{"id":1889,"date":"2021-09-10T13:59:30","date_gmt":"2021-09-10T17:59:30","guid":{"rendered":"https:\/\/www.skypointfcu.com\/wph\/workarea\/?p=1889"},"modified":"2021-09-10T13:59:43","modified_gmt":"2021-09-10T17:59:43","slug":"how-to-fill-in-your-financial-blind-spots","status":"publish","type":"post","link":"https:\/\/www.skypointfcu.com\/wph\/workarea\/blog\/how-to-fill-in-your-financial-blind-spots\/","title":{"rendered":"How to Fill In Your Financial Blind Spots"},"content":{"rendered":"\n<p>Knowing enough about money to cover your bills is a start, but it\u2019s not enough financial literacy to provide long-term security. Most of us eventually wonder what else we should be doing \u2014 and whether what we don\u2019t know could hurt us.<\/p>\n\n\n\n<p>\u201cWhen you have a blind spot, you don\u2019t realize until something blindsides you,\u201d says Mark DiGiovanni, a certified financial planner in Grayson, Georgia.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Identifying the gaps<\/strong><\/h3>\n\n\n\n<p>Self-assessments, like this&nbsp;<a href=\"https:\/\/www.nerdwallet.com\/blog\/financial-literacy\/?utm_campaign=ct_prod&amp;utm_content=980975&amp;utm_medium=wire&amp;utm_source=syndication&amp;utm_term=jsaenzmcefcu-org\">quiz adapted from the Financial Health Network<\/a>, as well as personal finance books and websites can help shine a light on what you don\u2019t know.<\/p>\n\n\n\n<p>Accredited financial counselor Bret Anderson of Morrison, Colorado, has spent much of his career helping incarcerated veterans get back on their feet and has also advised high-wealth clients. He says five things frequently predict who will manage money successfully.<\/p>\n\n\n\n<p>Two habits \u2014 saving and investing \u2014 are crucial, he says. Good money managers also:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Know how credit works.<\/li><li>Have a plan to build wealth and pay off debt.<\/li><li>Know what passive income is and how to create it.<\/li><\/ul>\n\n\n\n<p>If anything on that list is unfamiliar to you, that suggests a starting point for research. \u201cThere are plenty of resources just a Google search away,\u201d says Heather Winston, assistant director of advice and financial planning at Principal Financial Group.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Nail the basics, then keep learning<\/strong><\/h3>\n\n\n\n<p>Before you add complexities, be sure you are:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Saving. It\u2019s an essential habit.<\/li><li>Budgeting. If you don\u2019t have a formal&nbsp;<a href=\"https:\/\/www.nerdwallet.com\/article\/finance\/how-to-budget?utm_campaign=ct_prod&amp;utm_content=980975&amp;utm_medium=wire&amp;utm_source=syndication&amp;utm_term=jsaenzmcefcu-org\">budget<\/a>, check online for help creating one.<\/li><li>Planning for emergencies. You can\u2019t prevent unexpected expenses. But an emergency fund, excellent credit, insurance \u2014 or all of those \u2014 can keep them from devastating your finances.<\/li><\/ul>\n\n\n\n<p>Next, protect your money and access to credit. Here\u2019s how:<\/p>\n\n\n\n<p>Check your credit scores and reports, Anderson suggests. Lenders and potential landlords or employers may see those, so it\u2019s smart to know what\u2019s there. In addition, a big swing in your score or an account on your credit reports you don\u2019t recognize could suggest identity theft.<\/p>\n\n\n\n<p>You can check your credit reports for free&nbsp;<a href=\"https:\/\/www.nerdwallet.com\/article\/finance\/how-to-use-annualcreditreport-com?utm_campaign=ct_prod&amp;utm_content=980975&amp;utm_medium=wire&amp;utm_source=syndication&amp;utm_term=jsaenzmcefcu-org\">by using AnnualCreditReport.com<\/a>. Many personal finance sites and credit card issuers provide access to free credit scores.<\/p>\n\n\n\n<p>Keep your identifying information safe and practice good cyber hygiene. That means avoiding public Wi-Fi, being careful about what you post on social media, not opening email attachments or links you weren\u2019t expecting, and using strong passwords. Consider&nbsp;<a href=\"https:\/\/www.nerdwallet.com\/article\/finance\/how-to-freeze-credit?utm_campaign=ct_prod&amp;utm_content=980975&amp;utm_medium=wire&amp;utm_source=syndication&amp;utm_term=jsaenzmcefcu-org\">freezing your credit<\/a>&nbsp;\u2014 and that of your child \u2014 to reduce the likelihood that you\u2019ll be victims of identity theft. Setting alerts on your credit card accounts can also let you know when they\u2019re used.<\/p>\n\n\n\n<p>Learn to recognize scams. Scammers try to create a sense of urgency so that you pay first and think later. They know how to make phone, email or text communications seem real. Pause before acting, independently confirm the contact information and initiate communication yourself. And remember that no one legit asks for payment by gift card or prepaid debit card.