Considering the ups and downs endured over the last couple of years, we could all be forgiven for hoping for our own slice of Irish luck. With the seemingly ever-lasting COVID-19 pandemic throwing the world into disarray, alongside the growing climate crisis and international unrest, things have been far from stable.
But, looking around for a four-leaf clover might not be the optimal approach to generating luck.
With March 17 nearly upon us, it will soon be time for the 33 million strong Irish-American population to come together to celebrate St Patrick’s Day. The day--a celebration of the rich history of the Emerald Islesymbolizes hope and unity for many.
So, how can we all get in on the “luck of the Irish” this St. Patrick’s Day?
Over 1-in-3 Americans felt hopeful about their finances coming into 2022, which is a great place to start. But how can we turn that hope into meaningful action?
Below are four tips on how to make your own financial luck.
New York Life’s New Year Outlook Wealth Watch Survey tracks America's feelings about their financial futures. It found that the top factor in creating financial confidence was the development of regular saving habits, and building up a rainy-day fund. 46 per cent of Americans rate a solid savings fund as crucial to financial security. If something unexpected should happen, instead of hoping to find a pot of gold at the end of a rainbow, why not fall back on a well-funded savings account instead?
2. Managing Debt
37 per cent of Americans note that managing debt is vital when it comes to feelings of financial confidence. With a solid financial strategy in place, managing debt doesn’t need to be a burden.
Burying your head in the sand and hoping for luck to strike is not an advisable approach when it comes to debt. Often, problems multiply over time--facing the issue head on is usually the most effective strategy.
3. Financial Guidance & Goal Setting
New York Life’s Wealth Watch also analysed the different generational priorities in relation to goals and professional guidance.
Want to learn about 401(k) and long-term saving plans, like many future-planners in Gen Z? Or are you one of the 1 in 3 millennials currently seeking in-depth advice about an efficient financial strategy? Or, perhaps you’re a baby boomer, on the hunt for new financial products that can help you achieve your long-term goals?
Whatever your generation, and whatever your goals are, guidance and advice is a sure-fire approach to securing your financial future. Ask for help, learn from professionals, and find products and methods that suit your financial strategy. Luck will be just around the corner.
4. Life Insurance
Future planning should include life insurance. An annual life insurance premium is a small price to pay to ensure that your family is taken care of, with enough money to pay off any debts and cover bills and daily expenses if you're no longer around.
Not only will you get peace of mind, but it will also mean you can celebrate, checking it off your protection planning to-do list--perhaps with a green beer or, even better, a green kale smoothie.
Who needs luck when you've got life insurance?
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