How to Plan for the Life You Want on any Income
NEW YORK, NY, March 12, 2019 /24-7PressRelease/ — Money Answers Show host, Jordan Goodman, invited Danny Kofke, special education teacher and personal finance author, to his weekly podcast to discuss the concept of wealth and financial strategies for earners in the low to middle-income range.
Money Answers Show episode, “Can Average Earners Build Wealth? with Danny Kofke” discusses the importance of making financial choices that make sense on any salary.
Professions such as teachers who make an average salary can feel that there is no extra income each month to make ends meet. Emergencies will always come up and it’s important to have a plan.
“You’re going to have to say no to certain things. You’re not going to be able to have it all, but you can do it if it’s that important for you to gain financial freedom and to gain control of your money,” says Kofke.
“You need to have that plan in place. You’re going to have to have some discipline and some sacrifice, but it definitely is possible.”
If you’re in debt, the first plan is to get out as soon as possible and make a plan such as the debt snowball, where you list your debt in order from least to greatest, and focus on paying off the debt with the lowest amount and continue paying the minimum on the largest amounts. Paying extra on your mortgage each month as well could help keep you financially sound.
There are resources available to almost everyone that can help plan for the future and the future of your family. A 401k or 403b can be essential for setting yourself up for retirement without a significant strain on your monthly income. Take advantage of retirement funds available, especially if your company can match your investment.
Your family and their future can also be a major factor when determining financial freedom. A term life insurance plan can offer a lower premium while providing enough support for your family and loved ones after death. Taking financial insecurity out of the equation is worth the relatively inexpensive cost each month.
Financial freedom is possible with the right mindset and smart planning.
For more information on how to find financial freedom, check out “Can Average Earners Build Wealth? with Danny Kofke” and other great podcasts from the Money Answers Show.
You can listen to The Money Answers Show with Jordan Goodman live every Monday 12 p.m. PST; 3 p.m. EST. or download the podcast on iTunes, Stitcher, or wherever you get your podcasts. You can also catch Goodman on Money Answers TV. If you’re looking for additional information on financial topics, you can read Goodman’s books on everything from repaying your student loans to real estate.
Jordan E. Goodman is “America’s Money Answers Man” and a nationally-recognized expert on personal finance. He is a regular guest on numerous radio and television call-in shows across the country, answering questions on personal financial topics. He appears frequently on The View, Fox News Network, Fox Business Network, CNN, CNBC, and the CBS Evening News. He is the author/co-author of 13 best-selling books on personal finance including “Master Your Debt Fast Profits in Hard Times,” “Everyone’s Money Book,” “Master Your Money Type,” “Barron’s Dictionary of Finance and Investment Terms and Barron’s Finance and Investment Handbook.” Jordan is also a speaker and seminar leader on personal finance topics for business executives, students, associations, investment clubs, employees and others. For more information, please visit https://www.moneyanswers.com.
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