU GIVE UP ON ANY FINANCIAL

IMPROVEMENT PROGRAM, IT MIGHT BE

BETTER TO CONSIDER THINGS IN TERMS OF

SIMPLE PRIORITIES: FUNDAMENTAL

BUILDING BLOCKS TO START YOU OFF ON

FIRMER FINANCIAL FOOTING. THESE MAY

VARY SLIGHTLY--DEPENDING ON YOUR

UNIQUE SITUATION--BUT THEY’RE THE

BASIC COMPONENTS UPON ON WHICH YOU

CAN BUILD MORE SUCCESS WITH MONEY.

Jason:

WHAT ARE THESE FUNDAMENTAL

PRIORITIES?

Greg:

INCOME…A CUSHION…AND RETIREMENT.

INCOME IS SIMPLY ENOUGH MONEY TO

COVER LIVING EXPENSES. A “CUSHION” IS

A RAINY DAY FUND, SO WHEN THE

UNEXPECTED HAPPENS—AND IT WILL—IT

WON’T CAUSE A FINANCIAL CATASTROPHE.

RETIREMENT SAVINGS ARE NOW A

NECESSITY BECAUSE TRADITIONAL

PENSIONS ARE A THING OF THE PAST. YOU

COULD DIVIDE YOUR ATTENTION AMONG

ALL THREE, OR, IF ONE AREA NEEDS MORE

OF A BOOST, MAKE THAT YOUR FIRST

PRIORITY.

Jason:

WHAT’S NEXT ON THE LIST OF BASIC

MONEY GOALS?

Greg:

OTHER PRIORITIES INCLUDE HEALTH AND

MEDICAL CARE NOT COVERED BY

INSURANCE; PAYING DOWN

DEBT—ESPECIALLY HIGH INTEREST CREDIT

CARD DEBT--AND SAVING FOR SPECIFIC

GOALS. PART OF TACKLING THESE

PRIORITIES IS TO MAKE A START, BY

PUTTING MONEY ASIDE OR OPENING

ACCOUNTS. YOU SHOULD ALSO HAVE A

WAY TO ORGANIZE AND TRACK YOUR

PROGRESS. ONCE YOU DEFINE PRIORITIES,

IT WILL BE EASIER TO SET SPECIFIC

FINANCIAL GOALS AND MAKE DECISIONS

ON THE RIGHT MIX OF INVESTMENTS TO

GET YOU THERE. NO MATH DEGREE

NECESSARY.