7 Steps to Manage Your Money - U.S. News & World Report

By Maryalene LaPonsie, U.S. News & World Report Contributor

January 6, 2020

Before you can start managing your money better, you need to know how much of it you have. "I don't think you can move forward without knowing where you are," says David Curry, a certified financial planner and principal and co-founder of East Paces Group, an investment advisory firm in Atlanta. He recommends people start with a comprehensive financial plan which can inventory your cash flow, income, savings, investments and more.

Save for Retirement

For those who don't have access to a 401(k) or other employer-sponsored retirement plan, an IRA offers similar tax benefits. In 2020, total contributions to IRAs can't exceed $6,000 for workers younger than age 50 or $7,000 for those age 50 or older…

…Regardless of which retirement account is used, don't make the mistake of selecting investments based on emotions. "Don't let fear and greed dictate your investment decisions," Curry says. Speak to a financial professional if you need help creating an investment strategy that matches your needs and goals.

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