Category: Future Planning - Page 7

Make Your Retirement Money Now

The best reason to start saving for retirement now is that your money will grow right away. The money your savings earn this year will keep growing for many years in the future. It‘s this cumulative effect of saving over time that makes today’s $1,000 contribution to your retirement plan much more valuable than the $1,000 you might sock the day before your retirement. Why Take Responsibility for Your Retirement Early? Imagine you just turned 25. If you were able to save just $250 per month in an investment account earning 5% APY, by the time you hit your 65th birthday, your savings would be over $370,000! But if you waited until you were 50 years old and plan to still…

January 19, 2021Future Planning No Comments

Building Good Financial Habits for Life

Where do you see yourself a year from now? Hopefully, you see yourself better off financially. But resolutions and goals with no plan are bound to fail. While it’s reported that around 73% of Americans plan to start the new year with resolutions, about 12% of them don’t even think their goals are possible. In fact, an average of 80% of us don’t meet our resolution goals. But failing to meet your resolution doesn’t make you a failure. In fact, you’re an amazing person who might not have an amazing plan. We want to see you live your best financial life as much…

January 4, 2021Borrowing Basics, Future Planning, Wallet Wins 3 Comments

4 Smart Ways to Use Your Stimulus Check

If you are fortunate enough to have a secure job during this COVID-19-related economic downturn, you might not need the stimulus money offered to struggling American families. While everyone could use the extra money, here are four wise tips for using your stimulus checks: 1. Pay Your Most Important Bills First. Some families are hurting right now. If your family is among them, prioritize and pay the most important bills first. If feeding your family is most crucial, then use the money to buy groceries. Otherwise, prioritize your bills according to need. Just be aware that deferments and forbearances must eventually be repaid. 2. Build Up Your Savings. There’s nothing wrong with putting your money aside for a rainy day. Today is a rainy day for millions of Americans. If you’ve kept your head…

September 21, 2020Future Planning, Wallet Wins No Comments

Financially Preparing for the Unknown

Predicting the future down to every detail is impossible. Now more than ever, people are questioning the future of their health, finances, and careers. We understand this is troubling. One lesson you can learn as you look ahead is how prepared you are for financial uncertainties. Many events in life are unpredictable, but you can plan financial stability through sudden setbacks. Here are a few tips to help you plan for the unknown and improve your current financial life: Stick with Your Savings Plan. If possible, keep working as much as you can. If there are other opportunities to earn extra money during this time, go for it. Then, save all you can and limit unnecessary spending. This will help you build an emergency fund. While it may be tempting to spend your stimulus check, put it into savings instead. Since the future is unknown, it’s better to have emergency funds to fall back on if…

September 14, 2020Future Planning, Wallet Wins No Comments

IRA Investing for Beginners

Although many employers offer 401k and other retirement options, it’s a good idea to set aside personal funds as well to ensure you can enjoy retirement the way you want to. A great place to start is to invest in an IRA (or Individual Retirement Account).  What is an IRA? An IRA is a personal savings account set up specifically for retirement. Employees under the age of 50 can contribute up to $5,500 a year into an IRA – after age 50, you may contribute up to $6,500 a year. Because it’s designed for use during retirement, there are specific…

June 25, 2020Future Planning No Comments

4 Investment Options You Should Know About  

The investment world can be as complex or simple as you would like to make it.  There are many options available from which to choose when you have your investment plan ready to implement.  Let’s look at some of the different investment tools available in more detail so you will have a better understanding of each. 1. Stocks Stock is purchased as an investment in a company with the understanding that the company will be profitable, and the stock price will go up.  The value of stock is dependent upon the market conditions at the time of purchase and the time of sale.  Most people hope…

June 22, 2020Future Planning 1 Comment

Smart Tips for Investing in Your 401(k)

How can you make the most out of your 401(k)? Take a look at some ways to maximize this important investment: Meet regularly with your financial advisor. The best strategy you can take to maximize any investment is to get professional assistance. A financial advisor will discuss growth strategies with you and encourage you to make smart choices with your 401(k). Furthermore, they can help you with any other current or potential investments you may have. Most advisors suggest meeting with them semi-annually or annually to review your entire investment portfolio. Be sure you understand the rules and contribute to the limits if you…

May 27, 2020Future Planning No Comments

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