SPOKANE, Wash, – As 2025 approaches, many people are looking for ways to save more money. Dave Gordon, a financial advisor with Ten Capital, offers advice on how to achieve financial success in the coming year.
Gordon emphasizes the importance of understanding one’s cash flow and lifestyle goals before making a financial plan. He suggests focusing on the “three P’s”: purpose, plan, and portfolio.
“Purpose means understanding what money means to you,” Gordon said. “What are you saving for and why? Do you like to travel a lot? What kind of lifestyle do you want to live? It’s not about the numbers, it’s about the individual.”
Gordon advises tracking monthly expenses once a year without judgment to understand where money is going. This can help identify unnecessary expenses, such as duplicate streaming accounts or multiple gym memberships.
The portfolio, according to Gordon, is the engine that drives the financial plan. He recommends having three to six months’ worth of expenses saved for emergencies.
“You want to have enough money available to you so that if some really tough things happen in your life it’s not going to derail you and set you back to the point where it’s going to be really difficult to recover from,” Gordon said.
Gordon also encourages people to consider their risk tolerance and stability needs when making investment decisions for 2025.
In addition to these strategies, Gordon introduces the concept of “financial fire drills,” which are plans to handle unpredictable emergencies. He refers to them as the “6 L’s”: liquidity needs, long-term disability, loss of life, long-term care, longevity, and legal, liability, and legacies.
Gordon stresses the importance of having financial resources ready for emergencies, understanding employer benefits for long-term disability, and having life insurance policies in place.
“Don’t make your loved ones make the decision as to whether to keep you on a feeding tube or not,” Gordon stated. “Make that decision yourself. What happens to your kids if you and your spouse pass away? Don’t make the courts make that decision, you make that decision.”
By making informed decisions, Gordon believes individuals can achieve financial success in 2025 and beyond.
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