Having a good financial foundation

RICHMOND, Va. (WWBT) - How do you know if you are on the right financial track?

Michael Joyce with the Richmond financial firm Agili says there are a few metrics that let you know. “One of my favorite ones is to put money into your retirement account right away. It’s something I told my older sons when they got their first jobs. I said just put 10% of your pay into your 401k plan that way you’re never going to miss it,” Joyce said.

Another metric? Especially when you’re starting out is to have 3 to 6 months of expenses put aside in a low-earning savings account. Something that you can access quickly in a financial emergency.

Finally, have a credit card, but don’t keep any debt on it. Joyce says if you use it pay it off immediately each month.

It’s good to know that you not only qualify for one but that you have it for an emergency as well.

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