Dr. Slava Shut

When you’ve got a strong savings account, you can weather some of the problems you’re sure to confront throughout your life. There are expensive surprises. There are going to be emergencies, like car accidents and injuries. If you’re barely making it by and have no savings to fall back on, these emergencies can turn into catastrophes.

Welcome to Topic Tuesday where we discuss a specific topic about, business, finance, or life in general. Today, we’re going to talk about some of the problems a good savings account can help with or prevent.

Inflation

The cost of many goods is increasing, bit by bit. As the smaller charges add up, many are finding that the bills are higher. This happens sometimes, and the economy fluctuates at different naturally. But what many are noticing is that as quantities and services are sometimes falling short, while invoices and bills for goods and services are getting steeper.

A good savings account allows you to have options on the goods and services you purchase instead of being locked into a single option. If you’ve only got one choice, you don’t really have a choice.

Fees

The wrong retirement savings account can cost  you a lot of money over the course of your career. Whereas some allow you to accrue value and to access to it easily, some don’t. If you have a traditional retirement savings account, but you want to take advantage of the option to be your own bank, you could end up losing a signficant amount through penalties and fees.

It might not be the best idea, but sometimes emergencies happen and you might need access to some of your retirement money early. But trying to withdraw funds periodically from a traditional retirement savings account can cause you to accrue lots of costly fees. If you don’t keep track, you could actually deplete your savings.

Long-Term Financial Planning

It’s much more difficult to make long term plans when you’ve got the wrong financial strategy. Even if your goals don’t have anything directly to do with finances, you can’t do much else without a solid financial base.

Gym memberships and equipment cost money. On top of that, working out takes time. Not only do you have to put in all the sweat and hard work, you have to eat right and get plenty of rest. And that’s just if you’re already healthy. Recovering from an injury, like my patients at Back 2 Health Physical Therapy, takes time, money and effort too.

If you want to transform your lifestyle, you must also transform your finances. Are you ready to make a transformative change in your life, today? 

Click here to schedule a 1-on-1 with me to find the right long term financial strategy for you.