Can You Pass The Retirement Quiz?

This isn’t your usual school quiz where you impact a grade in a class.  No, it is way more important than that!  This is a money quiz that will impact many years of your life.  Can you pass it?

Okay, so there really isn’t a pass or fail option.  It is more of an analysis.  If you can answer with solid answers to 7 of the 10 questions then I’ll give you a passing grade.  Take the quiz and see how you fair:

http://time.com/money/3836549/retirement-10-questions/?xid=yahoo_money

Budget Smart, Invest Wise

What Age Will You Retire?

I’m 26, and sometimes I find myself dreaming about retirement.  It all sounds so nice.  Doing whatever you want.  Living wherever you want.  The money, well it just rolls in.  On paper it looks so nice; not having to work and the checks just rolling in.  However, with Alzheimer’s on the rise and lifespans increasing, many are finding full time employment after 65 to be quite enjoyable.

THE MAIN BENEFIT:

Working during your retirement years means you can let your retirement funds continue to grow!  Without tapping into your retirement accounts, you are insuring yourself more money for when you do decide to retire.

The following article has a few graphs and stats that shows how working past 65 can be something quite nice.  I might just have to rethink my whole retirement age now.

http://finance.yahoo.com/news/nine-five-65-120000346.html

Budget Smart, Invest Wise

Thinking Outside the Retirement Box

Having a company 401k is a beautiful thing.  A company match is the biggest way to get a free return on your retirement savings.  But don’t let a company sponsored retirement plan be the end all be all to your future savings.  When it comes to your financial future, I’m a big believer in having multiple sources.  IRA’s, taxable brokerage accounts, real estate.  There are many ways you can put your money to work.

Working at a company for 40 years and having a retirement plan coupled with social security might lead to a decent retirement future.  Decent is not what I’m seeking and neither should you.  You need your company retirement savings plan, but you also need an IRA, and other investments to fund an excellent life during your golden years.

The following article presents additional ways to save for those future years.  It is possible to save too little, but you can never save too much.  Check out ways to expand your retirement portfolio and ensure you make the choices now for a great financial future.

http://finance.yahoo.com/news/ve-maxed-401-k-where-205207623.html

Budget Smart, Invest Wise

 

 

3 Things to do Every Payday

Friday’s are paydays for a lot of people.  The influx of cash in your hand in the form of a check or the increase in your online bank account is exciting.  Some follow proper protocol on payday.  They take the necessary financial steps to ensure their financial well-being.  There are three things you should focus on each payday to ensure your financial life is on the right track.

1) Pay Bills:  

Each time you get paid, whether it’s every week, two weeks or monthly you need to meet your liabilities.  More specifically you need to pay any bills that are due before you get paid again.  This could mean rent, a credit card statement or a car payment.  Avoiding these payments will be a costly mistake to your credit score and will ultimately cost you more money in the long run with accrued interest.

2) Automatically Invest:

Each time you receive payment from your employer you should be investing in your financial future.  This could be in the form of a 401k contribution with an employer match.  It also could be an automatic withdrawal from your bank account every pay period.  Brokerage firms have made it easier than ever to make investing a seamless process for the investor.

3) Have an Indulgence:

After you have met the first two objectives you can move on to this third.  Whether it is a nice dinner, a night out with friends or a small purchase, enjoy the fruits of your labor.  Of course you should still make sure this indulgence fits into your monthly budget.  Still a nice reward.

So there you have it, three things that you should do each time you get paid.  These steps allow you to not only take care of your financial future, but also ensure you will enjoy the journey along the way.

Budget Smart, Invest Wise