Diversification, emergency fund, and faith are the main topics on the show today. Diversification is not only an important part of a retirement portfolio, but is also an important part in an overall healthy financial plan. You do not want all your money being put into one form of asset such as cash, your home, or your retirement portfolio. You also want to have a diversified budget. You want to be putting money into things that go up but you also need to spend some money from time to time and enjoy your money by eating out, going on vacation, or making some “want” purchases.
Having an emergency fund is one of the staples in any solid financial plan. The importance of an emergency fund cannot be overstated. You WILL have a financial emergency at some point in your life and most likely will have some kind of unexpected expense occur within the next 12 months. But having an emergency fund will turn those events from a potential financial crisis into simply an inconvenience.
Faith and finances is not something we talk a lot about on this show. But it is something we need to talk about because whatever your faith is, money is spiritual. What is most important to you is what you will most likely spend your money on. The thing you need to ask yourself is, “Is the way I handle my money consistent with my faith?”
Finally we have a big announcement about a new podcast series I am doing towards the end of the month entitled “Debt Free Living.” Look forward to more details in the coming weeks!
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In addition for those of you in the Central Ohio area, on Tuesday October 11th at 7pm at the Columbus Library-Hilliard branch, we will be having the second course of the Great Recovery on I-70 series. October’s class is all about credit. The class will last approximately 90 minutes and is open to the public. Feel to free to invite your friends and we’d love to meet you in person.
If you have any comments, questions, or ideas for future shows you can send them to me and I will integrate them into a future show. Please Email me them at JWFinancialcoaching@gmail.com -You may subscribe to the Podcast either through Feedburner or iTunes.