People need to know how to handle financial planning and keep up with it regularly. This involves setting financial goals, creating a budget, analyzing investment options, developing strategies to achieve those goals, and more. Financial planning is often linked to wealthy individuals, but people of all income levels can manage their finances accordingly.
The ARLO app, developed by Eric Blue, is a soon-to-be-released option to help people handle financial planning a little bit easier. He hopes it impacts how people view finances in many ways, but better overall planning is at the top. Financial planning is a way to get the most out of money and not feel overwhelmed.
Financial planning matters for several reasons. It helps individuals and businesses set realistic financial goals. Knowing how much money is required to achieve particular objectives is difficult without a clear plan.
People experience reduced financial stress when they plan accordingly as well. A well-thought-out financial plan ensures individuals have enough money to meet their financial obligations. Whether paying bills or investing in future projects, a plan goes a long way.
Proper financial planning makes identifying potential risks easier and developing strategies to prevent them. This ensures that individuals are more prepared for unexpected expenses and emergencies.
Financial planning involves several steps. One of the first steps is for individuals to set financial goals consistently. These can include short-term goals, such as saving for a vacation, and long-term goals, such as retirement.
After establishing financial goals, people must create a budget. Analyzing income and expenses while creating a plan for spending money gets the job done.
Next, a person needs to analyze investment options; stocks, bonds, mutual funds, and real estate all fall into this category. It is essential to thoroughly research these investment options and consider risk, return, and liquidity factors.
Finally, individuals must develop strategies to achieve their financial goals. Processes such as debt reduction, increasing income, and diversifying investments all matter for long-term success.
Financially planning for the future is essential for ensuring fiscal stability and achieving long-term goals. However, many people need more knowledge and guidance with financial planning.
Eric Blue hopes Nevly can serve as an excellent way for people to learn how to plan for the future financially. Many tips exist, but Eric Blue believes in the eight outlined below.
Setting specific and measurable goals as soon as possible is vital to move forward financially. This includes short-term goals like paying off debt and long-term goals like retirement savings. Goals should be realistic and achievable within a specific time frame. Setting unrealistic or unachievable financial goals can discourage people in a hurry.
Creating a budget is a crucial step in managing finances. It involves tracking income and expenses so total expenses do not exceed income. A budget helps to identify areas where money gets spent unnecessarily. Once these are identified, it becomes easier for adjustments to happen.
Learning how to save helps people achieve long-term financial goals. Setting aside funds for emergencies, retirement, and other big plans makes a difference. Prioritizing savings starts with putting a portion of income toward the future. The objective should be to make regular contributions, yet some individuals attempt to increase the saved amount with each payment period as time progresses.
Debt can hinder financial stability and make it difficult to achieve financial goals. Prioritizing high-interest debt first and making consistent payments to reduce overall debt is important. Paying off debt makes instant changes to a person’s financial stability.
For Eric Blue, debt serves as a massive motivator for creating Nevly. Blue and his family were ensnared in debt while growing up. Seeing his mother struggle to climb out of this debt cycle took a toll on him. She didn’t have the technologies like today to help her.
Investing can be a way to grow wealth, but it involves risk. Researching investment options and consulting with a financial advisor before making investment decisions is essential. Nevly makes the investment side of finances more manageable.
Eric Blue started building his company, Nevly Money, but has since developed the ARLO app. The ARLO app, set to launch later this year, is a valuable resource for making educated investment decisions and improving knowledge.
A good credit score plays a significant role in obtaining loans and credit cards at favorable interest rates. It’s easy to monitor progress when repairing a credit score. Ensuring that no one has negatively impacted a credit score through stolen identity also provides peace of mind.
Financial planning can be a complex process, and it is crucial to seek professional guidance when necessary. Engaging with financial advisors, accountants, and attorneys can significantly impact critical financial decisions.
Nevly aims to empower individuals to be more self-sufficient in managing their finances by offering a comprehensive personal finance app and an array of accessible resources. This approach can prove instrumental in assisting people in navigating their financial challenges more effectively.
Life changes can impact financial goals and plans. What a person plans now might be significantly different five years from now. It’s essential to review and adjust the financial plan regularly.
Changes can stem from increased income, additional expenses, or altered goals. This doesn’t mean the original plan was wrong; it just means life is unpredictable.
While traditional banking has many merits, Eric Blue recognizes the fintech industry’s potential to bring about substantial improvements. As such, he is spearheading the development of what he considers the most all-encompassing personal finance platform presently available in the market.
Nevly offers a range of financial services that can assist individuals in improving their credit, building credit, budgeting, and finding personal loans or credit cards, among other benefits.
Eric Blue is leading the charge in modernizing banking and eliminating account fees, and the industry is closely monitoring Nevly’s upcoming launch of its ARLO app. With its release imminent, he believes the platform will significantly simplify financial planning for users.