A simple question, right? Well, there are a lot of factors at play…
What is your goal?
Establish an Emergency Fund
Pay Down Student Loan Debt
Save for Big Purchase: House, Car, Wedding
Save for College
Pay Down Credit Card Debt
Save for Retirement
Prioritize Goals with a Timeline:
Less than ONE YEAR: Vacation, Emergency Savings, Holidays, Taxes, Wedding
Less than TEN YEARS: New car, Buy house, Home repairs/renovation, College savings, Student loans
Control Spending: How much should I be paying?
Mortgage > 29%
Car Payment > 15%
Total Debt > 36%
Begin Saving: How much should I be saving? 20 % of take home pay
Seem daunting? Try 50/20/30
50% Essentials: Housing, Food, Utilities, Transportation, Child Care, Insurance, Minimum Debt Payments
20% Savings: Retirement Savings, Savings Plans, Additional Debt Payments, Emergency Savings
30% Flexible Spending: Entertainment, Gym Membership, Trips, etc.
Have Questions? Contact us today!
Gasaway Investment Advisors, Inc
7110 Stadium Drive
Kalamazoo, MI 49009
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Please remember to contact us if there are any changes in your personal or financial situation or investment objectives for the purpose of reviewing, evaluating, or revising our previous recommendations and/or services, or if you want to impose, add, or modify any reasonable restrictions to our investment management services. Our current Form ADV Part 2, including disclosure of our advisory services is available to you, upon request, or at the SEC’s website here.