There are many ways to create a culture of financial health in your home, whether that is a studio apartment, filled with roommates, or if you are one of the lucky ones with a house to yourself; it is important to recognize that in an industry such as ours, financial stability is not always a given. The Foundation regularly scouts the Internet for helpful articles, and today we came across some great information from Northern Trust Wealth Management and thought it might be of interest. Below are some key takeaways (modified for the service industry).
Take the Long View
Sometimes it is hard to see the forest through the trees when you are living paycheck to paycheck as many times happens in this industry. However, taking a moment to step back and focus on your one, five, and ten-year financial goals is a good place to start. Take the time to write those goals down, then craft your budget so that you can meet them. It will help you make decisions about gifts, vacations, as well as your everyday spending.
Expect the Unexpected
Once you have those goals set, sticking to them can be incredibly difficult! But with that budget we mentioned, it makes unexpected emergencies (medical, environmental, emotional), easier to deal with. Being financially prepared now, can save you a huge headache in the future.
It Takes a Village
Apparently everything takes a village if you want it to stay healthy, and it turns out finances are no different. Many of us cannot afford to have a tax guide, a legal guide, an estate planner, and a financial guide; however there are many resources online, where us do-it-yourself-ers can find the information we need to maintain financial bliss.
Links referenced from Arielle O'Shea at NerdWallet
Be Classic, Not Trendy
Why be a passing fad, when you can be timeless? This is a good way to think of your investments; and we don't just meant the stock market. Purchases of clothing, furniture, cars, gifts, vacations; they all can be looked at through this lens. Make sure you research and really investigate the quality of your investments in order to make sure you are getting the best value for your money. Think longevity over instant gratification.
This industry is incredibly charity minded. We pride ourselves in rallying around a fellow bartender that needs help paying medical bills, or throwing a fundraiser for industry members devastated by a flood, or helping to clean up a school. We are good at this, and we love doing it. Keep it up, and when you throw your hard earned dollars into the donation pot, make sure you track those donations (get receipts), check that the charity is a 501c3, and remember to claim those charitable donations on your tax return.
Disclaimer: The advice in this post is meant to serve as a resource for readers seeking ideas about how they might experience improved financial health. The views and/or presentation do not and shall not be considered as professional advice. Although the Foundation endeavors to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. Furthermore, the above viewpoints and opinions may not represent the views or values of the USBG National Charity Foundation.