How to balance the everyday, short-term and long-term financial needs

With many financial obligations binding you and your family, it’s understandable that some plans and goals will need to be pushed back for others. Sometimes, it might seem intuitive to start with meeting the most urgent or frequent financial needs – like paying the bills and expenses that recently come up. After that, short-term saving goals like future big purchases may seem more obtainable and … Continue reading How to balance the everyday, short-term and long-term financial needs

The bottom-line on benefits and your bottom-line

Over the past 3 weeks, we have discussed the importance of several key employee benefits – health insurance, the retirement plan, and disability insurance. There are MANY more possible benefits to consider, and every employer will offer a different combination. The best advice?  Take your time, ask questions, and enroll in all of the benefits that help you earn and protect your income– and help … Continue reading The bottom-line on benefits and your bottom-line

Advice for College Graduates – Part Two

To continue with our series, there are more benefits to look into at your first job, other than your health insurance policy (which we discussed last week).  Although your working days are just beginning, it is never too early to think about your retirement. Ask about your company’s retirement plan immediately. The most common account is called a 401(k) plan. The majority of working Americans … Continue reading Advice for College Graduates – Part Two

College Graduates – Pay Attention!

The class of 2012 will graduate with more than two-thirds of students in debt of an average of $25,000 in student loans! According to a recent article by the Wall Street Journal, this student loan debt is in addition to the average of $4,000 in credit card debt. Whether you have a job lined up or not, it is your job to: Establish a plan … Continue reading College Graduates – Pay Attention!

Five Ways to Ruin Your Financial Life

Many of times we don’t consider the everyday aspects of life and how they may impact our finances. There are major mistakes that people make all the time that jeopardize their financial careers. Here are five mistakes that are easily avoidable: Excessive spending and debt – Many people use credit cards to pay for items they cannot really afford. Most of the time, people don’t … Continue reading Five Ways to Ruin Your Financial Life

Turn Unexpected Income into Savings for your Future

Tax rates have changed this year, and many people will see a slightly smaller tax bill due to this temporary reduction in Social Security taxes. This translates into an increase in your take-home pay. Instead of spending this money, start (or increase contributions to) a retirement plan. You can also always begin a savings plan. This is a great opportunity to do something for your … Continue reading Turn Unexpected Income into Savings for your Future

Year-End Tax Tips

As reported on abcnews.com, here are some tips on savings for the upcoming tax season: Invest in a retirement fund – most tax experts suggest this because it is an easy deduction. Taxpayers may invest in an IRA account until April 15 or a 401k plan until December 31. Charitable giving – this is good for your taxes and society. Taxpayers can deduct most charitable … Continue reading Year-End Tax Tips

Put Your Priorities in Order -Save for Yourself First!

According to Employee Benefits Research Institute, many Baby Boomers and the Generation X-ers will run out of money for basic needs early in retirement– many within 10 years of going into retirement. And current studies show Millennials are on the same path. How upsetting to be ready to retire – but learn you have to continue working to make ends meet. Or worse yet – … Continue reading Put Your Priorities in Order -Save for Yourself First!

Reasons to Contribute to your 401(k): Week 4 of 4

Last week we discussed why tax breaks are a great motivation to contribute to a 401(k). In this fourth and final week, we will discuss our last reason why you should contribute.

Reason number 4: Your money can go with you, job to job – If you change jobs, you can put your money into your new employer’s 401(k) plan, or roll the money into what is known as a Roth IRA. You have 60 days to rollover the money; after that time you have to pay taxes on that money and a 10% penalty if under the age of 59 1/2. Continue reading “Reasons to Contribute to your 401(k): Week 4 of 4”