How Much Time Do You Spend On Your Personal Finances?

If you’re like most people, it takes a serious setback like a job loss, a stock market crash or a major medical issue before you take time to consider your personal finances. As much as people plan to be prepared for the future, relatively few are actually doing it.

A study done by Northwestern Mutual and sited in an article posted on fool.com said, “48% of Americans want to be financially prepared for the future, but 97% aren’t making time to do so.” 

It’s Complicated

The article explains that although “people may want to get their finances in order, their actions don’t quite match their desires. In the same study, 48% of people also say that they’re unclear on how much they can afford to spend now vs. how much they should be saving for later.”

Related Article: Millions of Americans Are Not Ready For Retirement

If you don’t know how much can be spent or how much should be saved, it leads to other financial problems. Another part of the study shows the breakdown of how many paychecks can be missed before financial obligations are affected. You could say the chart below shows lack of planning with 49% responding “Not Sure.” Do they really not know how long they can go without a paycheck before their finances are in danger?

So, it usually takes a serious event to get our attention, which makes us focus on our personal finances. What are we doing instead? The following chart shows what the 2018 American Time Use Survey found. See if you fit the averages.

From the article posted at fool.com, it continues, “According to the American Time Use Survey, people spend about 95 times as much time watching TV (two hours 50 minutes) as they do managing their household finances (less than two minutes).”

Does this show what’s actually important to you?

Set Goals And Be Prepared

Part of your time spent on personal finance needs to include setting goals so you are prepared for the future. This can include limiting your current spending. Then, you’ll have money to invest for your retirement or for emergencies. Get your finances in order by making a plan now.

AI: A Great Solution Automated Stock Trading Investments

When your goals are set and you’re ready to invest, iFlip is a good solution. iFlip uses Algorithmic Intelligence (AI) trading software. This basically takes control of the retirement and investing part of your personal finances. 

With their automated trading software, it’s a set-it-and-forget-it type of investment. iFlip’s algorithmic trading software takes care of the risk management over time. You shouldn’t have to worry about the money you’ve invested.

Of course, you can check on your investment at any time, especially with the upcoming Mobile Trading App. Using AI, it can trade for you or you can trade with a swipe of your finger. Having iFlip’s Mobile Trading App readily available on your phone might make it easier to spend a little more time on your finances. Even if you’re just watching your iFlip account grow!

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