In an effort to highlight the importance of financial literacy and educate Americans on healthy finacial habits, April has been declared, "National Financal Literacy Month" by the U.S. Senate.... and for good reason. 

The average American now has about $38,000 in personal debt, excluding home mortgages.1 Many despair about reaching their retirement goals, or running out of money in their twilight years. 

At the Morris Group, we educate individuals about their personal finances using common sense strategies to reduce risks and optimize financial health. 

Here are just a few suggestions to achieve financial literacy and establish healthy financial habits during National Financial Literacy Month:

$ Commit to change. 

  • Accept responsibility for altering your financial "lifestyle"

$Obtain a free copy of your credit report (www.annualcreditreport.com)

  • Use your credit score to gage your financial health

$ Clear out "financial clutter"

  • Get organized! Put all your bills, statements, and other financial documents in one place to avoid money lost to late fees or high inteest rates due to a bad credit score!

$ Establish a "finanical health" plan

  • Create a budget, identify cash flow, determine your assets and liabilities

$ Pay down your debt

  • Develop a system based on persistency, patience and discipline 

$ Secure your future financial health

  • Save, diversify, defer

$ Seek professional advice

  • Consult an investment advisor to get educated and reach your immediate and future financial goals.

Whatever you do, don't be an April fool... Get Liberate about your personal finances!!

 

1. Here is How Much Debt American's Have at Every Age, Megan Leonhardt, August 20, 2018, www.cnbn.com/2018/08/20/how-much-debt-americans-have-at-every-age.html

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