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Lesko: Stick to the Fundamentals for 2016

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.