Are You Honest With Yourself About What You’re Spending and Saving?
Key Takeaways A significant percentage of millennial and Gen X investors lie about their spending or saving habits. However, millennial investors rank honesty as the most important quality in their financial advisors. Without honesty, you can’t expect progress.
Should You Be Your Own Stock Trader?
Key Takeaways Brokerage firms have recently stopped charging fees for stock trading, in an effort to attract more millennial investors. These fees were never very high to begin with, so this shift is more a change in principle than anything else. Investors who decide to take stock trading into their own hands may want to […]
Do You Know How Much You Should Be Saving For Retirement?
Key Takeaways Down the road, in retirement, you may want to abide by a safe withdrawal rate to ensure you don’t run out of money. A safe savings rate might be more relevant to you if you’re decades away from retirement. If you’re delaying saving for retirement, you might be surprised how much more you’ll […]
How to Get the Most Out of Saving for Retirement
Key Takeaways Compound interest is a powerful thing. If you’re not participating in the stock market, you’re likely missing out on the power of compound interest. The recommended guideline of saving 15% of your income for retirement makes the assumption that you’re earning compound interest.
Do You Have a Will to Protect Your Family?
Key Takeaways A whopping 78% of millennials do not have a will or advance directives in place. Without these, your loved ones may run into legal issues if you become incapacitated or pass away. Think of a will as a love letter to your family, taking care of them after you’re gone.
The Impact of Millennials’ Spending and Saving
Key Takeaways The millennial generation is the largest part of the workforce in our country right now. As millennials age, the amounts they’re saving and spending are changing. These saving and spending changes are impacting our economy and will continue to do so for several years.
The Downfalls to Target Date Funds
Key Takeaways Target date funds are a kind of “set it and forget it” way of investing for retirement. This approach doesn’t take into consideration all the variables about an investor, outside of his/her age. A better approach is to examine one’s specific circumstances when deciding how to invest.
Found Money: Your Health Savings Account
Key Takeaways Health Savings Accounts (HSAs) are tax deductible, tax deferred, and tax-free when used for health or medical-related expenses. Many people don’t realize HSA funds may be used for retirement. Once you’ve reached your limit on 401(k) contributions, your HSA may be an option for additional retirement savings.
The Importance of Risk Management
Key Takeaways When you’re examining your finances, risk management is an important part of the big picture. We have insurance for a number of things in our lives, but might be overlooking some that could have devastating effects if you need them and don’t have them. Disability, health, and life insurance are key for peace […]
3 Things You Need to Do to Be Successful
Key takeaways Rational optimism is far different that the stereotypical optimism. Successful people have a reasonable tolerance of risk. Become a rational optimist to be successful in your endeavors.