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November 21, 2019

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Building a financial future

Becoming intentional and organized with spending, saving, and investing is crucial for building financial security

By Orrie Augsburger
Adviser Assistant at
Faith Investment Services
Bluffton, 419-358-4207

Controlling your finances is the cornerstone to establishing a secure financial future.

Unfortunately, we need money to operate and life does not seem to be getting any cheaper. Becoming intentional and organized with spending, saving, and investing is crucial for building financial security. Fortunately, there are various apps and methods to help you develop plans and budgets to set you on track to meet your goals. However, budgets and plans are only effective if you use them.

Dave Ramsey said it best: “Taking control of your finances is 80% behavior and 20% head knowledge.” Behavior is the most significant obstacle to overcome and control when it comes to creating financial security. It is all too easy to stay in the habits that have led to your current financial position.

For some, your financial status looks promising, others not so much, and some people don’t even know what their current financial standing is- yikes! My first bit of advice is to take inventory of what you have financially; become familiar with the terms assets and liabilities. After you know your assets and liabilities, you can then become intentional in making changes. This is where behavior plays a pivotal role.

If you want to build wealth and meet goals in life, you must be disciplined and take action. Sorry, the odds of winning the lottery are not in your favor. Knowing the value of your income is a good starting place.

Then whether spending, saving, investing or giving, you must know what you can afford. Your income limits all of these areas. If the sum of these four areas exceed your income, you’re digging yourself a hole that we call unsecured debt.

Unsecured debt such as credit cards is never good because it is costly and not tied to any specific asset. 

If trying to become educated and changing your financial behavior is overwhelming, don’t be afraid to seek help from outside sources such as from financial professionals. Sometimes the best thing for you to do is have a conversation – a conversation with someone who specializes in financial understanding.

I would like to encourage all of you to gain a deeper understanding of your finances and start making money work for you. This will allow you to become effective in meeting life goals through developing financial discipline and healthy habits.