John Kim is the Co-Founder and Co-Chairman of Syncis, an independent financial marketing organization. He established Syncis in partnership with Les Schlais in 2009 to help middle-income individuals and families understand basic financial concepts and to plan their financial future. Here are a couple of financial tips young professionals can use.
The first thing you want to do when you start working is to plan for your retirement. It is never too early to start planning for your retirement, and if the company you work for offers a 401 (k) plan, you might want to sign up for it. John Kim co-founded Syncis with the aim of helping middle-income individuals and families plan for the future.
Use Your Credit Card Sparingly
If you want to have a stable financial future, you will need to learn to exercise self-control and use your credit card sparingly. It is very easy to pay for purchases with your credit card, but harder to pay back the bills at a later point in time. By using your credit card, you are using your future earnings to pay for what you purchase today. If you keep a running balance on your credit card, you will be paying a lot through interest. Use your credit card sparingly and learn how to save for your future.
While a 401 (k) plan is a good start, it is not going to be sufficient to protect your financial future in case of emergency or critical health issues. Take the time to learn about life insurance with living benefits. You might want to speak to a licensed insurance agent for more information about how certain products can help in your planning.
John Kim is the Co-Chairman of Syncis, one of the top financial marketing organizations in the United States.