“Emergency funds, retirement, debt payoff, college costs – overwhelming is an understatement when it comes to how we should prioritize our savings. We know we should be saving, but where and how much?”
According to Forbes, saving for your kids’ college funds shouldn’t be in the top-three priorities. What are the three things you should tackle before other financial needs and wants?
Putting away for retirement
Paying off debt
Then, you can begin to focus on other financial things, such as college funds and early mortgage payoff.
“If you have been named the executor of an estate, you have a legal responsibility to wrap up its affairs, arrange for the payment of any income and estate taxes, and distribute the assets of the estate, all in accordance with both the will and the applicable laws.” But all too often, executors make one of these five mistakes:
Making distributions too early.
Failing to make the “portability election.”
Failing to properly advertise the estate.
Failing to liquidate securities through a market downturn.
“It’s possible to invest without losing money. In the current market, where interest rates are very low, any investment guaranteed to not lose money will have a very small return.
“For most people thinking about investing, the goal is to minimize the potential for losses while maximizing how much you might make. Exactly how you do that — and where you put your money — depends a lot on what type of investor you are, and what your goals are.”
Trying to figure out if renting or buying is best for your family? Thinking about a few questions can help you answer this question.
“Homeownership was once the cornerstone of the American Dream, but times are changing. More U.S. households are renting today than at any point in the last 50 years, according to a Pew Research Center analysis.”
How long are you planning on living there?
Consider all of the hidden costs associated with both renting and owning.
Are you saving and investing? Or throwing your money away?
“It’s a frightening statistic that 47% of Americans would struggle to come up with $400 to cover an unplanned expense. Yet nearly half of today’s workers are living paycheck-to-paycheck, with no financial cushion whatsoever, and a big part of the reason boils down to living beyond our means.”
Each generation has a different priority when it comes to their finances.
Our nation’s different generations (centennials, millennials, xers, boomers, matures) place five categories in different order of importance. While some focus on building a nest egg, others concentrate on paying down debt, keeping a budget and controlling spending, saving money for emergencies or what-ifs, or saving for something specific.
“The names, Social Security numbers, birth dates, addresses, and driver’s license numbers for 143 million people may have been accessed. That kind of information could be used by someone else to open bank accounts, credit cards and loans in your name.