by 卡塔尔世界杯常规比赛时间 research
your low-income clients really need your advice, often at a basic level.
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here are 10 things to tell them, balancing encouragement with practical, actionable advice to help them strengthen their financial footing.
1. every dollar counts: reinforce the notion that small changes – like tracking expenses or cutting hidden fees – add up over time. suggest steps the client can take.
2. claim every credit you qualify for: clients need to know that programs like the earned income tax credit (eitc) and child tax credit can significantly reduce their tax burden. tell them what they qualify for.
3. filing a tax return still matters: point out that even if they don’t owe taxes, filing ensures they can get refunds and credits they’re entitled to. failing to file calls the attention of the irs.
4. avoid payday loans and predatory lending: give the client a serious warning that these quick fixes cost far more in the long run. find out why the client is using such services, then offer them safer alternatives.
5. build an emergency fund, even if small: encourage clients to put aside something, even if just $5 to $10 a week. suggest the best ways to store these funds.
6. take advantage of public benefits: do your clients qualify for housing assistance, snap, medicaid or other programs? help them avoid leaving money on the table.
7. consider free or low-cost banking: advise clients on credit unions and online banks that offer no-fee accounts that can lower expenses.
8. tax withholding adjustments can help: help the client figure out a paycheck withholding amount that maximizes take-home pay while preventing tax debts next year.
9. plan for debt repayment: if a client has debt problems, help them devise a plan to balance high-interest debt reduction and current minimum balance payments.
10. financial health is a journey: drive home the point that progress may feel slow, but consistency and smart choices today create stability for tomorrow. encourage them not to journey down the wrong roads!
low-income clients are often very busy with various jobs. financial planning is not a priority. use this listicle to guide them toward higher income and prove your worth as a financial advisor.