Best Financial Advice I Ever Received- Ben Schanbacher

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Posted on June 26th, 2013 in Best Financial Advice by NSBblogger |

We’ve flipped the calendars to June and summer is officially here in Iowa, meaning vacations, summer fairs, carnivals and other entertainment and social gatherings will be crowding your calendars. However, summer is not a time to get loose with your finances. Northeast Security BankLoan Officer Ben Schanbacher provides us with this month’s dose of financial enlightenment that focuses on the simplicity of making smart financial decisions.

Smart financial decisions

Investments, 401(k)s and accounts are great, but you need to make smart financial decisions for real success!

Ben’s first piece of advice is pretty basic, but forgotten by many: “Always make sure to have a backup plan. Our first plan might not always turn out the way we think it will. Financial situations are always changing and we need to be able to adapt if needed.” This can be something as simple as a savings account with three or four months of expenses saved up to help things go smoothly.
Next, keep in mind that “Money is hard to earn and easy to lose. It’s easy to spend money, but we need to watch what we’re spending it on. Making foolish purchases might set up financial hardships down the road. Putting money away in a savings account or investing it will ensure that it will be available down the road.” Ben makes an important point: putting aside instant gratification to be more secure in the future is a savvy move.
Ben’s final point is crucial to being a smart money manager: “Your wealth can only grow as much as you do. As we gain financial knowledge we can put it to use to grow our wealth. If we stop gaining financial knowledge then we limit the growth of our wealth. Taking advantage of articles, seminars, lectures, etc. gives us the chance to grow ourselves.” The internet is a great tool for this continuing education, as is this very blog!
As Ben points out, being intelligent with our money is always about having the right account or investment. Often times it simply takes a little mental exercise to do what is right. Try to keep Ben’s advice in mind, as well as the tips from our previous employees that can be found in past posts.
As always, we are ready to help you any way we can, so call or come by any Northeast Security Bank branch today!

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