Financial peace arrives when you no longer have to worry about your income being sufficient to cover your expenses. It’s a great feeling. Unfortunately, many people are financially insecure. They earn less than they spend and borrow the difference.
According to the Federal Reserve, 4 of 10 adults cannot fund a $400 emergency expense without borrowing from a credit card company or a friend. They do this even when credit cards typically charge anywhere from 14% to over 20% annual interest on unpaid balances. People who find themselves in such a situation worry about money constantly and worry what will happen when they stop working. For them, a comfortable retirement may never arrive.
So, what’s the answer?
There are four simple ways to increase your chances of achieving financial peace.
Arie J. Korving, a CERTIFIED FINANCIAL PLANNER™ professional, has been delivering customized wealth management solutions to his clients for more than three decades. Prior to co-founding Korving & Company, he was First Vice President with UBS Wealth Management and held management positions with General Electric.