Tom Meaglia photo

Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

March/April 2023

Financial Savvy Young Professionals

Lawyer or attorney working in office. Law and justice concept

You worked hard to begin your professional career. While higher education prepared you for this path, you may struggle managing a significant income for the first time. Managing your money consciously can help you avoid costly mistakes as you begin building a financially secure future. Consider the following to help you manage your money:


Avoid Lifestyle Creep
If buying an expensive new vehicle is your first impulse, fight it. Even an impressive salary is finite, and your take-home pay will be less than your gross income. Live within your means to avoid lifestyle creep – that’s when the more you earn, the more you spend – and you’ll build a secure future that may include future lifestyle purchases like this.


Resist Instant Gratification
Credit is among the most important areas to manage if you are to avoid lifestyle creep. Credit enables impulse buying of “wants” instead of “needs”. The problem is that high interest rates and making minimum payments can have you paying multiples of your purchase price over time. The solution? Don’t charge more than you can pay in full each month.


Compare Financial Alternatives
Paying off your credit card balance each month doesn’t mean you have to live a credit-free life. If you have student or car loans that are near a 0% interest rate, consider putting extra money in a company retirement plan instead of paying the loans in full.


Know Your Benefits
Employee benefits like a company 401(k) plan, health insurance and other group insurance benefits may cost less in your workplace than out of it. Learn about your benefits and take advantage of them.


Work with Professionals
You worked hard to learn your craft, so, it makes sense to team up with financial and tax professionals who worked long and hard to learn theirs. Trusted professionals can work with you to create a financial plan that addresses all your personal and business financial needs, based on your current situation and goals. Side benefits are you’ll free up some of your time while sidestepping lifestyle creep and building a more secure financial future as your income and assets potentially increase over time.


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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
Meaglia Financial Consulting and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.