Cortburg Speaks Retirement

Money Management for Career Success | Smart Income Strategies for a Secure Future

• Miguel Gonzalez, MBA, AIF®, CPFA®, CRC® • Season 2024 • Episode 229

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In this episode, Certified Retirement Counselor Miguel Gonzalez shares essential income management techniques to help you budget, save, invest, and plan for your future.

Cortburg Retirement Advisors is a boutique financial planning firm committed to helping you grow, protect, and preserve your assets from your first job to retirement. We specialize in wealth management, estate and tax planning, group retirement, employee benefits, insurance, and retirement planning to navigate any economic climate.

Miguel Gonzalez, a Retirement Specialist with 20+ years of experience, offers expertise in retirement income planning, investment management, and retirement plan design. With an MBA from Columbia Business School, and professional experience with JP Morgan Chase, Merrill Lynch, and more, Miguel is a trusted advisor for his clients.


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Welcome to Cortburg Speaks Retirement Podcast
with Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®

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Welcome to Cortburg Speaks Retirement

An audio podcast about investing in the stock market, financial planning, money management and retirement planning.  Each Wednesday, we help investors at all stages of life learn how to potentially grow and preserve their money from first job through retirement.

Now here is your host, Miguel Gonzalez.

 Good morning and welcome to the CORTBURG SPEAKS RETIREMENT audio podcast.   

Money management can help support career success – everyone can benefit from supportive financial habits that you put in place to get you on the proper track. 

Here are some income management techniques you may use to manage your future while working toward your goals.

1. Start with a Solid Budget - here's how to develop one that’s appropriate for you.

● Monitor How Much You Spend: Know where your money is going each month. Recognize what you spend on housing, food, transportation, entertainment, etc., and figure out where to save.

● Be in Control of What You Spend: Try to apply the 50/30/20 principle: 50% needs, 30% wants, and 20% savings or debt reduction payments.

● Add Emergency as an Item in Your Budget: Add an "emergency" budget line item to put money away for unexpected expenses you may have in the future.

2. Build an Emergency Fund

● Save Gradually: As your goal, target three to six months of living expenses to set aside. Start small and contribute monthly and regularly.

● Automate Your Savings: Schedule an automatic withdrawal to a separate savings account so you build your emergency fund with monthly deposits.

● Make it Easy to Access: Store this emergency money in an accessible account without restrictions, such as a savings account rather than an investment account or a bank CD.

3. Manage Debt Wisely

● Know Your Obligations: Know the terms, rates, and payments on all your loans and credit. This helps you make payments on schedule.

● When Possible, Refinance: Once you’re doing well financially and have built up a good credit rating, you may refinance to save on interest expenses. Watch out for hidden fees and any unwanted changes to your loan terms.

● Pay Down More: When you pay the loan, pay extra, especially on high-interest debt. This lowers your total interest payments and shortens your repayment period.

4. Invest in Professional Development

Self-investment is helpful for your career and income.

● Budget for Courses and Certifications: Career training such as certification or courses may help you land better-paying jobs. Save money regularly to pay for these.

● Set up a "Career Growth" Fund: Reserve a portion of your income for career development, like attending conferences, buying books, or joining industry organizations.

5. Prioritize Retirement Savings

● Don’t Miss Out on Your Employer-Funded Plan: If your company has a 401(k) plan or similar, contribute to it.

● Consider an IRA: If you don’t have access to an employer 401(k) plan, consider an individual retirement account (IRA). Even small monthly contributions add up over time. The earlier you start saving, the more time your money has to grow.

6. Set Clear Financial Goals

Make the effort to define short, medium, and long-term goals:

● Short-Term Goals: This might include creating an emergency fund, short-term savings, or paying down a specific debt.

● Medium-Range Goals: These might be larger aims such as a home purchase, a significant loan consolidation, or family savings.

● Goals for the Long-Term: Retirement planning and building wealth are the most common long-term goals for most people. Having an idea of your goals and revisiting these goals every so often is good for staying on track and making corrections where needed.

7. Seek Professional Financial Guidance

Getting advice may help you manage money as your earnings increase or when you struggle with finances.

● Hire a Financial Professional: Hire a financial professional familiar with your industry and economic objectives. 

● Plan for Taxes: Tax planning is helpful, especially as your finances become complicated. A tax consultant may help with deductions, retirement funds, and savings.

If you are not good at managing your income, it's never too late to start. You may improve your career trajectory and work toward financial goals by making intentional financial decisions. 

Make sure to visit our website, www.CortburgRetirement.com. Our site is filled with educational videos, eBooks, publications, and financial calculators designed to help you learn more about your finances.  As you search our site, send us a note regarding any questions you may have about any particular investment concepts or products. We will get back to you quickly with a thoughtful answer.

This is Miguel Gonzalez, Certified Retirement Counselor (CRC) and Managing Partner, with Cortburg Retirement Advisors signing off for this week’s educational podcast.  

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