Start planning and stop worrying! In a recent Gallup poll, 60% of those surveyed said they worried about their financial future. There are a few simple steps you can take to help reduce your worries: Put aside some amount regularly in savings or other investments. The compounding of earnings can be substantial. The longer your investment period, the greater the beneficial effect of compounding. The Company Personal Money Service can help you design a budget to make saving easier. Don't ignore the impact of taxes on your investment. We will review your investment ideas with you and your investment advisor and suggest the best structure to maximize your after-tax return.
Diversify your investments. Have some of your money in an investment that is easily converted to cash in case of emergencies. The old adage "don't put all your eggs in one basket" is good advice when it comes to your investments. Review your portfolio with your financial planner or broker at least annually. Plan where you want to be financially by retirement age. The calculators listed below will help you determine your savings requirements. Once you know how much you need to save, put your plan into action. Over 90% of Americans must rely on the government or others for assistance during retirement. With proper planning and diligence, you can be among those who can retire in comfort. Pay off your credit card balance every month. Your credit card should be for the convenience of purchasing, not a source of permanent finance. The interest rates are much too high.
Monitor your investments to maximize your after-tax return. Use the calculator below to compare the long-term results of different interest rates. The difference that a 2% greater return can make in the growth of your investments is dramatic.
Have your insurance agent do at least an annual review of your insurance needs to determine that you are neither under- nor over-insured. Be sure to contact your agent when you buy or sell any property.
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Author : Jamie Lee |
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