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Richia Allen
Financial Advisor
WCCU Wealth Managemet
Located at Westerly Community Credit Union
122 Granite Street, Westerly, RI 02891
Phone: 401-637-4487
Email: richia.allen@lpl.com
July/August 2024
Bouncing Back From 2023
Nearly 70% of individuals surveyed* earlier this year reported facing stressful financial challenges in 2023. But looking forward, most respondents, and particularly high-net worth individuals, believed their finances will be better in 2024. While there are financial areas that you may think you could have done better with last year, it is not too late to improve on them this year. Here are some items you may feel you want to work on.
Didn’t Hit Your 2023 Retirement Savings Goal?
Strive to maximize your retirement plan contributions for the rest of 2024 and carry your increased contributions into the future. One way to do this is to funnel any raises and bonuses you’ve received into your savings plan. Another is to review your spending for any potential cuts.Fell Behind on Other Savings Goals?
Set up automatic transfers to savings vehicles to help you save for goals such as education, an emergency fund, or that down payment on a first home, etc. Make sure your money is liquid and paying the highest interest rates possible.Accumulated More Debt than You Want?
Budget funds to pay off that debt. You have several options. One popular strategy is to pay off your highest interest rate accounts first. You might also consider a lower rate debt consolidation loan with a reputable financial institution.Financial Tips
About 88% of respondents* consulted someone regarding their finances, including family and friends (57.5%), social media influencers (50.5%), professional financial advisors (43.3%), co-workers/colleagues (36.9), and mentors (16.6%). Discussing finances with people close to you is okay, but with your higher-than-average net worth, the best people to consult are your financial, legal, and tax professionals.Celebrate
Yes, getting in the habit of identifying positive financial decisions and wins during 2024 and celebrating successes is motivational and can give you a clear idea of what to continue doing.* OnePoll for Forbes Advisory
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Richia Allen is a financial advisor with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Westerly Community Credit Union and WCCU Wealth Management are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using WCCU Wealth Management, and may also be employees of Westerly Community Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, Westerly Community Credit Union or WCCU Wealth Management. Securities and insurance offered through LPL or its affiliates are:
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