Zamara Kenya’s Post

Insights from 2023's Financial Landscape. Discover how generational spending trends shape your financial future. #Finance2024 #InvestingTips #FinancialAdvice #FinancialEducation #UGC #UnitedGlobalCapital

Great stuff from Robert Powell, CFP®, RMA® for MarketWatch summarizing some new research by Sonya Lutter, Sandra Huston, and yours truly. The research is titled “Using Confidence and Risk Tolerance to Build Financial Wellness” and is available on SSRN (link below). The analysis leverages data from Prudential Financial’s financial wellness assessment tool, which also powers the PGIM RetireWell™ Confidence Index, and focuses on a subset of assessments were there is data available both on the financial confidence and general risk tolerance of the respondent. Long story short, we find that respondents who are more financially confident have significantly higher levels of risk tolerance, an effect that persists after controlling variables such as age, gender, marital status, homeownership status, presence of children, household income, household financial assets, retirement savings rate, and total household spending. There are ~significant implications around the long-term potential growth of wealth for households that are not financially confident, since they typically have lower savings rates (noted in the MarketWatch piece) and invest more conservatively. This suggests tools/solutions to address and improve financial confidence could be valuable, especially for lower income and younger Americans who tend to have the lowest levels of financial confidence! MarketWatch article: https://lnkd.in/erqK9z4B Complete paper: https://lnkd.in/ejKEG3R8

As Public Health Week comes to a close, it's crucial to also consider your financial well-being. Strengthen your financial future with these tips! #FinancialHealth #PublicHealthWeek #HealthyFinances https://hubs.la/Q02r2T2Y0

Financial Health and Income Distribution: Financial health goes beyond simply earning money; it’s about how effectively you distribute and manage that income to ensure long-term stability. For non-financial individuals, understanding income distribution is essential for maintaining and improving financial well-being. Here’s a more detailed look: Essentials First: Prioritize your essential needs—housing, utilities, groceries, and healthcare. These should take up a reasonable portion of your income, ensuring that your basic needs are met without overspending. Emergency Savings: Building an emergency fund is crucial. Aim to set aside 3-6 months’ worth of living expenses to protect yourself against unexpected events like job loss or medical emergencies. This safety net provides peace of mind and financial resilience. Debt Management: High-interest debt can severely impact your financial health. Allocate a portion of your income toward paying off debts, starting with those that have the highest interest rates. Reducing debt not only saves money in the long run but also improves your credit score and financial flexibility. Savings and Investments: It’s important to regularly contribute to savings and investments. Even small, consistent contributions can grow over time, thanks to compound interest. Focus on retirement accounts, education savings, or other long-term investments that align with your financial goals. Discretionary Spending: Finally, allow yourself some flexibility for discretionary spending—hobbies, dining out, travel—but keep it within limits. This ensures you enjoy life without compromising your financial stability. By distributing your income across these categories wisely, you can improve your financial health, reduce stress, and achieve your long-term financial goals. Even without a deep financial background, simple practices like budgeting and disciplined spending can make a significant difference. Remember, financial health is not just about how much you earn, but how you manage and allocate your income. #FinancialHealth #IncomeDistribution #PersonalFinance #FinancialWellness #Budgeting #Savings #DebtManagement #FinancialLiteracy #LongTermPlanning

There are crucial questions women should be asking themselves at every stage of life in order to reach their ideal financial future. Let’s discuss!

For many, long-term care may seem unnecessary. However, it could be a crucial piece in securing your financial future in an unpredictable world. Make sure you understand the long-term care options available to you.

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Empower’s latest study offers a detailed account of how Americans are progressing on their financial journeys—despite a challenging economic environment. The study finds that most Americans are holding strong and committed to saving for their future. See the full study.

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This article helps to underscore the importance of a good financial plan. It’s an investment that goes a long way towards creating awareness and piece of mind.