INDUSTRY INSIGHT
FINANCIAL STRATEGY
SPONSORED CONTENT
Rebuilding
Your
Financial
e
c
n
e
d
fi
n
o
C
D
on’t let financial fears paralyze you
into a state of indecision; it’s time to
take the reigns and regain control of
your financial future.
As the economy starts to recover and
jobs may not be quite as hard to come
by, it’s time to regain a sense of purpose
and empowerment when it comes to your
finances. Here are some practical steps
that may help you recover from and begin
getting your fiscal future back on track:
4 Evaluate your financial health: Prepare
an updated list of your income, expenses,
assets and liabilities. A job loss or financial
hardship can deplete your savings. If you’re
looking to get your finances back on track
begin saving for the suggested six to eight
months of emergency cash stashed away,
now is a good time to really pinch pennies
to help make sure that money is there when
you need it.
4 Analyze your spending habits: many
people don’t realize how much they spend
on weekly trips to the market, afternoon
lattes or dry cleaning. Aim to eliminate
a portion of these expenses – start with
maybe cutting back by 25% - more if
you’re willing. And be honest about what
you really can live without. Brewing your
favorite cup o’ joe at home may not be as
fun as a frothy latte from the corner café,
but shaving four dollars a day from your
1002587-00001-00, Ed 06/27/2018, Exp 06/21/20
food budget adds up to $120 a month in
savings.
4 Call your creditors before you fall
behind. Many people avoid calling their
lenders and credit card companies until the
default notices start piling up. But these
days many companies are willing to work
with you, even deferring or temporarily
lowering payments while you look for
employment. Make those calls as soon
as you suspect money will get tight and
explore all your options.
4 Re-define your financial goals: Even
if previous plans have taken a detour due
to financial hardship or job losses, taking a
moment to redefine where you see yourself
in 5, 10 or 15 years will help stave off
discouragement and empower you to look
forward. You may not be able to retire when
you expected to, or pay outright for a four-
year college, but instead of saying “I can’t
afford it” begin looking for new goals and
asking the question: “How can I afford it.”
4 Meet with a financial professional.
Even if you’ve done this in the past, getting
professional guidance about investment
losses, financial products, insurance
coverage and other important issues is
essential. You need to know how you
can help meet your goals and objectives
keeping in mind your present and future
resources.
When you experience a financial loss,
the emotional toll can be as high as the
monetary one. Making choices based on
a new reality will go a long way towards
rebuilding your self confidence and your
bottom line.
SHANNON RHEA offers insurance and securities products and
services as a Registered Representative of Pruco Securities, LLC
(Pruco). The Prudential Insurance Company of America, Newark,
NJ and Pruco are Prudential Financial companies. 1.800.201.6690.
Shannon Rhea, MBA
5000 Stonewood Drive Suite 210 • Wexford, PA 15090
Office: 724.799.2872 • Cell: 724.766.0714
[email protected]
This advertisement provided courtesy of Prudential. For more information,
contact Shannon Rhea, is a Financial Advisor with The Prudential
Insurance Company of America’s Keystone Mountain Financial Group
located in Pittsburgh, PA. Shannon Rhea can be reached at Shannon.
[email protected] and 724.940.2440. Offering investment advisory
services through Pruco Securities, LLC (Pruco), doing business as
Prudential Financial Planning Services (PFPS), pursuant to separate
client agreement. Offering insurance and securities products and services
as a registered representative of Pruco, and an agent of issuing insurance
companies. 1-800-201-6690.
CRANBERRY
❘
WINTER 2018
21