The seven steps to achieving a sound financial reputation include:
1) Analysis of cash flow – Positive cash flow would mean having funds available for savings.
2) Making a plan for retirement goals and other special goals.
3) Increase retirement savings – This can be done by maximizing contributions in your retirement accounts or catch-up with missed contributions.
4) Reduce income tax. Consult a tax professional to help you with your tax strategy.
5) Keep pace with the current inflation rate.
6) Manage potential risks and liabilities – Being covered with insurance can give you protection in times of unexpected risks.
7) Consult a financial advisor to provide you with informed decisions.
