Flowchart: Where Should My Next Dollar Go?

Are you leaving money on the table? It’s a question that everyone can stress about – figuring out where to allocate your hard-earned dollars. We’ve seen how easy it is to inefficiently use cash by overspending, or even leaving too much money just sitting in the bank.

We are offering this flowchart which covers some important factors to consider when deciding where your next dollar should go. It should help you consider your unique goals and preferences, and how those goals and preferences should be factored in when developing your personal “financial order of operations.”

This flowchart covers important factors to consider when determining where your next dollar should go, such as:

  • Whether you are, broadly-speaking, financially secure (e.g., emergency fund, financially solvent, adequate insurance, etc.).
  • Making sure you are taking advantage of any “free money” available to you through employer benefits.
  • Considering and prioritizing specific goals or broad financial planning objectives.
  • Considering specific accounts or strategies that may further complement your goals, but being mindful of any nuances that may affect your decision.

 

Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this content, will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for you or your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter (article) serves as the receipt of, or as a substitute for, personalized investment advice from Searcy Financial Services, Inc.

The content of this letter does not constitute a tax or legal opinion. Always consult with a competent professional service provider for advice on tax or legal matters specific to your situation. To the extent that a reader has any questions regarding the applicability of any specific issue discussed in this content, he/she is encouraged to consult with the professional advisor of his/her choosing.  

Published for the blog on October 30, 2024 by Searcy Financial Services, your Overland Park, Kansas Fee-Only Financial Planner and Investment Manager.