A midyear financial checkup is vital to retirement planning.

Real Estate Investing for Dummies

[tag]Interest rate[/tag], [tag]inflation[/tag], [tag]financial market and pension[/tag] worries make a midyear [tag]financial checkup[/tag] more important than usual this year. Even if you made New Year’s resolutions for your money, the scenario has since changed and your family situation may have too. Unfortunately, many Americans don’t know where their money goes each month, which is a hazardous situation now that we’re entering a period in which inflation could rise even further.

Debt can land your finances in trouble. U.S. consumer credit is at a record high $2.17 trillion and growing at its fastest clip in a year, according to the Federal Reserve. Credit card debt, in particular, is destructive because it can easily balloon out of control. Examine all that you owe and pay off highest-rate debt first. Develop a plan to pay down credit card bills, loans and car payments as quickly as possible so that in the long run you have more to invest. Next select your financial goals. Choose short- and long-term targets so it doesn’t seem like an endless treadmill. Write everything down and reassess progress every six months.

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