Raise Your Standards

Certain financial goals are written about over and over again.

• Spend less than you earn
• Pay off your debt
• Get insurance
• Have an emergency fund
• Save for retirement

But what happens after you have more or less met those financial goals? What do you do next?

Raise your standards!

Sure, you may be doing better financially than your friend from high school or college, your cousin, even your parents. But so what?

You can do better.

Here are some ideas you may want to consider:

• If you are saving enough in your 401k to get the company match, keep going. Increase your contributions until you are maximizing the IRS limit.
• If your emergency fund in cash saving is a comfortable amount for your needs, start a monthly contribution to a brokerage account.
• No more credit card debt? Make a plan to pay off those student loans or the mortgage.
• Own your home? You may want to pay off your mortgage, or speed up your payment plan.
• College expense in your future?  Start a 529 college savings plan or seek to maximize your contributions.

What’s the point of all this?

These actions are all good steps to help increase your financial independence and confidence, and freedom.

So, if you are meeting your standards, that’s a big accomplishment. Congrats.

When you are done patting yourself on the back, RAISE YOUR STANDARDS.

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