Raleigh, North Carolina — High inflation has left many people struggling to pay for groceries and housing, forcing them to choose between rent and utilities.
April is Financial Literacy Month, and Alan Porter, a financial expert and director of strategic wealth strategy, said the event is a great way to help protect yourself financially, not just for who you are now, but for the future. He said it helps with positioning.
“What I do is financial strategies that HNWIs have used, people that tax professionals have used for years, and what they do is tell clients about what they know about tax law. It’s about educating,” said Porter.
He says wealthy people know how to save money.
“If you don’t have a plan, you have to create one. Everything you do needs a plan,” Porter said.
“I found that 99% of my clients didn’t understand what I was talking about about taxes, Social Security levies, or Medicare Part B testing tools. There is a financial future,” he said.
Porter says there are four money lessons people can use right now to improve their financial literacy.
The first is to make a budget.
“At a minimum, you should take 15% to 20% of your money and put it in your retirement account. If your company offers a 401(k), get in the game. No, limit things like eating out,” Porter said.
Other tips include paying off debt, keeping track of your credit score, and thinking about your financial future.
Porter says there are ways people can follow these four steps and inspire themselves to achieve financial greatness.
“Well, education. We go outside the box and show them these uncomplicated financial strategies,” Porter said.