Amid rising prices and a changing economy, many Americans question their ability to meet long-term financial goals, a recent Country Financial survey finds.
Many Americans believe big financial goals may be out of reach, with buying a home, paying off debt and saving for retirement seen as the most challenging, the survey shows.
Other concerns included starting or raising a family, buying a car, traveling and investing in the stock market.While it's normal to notice higher prices at the grocery store or gas station, you're more likely to have an emotional response without a long-term plan, he said. But it's important to consider how growing costs may affect your monthly budget, and ultimately, how it impacts your financial plan, Frerichs said.
He suggests creating a budget, establishing financial goals and working with a financial advisor. If you already have a plan, it may be a good time to revisit objectives. "If someone can't sleep at night, that's always a good time to check things out, and to stress test the plan," Frerichs added.Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox. For the Spanish version Dinero 101, click here.
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