How to be Financially Successful

March 31, 2019

 

 

By: Salwan Salem & Christina Salem 

Guest writer to Salem’s Vision 

 

7 easy steps to slowly build yourself to a better financial future. 

 

Step 1: build emergency fund $1000 minimum (justtt in case)
Step 2: pay off all debts (for me, it’s student loans)
Step 3: build REAL emergency fund 3-6 months (covering all expenses) add up how much you make monthly and subtract your bills and expenses than multiply by 3-6 accordingly.
Step 4: save up to buy a house. Put 25% down 15 years fixed mortgage only. Don’t spend more than half half total annual income.  Ex: on owning a car, boat, motorcycle, jet ski, etc and to own a house it has to be 25% down 15 years mortgage fixed interest rate and the monthly payment includes Taxes and insurance it should not be more than 25% of your annual income
Step 5: mutual funds/IRA 10-15% and 401k (get your retirement SET)
Step 6: pay off house while contributing to IRA over 15-year fixed.
Step 7: contribute to IRA and vacation funds

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©2019 by Salem's Vision.