The Top New Year’s Resolution: Avoid These Financial Pitfalls

After more than two and a half years of struggling with high inflation, financial analysts are urging Americans to make building a solid nest egg of savings their top New Year’s resolution. The prolonged period of high inflation has created severe financial stress for most U.S. households, as they are forced to pay more for everyday needs like food and housing. Low-income households have been particularly hard hit.

 

Despite the economic volatility in 2023, a recent study by USA Today found that more than four in five Americans feel some level of positivity about the U.S. economy going into 2024. However, Real Estate Developer, Serial Entrepreneur, TV Producer and Talk Show Host Dee Brown warns that there are several steps all households must take to help secure their financial foothold.

 

According to Brown, securing a financial future should be a priority for families. To assist with this, Brown recommends the following three steps:

 

1. Establishing an Emergency Fund: Setting aside a portion of income into an emergency fund can provide a safety net for unexpected expenses and financial hardships.

 

2. Budgeting and Expense Tracking: Creating a detailed budget and tracking expenses can help families prioritize spending, identify areas for saving and avoid unnecessary financial stress.

 

3. Investing in Retirement Accounts: Contributing to retirement accounts such as 401(k)s or IRAs can help build long-term financial security and ensure a comfortable retirement.

 

By taking these steps, Brown believes that households can secure their financial future and mitigate the impact of high inflation and economic volatility.

 

 

“Building a solid nest egg of savings is a lifeline in times of economic uncertainty. By establishing an emergency fund, budgeting wisely and investing in retirement accounts, families can take control of their financial future and secure their foothold in today's challenging economy.” -Dee Brown

Dee Brown is a multifaceted entrepreneur, award-winning producer, director, writer, author, talk show host and philanthropist. He is the Founder and CEO of the P3 Group Inc., the nation’s largest African American owned, public-private partnership real estate development firm. Brown has amassed more than 30 years of solid, record breaking experience in real estate sales and development, management, construction, infrastructure, water/sewer and environmental projects in the private and governmental sectors. He also serves as the Founder and Chairman Emeritus of the nonprofit Brown Foundation Community Development Corporation.

 

Brown holds a bachelor’s degree from the University of Memphis, an MBA from Bethel University and numerous professional certifications. He is a lifetime member of Kappa Alpha Psi Fraternity Inc., NAACP, Producers Guild of America, National Academy of Television, Arts & Sciences, the International Documentary Association and Entrepreneur Leadership Network. He also serves on the Documentary and Nonfictional Committee for the Producers Guild of America. As a contributing writer for Forbes.com, Entrepreneur.com, Metro & Peoria Magazines, Brown shares his insights and vast business experience with readers around the world.

He is also a proud 2023 recipient of President Biden’s Lifetime Achievement Award.
Dee Brown is also the Executive Producer and Director of Tiger Run: The Untold Story. This highly acclaimed documentary compiles interviews, game footage and other behind the scenes video of Coach Prime — NFL Legend Deion Sanders — and showcases his mission to transform the lives of players at Jackson State University at its annual Pro Day event. https://deebrownceo.com/