Preface: There are some questions that are asked frequently by clients. If our clients are asking them, it means that others are likely wondering the same thing. Here are the three most common questions asked on a daily basis.
Questions Financial Advisors Hear the Most
How much should I be saving?
This is the number one universal question. No matter age, income, or financial stability, everyone who steps into the office asks this question. To answer this, we like to suggest the 50/30/20 budgeting rule. What this means is to simply divide your take-home pay into three categories to provide a framework for how that money should be allocated. With this model, half of your money goes toward “needs,” for example rent, utilities or insurance. Thirty percent is allocated toward discretionary spending such as vacation or going out to eat. The final 20 percent is what you should be saving.
Jordan Sowhangar | CFP®, wealth advisor, Univest Investments, Inc.