<\/p>\n\n\n\n<p>Set goals for yourself and remember that those are individual. \u201cOne of the most critical lessons to learn is to stay focused on your needs, not on what someone who doesn\u2019t know you, your goals or your life is saying,\u201d Winston says. Consider working with a fee-only, fiduciary financial planner or a financial coach for help with identifying your own goals and path.<\/p>\n\n\n\n<p>Avoid overconfidence. If you\u2019ve had some success investing in a bull market, for example, you might not be an investing genius. Feedback from a professional may help you decide whether you were smart or just lucky, DiGiovanni says.<\/p>\n\n\n\n<p>Help your children become financially literate. And put guidance in language they understand, Anderson says. He recalls his mother putting money aside in a \u201crainy-day fund,\u201d which made no sense to him because where they lived, it seldom rained. Help children see how money is relevant, he suggests. Let them see how you make financial decisions, then let them make a few of their own.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Learn as needed<\/strong><\/h3>\n\n\n\n<p>You don\u2019t need to become a walking financial encyclopedia. There are things you may never need to know or that you can learn when they become relevant. Examples include:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Financial consequences of big life changes, such as marriage, divorce, parenthood or retirement.<\/li><li>Refinancing a mortgage.<\/li><li>Rent vs. buy decisions.<\/li><li>Saving for college.<\/li><li>Mandatory retirement withdrawals.<\/li><li>Income tax implications of side jobs.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Don\u2019t wait<\/strong><\/h3>\n\n\n\n<p>While no one wants to make a mistake, the costliest one may be waiting until you have \u201cextra money\u201d or feel more confident about financial decisions. The sooner you start saving and investing, the more compound interest can grow your wealth.<\/p>\n\n\n\n<p>\u201cPeople don\u2019t understand the time value of money,\u201d DiGiovanni says. \u201cEvery day you postpone is another day you will have to work.\u201d<\/p>\n\n\n\n<p><strong>More From NerdWallet<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.nerdwallet.com\/article\/finance\/how-to-prevent-identity-theft?utm_campaign=ct_prod&amp;utm_source=syndication&amp;utm_medium=wire&amp;utm_term=jsaenzmcefcu-org&amp;utm_content=980975\">Identity Theft: What It Is, How to Prevent It, Warning Signs and Tips<\/a><\/li><li><a href=\"https:\/\/www.nerdwallet.com\/article\/banking\/savings\/emergency-fund-why-it-matters?utm_campaign=ct_prod&amp;utm_source=syndication&amp;utm_medium=wire&amp;utm_term=jsaenzmcefcu-org&amp;utm_content=980975\">Emergency Fund: What It Is and Why It Matters<\/a><\/li><li><a href=\"https:\/\/www.nerdwallet.com\/blog\/finance\/advice-only-financial-planners?utm_campaign=ct_prod&amp;utm_source=syndication&amp;utm_medium=wire&amp;utm_term=jsaenzmcefcu-org&amp;utm_content=980975\">How to Find \u2018Advice-Only\u2019 Financial Advisors<\/a><\/li><\/ul>\n\n\n\n<p>Bev O\u2019Shea writes for NerdWallet. Email: boshea@nerdwallet.com. Twitter: @BeverlyOShea.<\/p>\n\n\n\n<p>The article How to Fill In Your Financial Blind Spots originally appeared on NerdWallet.<\/p>\n","protected":false},"excerpt":{"rendered":"Knowing enough about money to cover your bills is a start, but it\u2019s not enough financial literacy to provide long-term security. Most of us eventually wonder what else we should be doing \u2014 and whether what we don\u2019t know could hurt us. \u201cWhen you have a blind spot, you don\u2019t realize until something blindsides you,\u201d [&hellip;]","protected":false},"author":7,"featured_media":2045,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","attr_excerpt":["Knowing enough about money to cover your bills is a start, but it\u2019s not enough financial literacy to provide long-term security. Most of us eventually wonder what else we should be doing \u2014 and whether what we don\u2019t know could hurt us."],"footnotes":""},"categories":[4],"tags":[8,20],"class_list":["post-1889","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-how-to","tag-borrow","tag-savings"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Fill In Your Financial Blind Spots - SkyPoint Federal Credit Union<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Fill In Your Financial Blind Spots - SkyPoint Federal Credit Union\" \/>\n<meta property=\"og:description\" content=\"Knowing enough about money to cover your bills is a start, but it\u2019s not enough financial literacy to provide long-term security. 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