By Carolyn Bigda
One of the biggest hurdles is overspending, Bernstein says. Small expenses, such as a cable TV package or coffee addiction, can easily chip away at your savings goal, especially when you’re on a tight budget. So pay yourself first: Have money put into a 401(k) or savings account before you get your paycheck.
—Think long term. It’s human nature to react to immediate risks, Bernstein says. It’s hard for us to take the long-term perspective that financial markets require. As such, we have to learn to tune out the daily noise (i.e., what you hear in the news) and accept the fact that you will lose money in the market sometimes.
But those losses usually don’t last. Studying a little financial history, another one of Bernstein’s suggestions for staying on track, will help you realize that.
“Once you’ve read the script, you know how the movie ends,” he says.
©2014 Chicago Tribune
Distributed by MCT Information Services
Continue Reading 1 2
Copyright© 2014 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com