Manage Money Wisely:

Timeless Lessons for Today’s Turmoil

Despite leading market indices regaining almost 10% since the start of the year, there is still plenty of pessimism surrounding the economic outlook, and consumers continue to fret about long-term inflation.

In fact, in the obstacle course of finance, many people are trying to take finances into their own hands.

In this article, we'll examine some core tenets of wise money management and, with the help of expert input, identify habits and practices that contribute to wealth and security over the long term.

“Build a separate emergency fund, aiming for about three to six months' worth of living expenses,” advises Jorey Bernstein, CEO of Bernstein Private Wealth.

Saving for a Rainy Day

“This money should be readily accessible and not subject to market risk… avoid tapping into retirement funds unless absolutely necessary. Penalties and tax implications often make this a costly move.”

Debt Burden

In the course of one's life, owing some level of debt is nearly inevitable. Handled correctly, however, it can be turned from a destructive to a constructive force in financial life. 

“Overcoming the hurdle of debt involves understanding the cost of debt, making a plan to pay it down, and learning to use credit responsibly,” says Jorey Bernstein, CEO of Bernstein Private Wealth. 

“In reality… Mortgages and student loans can be considered “good debt” as they are an investment in your future,” he adds. “While it's important to pay off high-interest debt, you also need to balance this with savings and investments for the future.”

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