The decision to start investing is, by all means, a great one. But it only promises success if you take the time to determine which investment strategies will work best for you. Each approach is different depending on the person's goals, age, income and risk tolerance. If you are saving up for retirement vs. college tuition, for example, your strategy will look entirely different. There are different investments for short and long term results. Once you open your brokage account there in much to consider. Deciding on an investment strategy that works for you will be the key to financial success.
Let's be honest, no one likes to think about planning and saving for retirement. The thought of putting your hard earned money away to an account that you cannot touch until you are 65 isn't a desirable concept, but it's oh so very necessary! You have to find a financial balance within your retirement account for it to grow. A Roth IRA could be the best tool in your retirement portfolio and you may not even know it.
Whether you are new to retirement saving or a seasoned veteran, a Roth IRA can be a welcomed addition to your portfolio. Along with your 401(K) and traditional IRA, this account will allow for increased flexibility with your current retirement planning.
To new parents, “they grow up so fast” is a familiar saying that doesn’t seem to apply to them. However, seasoned parents can get hit hard with the reality of it when all of a sudden our teetering toddler is a high school senior walking away in his cap and gown. Empty nest syndrome moves in, and we struggle to adjust to that new life. It’s all the harder for those who find themselves looking at an empty nest egg to go with it.
When I was in my 20's, I thought I had it all figured out. I was finally living on my own and making enough money to support myself, but little did I know I was also setting myself up for financial failure. My careless financial habits and frivolous daily purchases were going to snowball into a mound of debt that I wouldn't be able to get myself out of. They say hind sight is 20/20, but if I knew then what I know now, I would probably be living on easy street. Here are the biggest financial mistakes from my 20's that you should avoid at any age.
I was very fortunate to have the opportunity to start investing in stocks as a teenager. That early start is what led me to pursue a degree in finance. When I began modeling at the age of 15, I quickly started thinking about the future, and I knew that my interest bearing savings account was not going to be the answer to my financial freedom. I often wondered,"How do I start Investing?"
I overheard a conversation between my mom and her friend about investing in stocks and hearing them discuss double-digit returns had me very intrigued. That conversation cracked the door to the whole new world and connected me to a financial advisor that opened my first investment account. If you are looking to start investing, but are unsure of the path to take, my advice below may be the guide you are looking for.
Spring – just the mention of the word puts a slight smile on my face. Financial review - now those words can channel a dramatically different expression. Spring has always been a great time to clean out the old and start fresh after a long winter. This renewal should extend to your financial practices as well. It is the optimal time to review your finances to ensure you are on the right track for rest of the year. Here is my Spring Financial Checklist to help keep you smiling all season long. 