Jonah Engler shares his thoughts on the future of Personal Finance.
Plot a Personal Finance Future Sooner than LaterIn the early 1980s, the first company-provided 401Ks became the new financial vehicle that would plot a personal finance future. Those new to 401Ks soon learned they could invest in their futures by a simple 401K payroll deduction. Yet, the future of personal finances isn't totally enveloped in these types of retirement savings plans. For example, at the outset of these plans, employer contributions were a near match to that of the employee. Over time, that match has been reduced in many companies to under 10% of the employees contribution. Always, there are issues beyond the control of the individual that often create an impact on their personal financial future. Inflation is one, economic slow down another and changes in employee benefit like the 401Ks is yet another.
The future of personal finance is never decided en masse. It's a very personal decision. If there is a way to secure the future of personal finance, the clue may be "timing." The timing of decisions that impact the future of personal finance requires study and acute calculation of achieving the most desirable results.
Decisions on buying a home, auto or other major financial purchases are largely driven by timing. Financial planning should always take risk into consideration to effect desired results. It is never a good idea to make any decision in haste or without prior deliberation. Such precarious decision-making can be devastating to the future of personal finance.