CHICAGO (WLS) -- Do you have high debt and low savings?
There are things you can do right now in 2020 to make sure your finances are in order.
ABC7's Consumer Investigator Jason Knowles consulted financial investment management company Charles Schwab in Chicago for tips on how to ensure long-term success.
First, make sure you have six months of emergency savings in case anything goes wrong.
The start of the year is also the perfect time to make sure you are increasing your 401k or IRA contributions. If you can, max it out.
Lastly, review your portfolio and your 401k accounts. Talk to an agent and see if you can do this for free.
Try to assess your total savings, and consider whether you're taking too much or not enough risk.
How to conduct a checkup on your finances this year
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