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Financial advice for the New Year

Published: Dec. 31, 2020 at 9:08 AM CST
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OTTUMWA, Iowa (KYOU) - Old bad habits coupled with the stress of the pandemic has put quite the strain on most of us. it’s obvious we don’t want to be in the same predicament as we were as this year so Ameriprise Advisor, Taylor Mast, has one key tip he’d like to stress to you.

“Have a plan, first of all, you have to figure out what you want to do, and second of all you have to have a plan to do it.”

Mast advises you to open up a savings account and sign up for an automatic checking account, or open up a Roth and says it doesn’t have to be a large amount.

“People think oh I don’t have that type of money to invest, start off small. you know that’s a lot for some people but I think for a lot of people they think well that’s not enough but it adds up, I think having a plan, having that conversation, and putting small steps in place to make it happen. You got to start somewhere, you’re never going to hit a home run off the first thing”

One common mistake he’s witnessed is that people are starting too late.

“Putting aside that 250 or that 300 dollars a month rather than going out to a restaurant or getting that new video game you need or you think you have to have. Like anything else, it becomes a habit, both spending, and saving. I’m not saying don’t have fun or don’t enjoy your life but put something aside.”

If you have any questions for your finances in the future Mast says to feel free to contact him via email at taylormast@ampf.com or stop by at the Ameriprise location located in Ottumwa.

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