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Rgstudio | E+ | Getty ImagesWhen it comes to financial resolutions, paying down debt is at the top of many to-do lists for 2025. But financial advisors who work with clients every day have their own wish lists for what they think should be top financial priorities for 2025. "Start slow and manageable with any new financial goals," said Lee Baker, a certified financial planner and founder, owner and president of Claris Financial Advisors in Atlanta. Bringing awareness to your spending can help ensure that you're making the most of the money you're taking in, advisors say. "Think about all the things that come up over the course of the year and plan for it early," said Baker of Claris Financial Advisors in Atlanta.
Persons: Lee Baker, Jude Boudreaux, Rianka Dorsainvil, it's, Ted Jenkin, Jenkin, Carolyn McClanahan, McClanahan, Cathy Curtis, Curtis, Lazetta Rainey Braxton, Tim Maurer, Maurer, Baker Organizations: CNBC FA, Claris Financial, YGC Wealth, Planning Partners, Curtis Financial, The Locations: Atlanta, Rome, New Orleans, Jacksonville , Florida, Charlotte, North Carolina
Yet, Wall Street's reaction to the election outcome does not reflect how many Americans feel about the state of their personal finances, some financial experts say. Feelings, however, should not overshadow anyone's focus when assessing the potential impact of a second Trump presidency when it comes to finances, advisors say. "Stick to your long-term financial plan, adjusting only when your personal circumstances or goals change." However, improving your personal economy is possible by taking better control of your money, experts say. Increase savings goals Boost savings goals in accounts that also offer tax breaks.
Persons: Sharon Epperson, Stocks, Donald Trump, Rianka Dorsainvil, Dorsainvil, Roth, Roth IRAs, you've, Lee Baker, Joe Biden Organizations: Federal Reserve, Dow Jones, Nasdaq, Trump, YGC, CNBC, Financial, U.S, Reuters Locations: Atlanta
We've explained how current high-yield savings accounts beat inflation rates, and what Fed rate cuts mean for your savings. How does inflation affect savingsIn order to understand how high-yield savings accounts beat inflation, you first have to understand what inflation is. Dixon says that, while high-yield savings accounts are good for shorter-term savings such as emergency funds, investing can be a good longer-term strategy — as long as you understand the risk. If your savings aren't kept in a high-yield savings account, the interest you earn on your savings could be outpaced by the current inflation rate. Using a high-yield savings account can help you save your savings from inflation because current high-yield savings account rates are higher than current inflation rates.
Persons: , We've, Patrina Dixon, there's, Dorsainvil, Dixon, it's, aren't Organizations: Service, Business, Federal Reserve, Consumer, Dorsainvil, YGC, CME, Am Locations: CFEI, U.S
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