Improve Your Financial Shape In 2024 - Danilo Kawasaki
Gerber Kawasaki Wealth & Investment Management
A New Generation of Financial Advisors
Lose weight. Exercise more. Increase savings. These are the top three New Year's resolutions most people make every year. Although I can't help you lose weight or exercise more often, I can help you improve your financial shape in 2024. Follow these financial tips to get in shape - fiscal shape, that is.
Failing to Plan is Planning to Fail
Individuals with established financial goals are at a decided advantage over those who merely react to events as they occur. Financial goals should be ranked in order of importance and quantified in dollar amounts and time frames. "To live a good life" is too nebulous and vague. "I want to own a house in Santa Monica in five years." "I want to pay for my daughter's college education when she enters college in 15 years." "I want to be able to retire at age 65." These are measurable and quantifiable goals that you can work towards with the assistance of your GK financial advisor, who works to help you establish a plan and quantify them in terms of reachable objectives.
Pay Yourself First
If there is one thing I want you to remember from reading this article, it is this: PAY YOURSELF FIRST. The reason so many people can't save money is because they use the wrong approach. Most people receive their paychecks, then they pay their bills, they buy groceries, get their morning Starbucks, a little shopping, dining out, movies, and at the end of the month there is nothing left to save. A better way is to set aside (at least) 10% of your gross income right after you get your paycheck. Pay yourself first! You are the most important "bill" you have. Your future and the financial well-being of your family should be priority number one in your budget. Your GK financial advisor can help you set up an automatic transfer to occur right after you receive your paycheck. Out of sight, out of mind. You will adapt and learn how to live within your means. I promise you.
Too Much Money Left at the End of the Month? Stick to a Budget!
A budget is a great tool used to plan and evaluate your spending patterns. It is an estimation of all income and expenses and a financial roadmap for day-to-day living. An individual or family that operates within a budget generally has fewer financial problems than those who pay bills as they come. Follow these simple steps to get started:
Step #1: Identify your financial goals and determine what is required to reach them with the help of your GK advisor
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Step #2: Estimate your income
Step #3: Estimate your expenses and stay within the recommended range. Here is a list of the most common expenses:
Step #4: Compare income and expenses. If expenses are too high, attempt to identify potential sources of additional income or places where expenses may be reduced. If expenses are lower than income, make sure to apply the difference towards your savings and investments as this will bring you and your family closer to your goals.
Your desire to meet your financial goals will provide you the motivation you need to stay within your budget. Here’s to a great 2024!
Gerber Kawasaki Wealth & Investment Management is an investment advisor located in California. Gerber Kawasaki Wealth & Investment Management is registered with the Securities and Exchange Commission (SEC). Registration of an investment advisor does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the Commission. Gerber Kawasaki only transacts business in states in which it is properly registered or is excluded or exempted from registration. A copy of Gerber Kawasaki Wealth & Investment Management 's current written disclosure brochure filed with the SEC which discusses, among other things, Gerber Kawasaki Wealth & Investment Management's business practices, services and fees, is available through the SEC's website at: https://www.adviserinfo.sec.gov .
Hatem Dhiab is a Financial Advisor of Santa Monica, California-based Gerber Kawasaki Inc., an SEC-registered investment firm with approximately ~$2.3B billion in assets under management as of 09/30/23. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which course of action may be appropriate for you, consult your financial advisor. No strategy assures success or protects against loss. Readers shouldn't buy any investment without doing their research to determine if the investments are suitable for their situation. “All investments involve risk and one should consult a financial advisor before making any investments. Past performance is not indicative of future results."