Ameriprise Financial private wealth adviser Jill Williams outlines her top strategies for financial security on Wealth.
Williams advises understanding your “burn rate” — the total monthly cost of maintaining your lifestyle. She explains that this enables better preparation for saving for unexpected challenges. “You don’t do this overnight; you do this over time,” Williams notes, recommending that individuals have savings equivalent to 6-12 months of fixed expenses.
“[It’s] really important to be prepared for what may happen,” she advises, particularly highlighting the importance of having a financial safety net in case of job loss. Williams encourages immediate action, stating, “You have to plan for the worst and hope that you’re disappointed.”
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This post was written by Angel Smith
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