At GenWealth Financial Advisors, we are passionate about making sure everyone has the tools and resources to reach for financial independence. No matter where you are starting, there are steps you can make progress toward financial success.
1. Build a Starter Emergency Fund of $2,000
Before anything else, protect yourself from life’s curveballs. A $2,000 emergency fund gives you a buffer for unexpected expenses like car repairs or medical bills — without reaching for a credit card.
2. Create (and Stick to) a Budget
Know where every dollar is going. Build a monthly budget that reflects your income, fixed expenses, and financial goals. The goal? Spend with intention and keep more of your money working for you.
Need help with making a budget? Our free Spark app is a great tool to get you started! With this app, you can answer a few questions and get a budget tailored to you.
3. Pay Off High-Interest Debt
Debt keeps you stuck. Start with the highest interest debt (like credit cards) and knock it out systematically. The free Spark app can help you create a debt payoff plan to help you kick debt to the curb.
4. Save Consistently Until You Hit $5,000 to Invest
Once your initial emergency fund is set and you’ve tackled debt, keep the momentum going. Build your savings to $5,000 beyond your emergency fund so that you can start investing, making your money work for you!
These first steps aren’t flashy — but they’re powerful. Stick with them and you’ll be well on your way to lasting financial independence.
Once you’ve accomplished these steps, it’s time to contact a Spark advisor and get even more personalized help as you build wealth and reach for financial independence!
