4 Factors that Can Affect Financial Standing 

When it comes to reaching long-term financial goals, many like to assume that everyone starts on equal footing. However, that’s simply not the case. Some people enjoy certain benefits that give them a “headstart” on the road to financial independence. And there are a few select factors that inordinately influence one’s financial standing. To that end, today we’ll zero in on what those factors are and explain what you can do to give yourself every opportunity to achieve financial success:

Education

There are two main sources for debt in the United States, and student loans are one of them. Indeed, millions of Americans struggle to pay off bills from their time at university; yet, at the end of the day, a college degree is almost a prerequisite for finding steady employment. As one can see, heading off to college is a bit of a catch-22. Plus, the field of study chosen can also have a big influence on the level of income a person can reasonably expect to make. Though there are exceptions to every rule, individuals with law and medical degrees will probably out-earn their cohorts with education and English certificates. 

Health

The other principal cause of debt relates to medical bills. True, you can take steps to look after yourself through activities like diet, exercise, and regular trips to the doctor. Still, medical expenses are almost inevitable, and they can be a big drain on a person’s income. This is why it’s imperative for all individuals to secure comprehensive insurance that covers a wide range of medical ailments. Thankfully, there are also private medical facilities that offer affordable tests that can help individuals identify diseases before they become a bigger problem. For example, you can find STD screening near you at private clinics that will help you protect your health and well-being. 

Location 

In the digital age, physical location still matters a great deal. Some cities are subject to greater economic fluctuations than others. What’s more, no two cities share the same cost-of-living. What constitutes a healthy wage in places like St. Louis or Indianapolis pales in comparison to what similar professionals make in cities like San Francisco or New York. Keep this in mind if you’re thinking about a career change or if you’re looking to grow a small business.

Upward Potential

Before you take any job, it’s a good idea to speak with someone who has worked there for a few years. Consider asking them the following questions:

  • Have you been promoted? 
  • Have you been offered a pay raise? 
  • Have you received increasing bonus offers? 
  • Have other businesses offered you a higher salary? 

Some companies simply do not offer the chance for upward mobility and are happy to churn through entry-level employees. Don’t waste your time and potential working at a business that has no interest in helping you advance.

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