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Your Bank > Education and Advice > CNB University

How Life Choices Affect Your Financial Future

A Leszyk
Adam  Leszyk, CFP® is Vice President - Investment Officer and Financial Planning Officer and can be reached at ALeszyk@CNBank.com or 585-419-0670 x50682.

How you choose to live your life impacts your financial security. If you want a more secure future (and who doesn’t), take a close look at the choices you make. Positive changes now could significantly improve your financial future.

Your Career

If you are not completely satisfied with your responsibilities, salary, or career path, it’s never too late to switch careers. You may need to refresh your skills or go back to school for additional training. Or, you may want to stay in the same field but change employers. Update your resume periodically and make sure your skills keep pace with innovations in your career field. A long period of unemployment could destroy your financial security.

Your Housing Costs

While owning your own home is the American dream, being house poor is a nightmare for some Americans. The square footage of the average American home has grown steadily over the past several decades and so have the costs. If your mortgage, taxes, and maintenance expenses deplete a large part of your income, consider moving to a smaller house. What you save in housing costs could be significant over the long term.

Your Debt Load

With credit card offers arriving in the mail daily, it’s easy to get trapped in a vicious cycle of buying on credit and paying only the minimum every month. Soon, you’re paying more in interest than your purchase actually cost. Over time, credit card debt can have a devastating impact on your finances. But you can stop the cycle by paying off your balances and using cash for new purchases.

Your Insurance Coverage

Unfortunately, accidents happen. Sometimes cars crash, houses get struck by lightning, and people get hurt. Skimping on insurance could lead to financial ruin. Protect yourself and your assets with adequate insurance. In addition to home, auto, and medical insurance, make sure you also have disability insurance. If you are unable to work, disability insurance may replace a substantial part of your income. 

This material is provided for general information purposes only and is not a recommendation or solicitation to buy or sell any particular security, product or service. Past performance is not indicative of future investment results. Any investment involves potential risk, including potential loss of capital. Before making any investment decision, please consult your legal, tax and financial advisors. Non-deposit investment products are not bank deposits and are not insured or guaranteed by Canandaigua National Bank & Trust, or any federal or state government or agency and are subject to investment risks, including possible loss of principal amount invested.

CNB Insurance Agency is a wholly owned subsidiary of The Canandaigua National Bank and Trust Company. Products offered through CNB Insurance Agency are not deposits or obligations of, or guaranteed, or endorsed by, The Canandaigua National Bank and Trust Company. These products are not federally insured by the Federal Deposit Insurance Corporation or the Federal Reserve Board. Insurance Companies offering products through CNB Insurance Agency are independent of and not affiliated with The Canandaigua National Bank and Trust Company or CNB Insurance Agency.