Human beings are biologically hard-wired to deny what they know to be a reality. Life is hard, so self-denial may be preferable to hard truths. We usually do such things to protect self-perpetuating and preconceived notions. Like, convincing ourselves that eating junk food is fine while never exercising.
Or, believing that it’s OK not having a full understanding of the state of your personal finances. A lot of Americans are financially illiterate. You can’t get very far in life if you only know how to pay bills and absolutely nothing else about the tenets of personal finance. Most people don’t understand their own spending habits, never save money, never invest, or consider their potential retirement future.
According to a recent study conducted by the TIAA Initiative, only 51% of Americans are financially literate. Financial literacy is the ability to make informed, strategic, and beneficial decisions concerning personal finances. People who are financially literate are more likely to pay their bills and debts on time. Those who are financially literate are about 85% more likely to come up with $2,000 in the event of a financial or medical emergency.
Over 40% of Americans couldn’t come up with $400 if a financial emergency presented itself. Think about that. Could you pay for an unexpected financial emergency right now? Such stark statistics and more are proof-positive of America’s issues with financial literacy. The problem is getting worse because people have pride and are loath to change. Who wants to admit they have no idea how to manage money?
SAVVI Financial – Financial Advice Engine
Until I began using the SAVVI Financial and its online budgeting and financial advice engine. SAVVI Financial is a financial advice website that helps you to really confront your personal finance shortcomings. Then, the website will help you to create your own personal finance improvement strategies, budgets, and action plans. All you have to do is input your financial statistics.
Then the reality of your own personal finances will be revealed to you. Do you want to buy a home in 4 years? Or, pay off a child’s tuition bill in under a decade? Maybe your dream is to retire within a decade and begin traveling? Well, none of these goals can really happen if you can barely pay your bills, don’t save money, and are always one paycheck away from the eviction.
To improve your personal finances, and realize your financial ambitions for the future, you need a realistic self-assessment of your finances, budgets, and realistic strategies to enact action plans. With SAVVI Financial, you can finally put your personal finances within your control.
My SAVVI Financial Review
The SAVVI Financial website is designed to use your own personal data to create a customized budget and action plan to improve your own particular financial situation. There are no one-size-fits-all plans, budgets, or generalized financial advice. The only way that you can realize your full financial potential is through the strategic analysis of your own data.
SAVVI Financial was founded by a group of data analyst experts who are determined to help people like you take full control of their financial lives. This company was launched by people who are Ph. Ds, mathematicians, data scientists, and engineers. Most of them were educated and trained at the Massachusetts Institute of Technology.
On the SAVVI Financial website, you’ll be introduced to questionnaires, algorithms, and advanced computational processing that will crunch your personal finance data for you. The SAVVI team uses their professional, real-world experiences in finance analysis, healthcare statistics analysis, financial portfolio management, quantitative finance, and applied analytics to help you make informed, realistic, and customized life decisions regarding your personal finances.
The SAVVI Process
Registering on the SAVVI Financial website might sound intimidating or complicated, but it is quite simple. To be very honest, I too have struggled with financial literacy in my life. So, I decided to try SAVVI Financial myself to better explain how it works to you. After all, no one wants to be lectured about their inability to be financially responsible.
It is better to teach by experience instead of preaching. After I registered on SAVVI Financial, I was presented with a questionnaire. The SAVVI questionnaire is designed to get baseline data about your income, assets, holdings, investments, property, savings, retirement funds, and so on. Inputting as much financial data as possible will help the SAVVI system design customized budgets and action plans just for you.
Also, I was asked to input my income level, bank information, properties, debts, credit card payments, and so on. Inputting such information is voluntary. However, the more information you add, then the better the system will be able to help you. SAVVI’s system will ask you to link your bank account or credit card to get a better idea of your situation.
After I inputted my personal finance data, which is safe and will never be sold to third parties, SAVVI’s advanced computational processing and analytics algorithm system began to put together an assessment of my financial reality. Again, I should stress, there are no generalized, cut-and-paste budget plans on SAVVI Financial. All budgets and actions plans are tailored to your exact life circumstances.
The system analyzed my own financial reality. Like the fact that I rent instead of own property, the cost of my utility payments, and my insurance premiums. It asked how much money I saved from every check. Or, if I ever saved at all. The system asked about my spending habits, if I had any future financial ambitions, like buying a house, and if I was planning for retirement.
After inputting all of this information, the SAVVI system presented me with a customized budget and action plan. For one thing, the system advised me that I was not saving enough money and that I should consider adding more money to my emergency fund. The SAVVI system also advised me to consider making a large-scale investment, like buying a house. It is very hard to increase wealth by saving money alone, so, investing has to be part of the plan.
Take Control of Your Personal Finances Today With SAVVI
It was difficult to learn that maybe I have more to learn about financial literacy from the SAVVI system. But being an adult requires absorbing hard truths. In fact, before you can start registering on SAVVI Financial, the system will ask you a question: “How confident are you that you’re doing what’s needed to meet your longer-term financial goals?”
Only you can do what is necessary to improve your current financial reality. If nothing is changing in your life, then perhaps your mindset concerning personal finances needs to change. I highly recommend that you try SAVVI Financial today. It’s free and it only uses your own data to create an action plan that works for you, and only you.
This review was paid for by SAVVI Financial but all opinions and viewpoints are my own.
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Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.
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