Ways to be more financially literate - WALB.com, South Georgia News, Weather, Sports

Ways to be more financially literate

Georgia ranks as one of the least financially literate states. (Source: WALB) Georgia ranks as one of the least financially literate states. (Source: WALB)
Try setting up an emergency fund to help you pay for unexpected expenses. (Source: WALB) Try setting up an emergency fund to help you pay for unexpected expenses. (Source: WALB)
Vic Sullivan, Branch Manager and Financial Advisor for Wells Fargo Advisors (Source: WALB) Vic Sullivan, Branch Manager and Financial Advisor for Wells Fargo Advisors (Source: WALB)
ALBANY, GA (WALB) -

A money management site recently ranked Georgia as of the least financially literate states.

Georgia is thirty-six on the list, according to WalletHub.com

Luckily, it is never too late to become more financially literate.

Local financial advisor Vic Sullivan says, “Taking care of your own financial well-being, your own financial health, is a responsibility each of us has.”

He suggests putting together a financial plan.

Sullivan says the first step is understanding what you want.

“Then you can come up with a plan on how to get it,” Sullivan adds.

After you know what you want then it is important to begin setting goals for yourself.

“But if you’re just trying to randomly hope that everything works out, for most people that doesn’t seem to work,” Sullivan advises.

He recommends to create an emergency fund, a separate fund that consists of three to six months of living expenses, so consumers have something to pull from when they have those unexpected expenses.

Also, plan ahead when it comes to your retirement.

“The number of people that are truly prepared ultimately for retirement is frightening low,” Sullivan adds.

Setting those long-term goals could help with your financial security in the future.

If you would like to learn more about putting together a financial plan, Sullivan suggests visiting a local financial firm.

Copyright 2016 WALB. All rights reserved.

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