In a sure sign of the times, Americans are concentrating on improving their personal finances in 2024. According to a recent Allianz Life study, recent financial difficulties have caused Americans to rethink their own situations. Unfortunately, the conditions that caused our difficulties also hinders relief. On top of already astronomical prices for necessities, inflation (while slowing) continues.
Study participants stated financial goals including their emergency funds, reducing debt, and beefing up Retirement Accounts. These are great ideas, but in a time of already stretched budgets, it is difficult to achieve all (or any) of them. Spending less, while earning more, is the only formula for realizing these lofty dreams.
Already we see a record number of Americans working multiple jobs. Thankfully, the job market is the brightest portion of our current economy. So far, the Administration’s attempt to kibosh the Gig Economy has been a failure, so companies such as Uber and DoorDash are enabling thousands of Americans to supplement their incomes. That is half the battle.
Saving more is a far more difficult challenge. Americans are running out of money before they run out of month, as elevated price levels create obstacles to reducing expenses. There is no real end in sight to our escalating cost of living. Increasing savings will require a reduction in lifestyle for millions.
In the spirit of the Season, we have been keeping this Blog as upbeat as possible. Along these lines, we congratulate all Americans who have resolved to do whatever it takes to improve their personal finances. Hopefully, these resolutions won’t go the way of January gym memberships, which tend to get ignored as weeks go on. Success will require changes, some unpleasant, and most likely long-lasting.
Van Wie Financial is dedicated to helping people realize their financial goals. To that end, we shall continue to bring our ideas and suggestions to the public every Saturday morning at 10:00 on WBOB radio (600 AM and 101.1 FM), and on our website, vanwiefinancial.com. Remember that you can call the show at 904-222-TALK between 10:00 and 11:00 every Saturday. We also answer questions submitted through our website to firstname.lastname@example.org.
We wish everyone a safe, happy, and prosperous New Year. 2024 is likely to be a year of change. Hopefully, for the better. Hopefully, we can help.
Van Wie Financial is fee-only. For a reason.