Grandparents are famous for spoiling their grandchildren. And it’s so easy when they’re young. But what about larger gifts, such as contributing to their college fund or helping them buy their first car? While financial gifts can give your grandchild a head start in life, there are things to consider.
Retirement is a goal everyone strives to achieve, and the sooner, the better. After working hard and setting aside money for years, you deserve to enjoy your golden years. But what if the opportunity to step away from the workforce comes sooner than you expected? While most dream of early retirement, are there drawbacks?
Time is your best friend when it comes to saving for retirement. The longer your investments can grow and compound, the greater your nest egg will be once you retire. But people often overlook the benefits of specific tax-advantaged retirement accounts, such as IRAs. The sooner you being utilizing these accounts, the greater your tax savings will become.
Finding ways to save more money should always be a financial priority. However, you can only trim expenses so much before it feels like you’ve cut all the fun out of life. Luckily, boosting your savings doesn’t have to be so drastic. Instead, it all comes down to how you save – not necessarily how much you put aside.
Today, most mortgages have terms that extend up to 30 years or more. While this makes the monthly payments affordable, decades of interest payments can add up to a substantial sum. A common question among homeowners is whether they should pay off their mortgage early. It can be a tricky question to answer.
A question that lurks in everyone’s mind is, “How much money do I need to retire?” While it’s a simple question, the answer is anything but that. Unfortunately, there is no magic number or one-size-fits-all solution. Everyone’s number will vary due to a multitude of factors. But several methodologies can help you determine a ballpark figure to assist with planning.
Estate planning is one of the most considerate actions you can take on behalf of your loved ones. It helps ensure your final wishes are enacted, your assets are distributed as you intended, and your children or pets are placed in the care of those you trust. And, thanks to technology, the process is easier than ever.
Starting the new year off on the right financial track is a wonderful feeling. But to get there, you’ll need to put aside a little time to wrap up the current year and start preparing for the next. Here’s a checklist of ten items you should review as the year comes to an end.
The greatest challenge with retirement is that the road to get there is long. With a goal so far on the horizon and the multitude of obstacles life throws at you along the way, it’s easy to become distracted and stray from your retirement plan. Regardless of where you stand right now, it’s wise to review the mistakes others made before you – allowing you to avoid them yourself.
While there are many avenues to invest money in the markets today, the two most popular are either doing it yourself or with the help of a financial advisor. To bridge the gap, fintech and investment companies are creating a new way to invest through sophisticated programs called robo-advisors.
