Saving for your retirement presents both a mental and financial struggle. It is notoriously difficult to start saving and we easily find ourselves making excuses. In fact, you may find that you are trapped in a self-fulfilling belief: “I believe it’s true, therefore is must be true”. Your first and most difficult hurdle to overcome is confronting your mental barrier to saving for retirement.
Understanding why saving for retirement is important will help you take the first step to making the future a priority. You may not be able to start saving immediately, but the steps you take now to mentally prepare yourself will only benefit you in the future when it becomes easier to save.
Don’t get caught up living in the moment
Living for today may appeal to the romantics, but the reality is that they tend to rely on handouts from friends, family and/or the government. It is useful to visualize asking your partner, parents or the bank for money. How do you feel? Dread? Fear? Living in the moment means having to feel that way every month just to keep afloat.
That doesn’t mean you should just abandon you current needs and desires. Life is all about balance so try and weigh your future and present needs against each other. You do, after all, have to look after yourself.
Having enough money to save
Sometimes you may not have the money to allocate to retirement savings, but many people aren’t budgeting at all. Reviewing your monthly expenditure and setting up a budget often reveals wasteful spending. You may find that you do have some extra cash that could be used more wisely. You may also find that you still can’t start saving. Don’t despair – your budget will help you see the reality of your financial situation and help you plan towards starting your retirement savings. In fact, you can start for just $50/month. That’s the cost of a pair of shoes, a dinner or that satellite TV subscription.
Taking care of family members
It’s easy and essential to prioritize taking care of your family now, but thinking about the future is just as important. If you don’t take care of yourself then who will take care of them? Many find themselves stuck between their children and parent’s needs. For those of us stuck in the middle, considering and planning for our own futures will help us to break free from the cycle – to avoid depending on our children when it comes our turn to retire.
What about company schemes?
Maybe you don’t trust company schemes and you don’t have to. There are currently several financial products available, which means you don’t have to rely on your employer to manage your retirement savings plan. You can manage your own savings plan with unit trust-linked retirement annuities. You are able to choose the unit trusts that align with your goals, you can start and stop as your financial situation changes.
Being part of a group retirement annuity (which employers typically take out on behalf of their staff) doesn’t mean your employer owns it. They only facilitate the payments, while you are the ultimate owner of your individual annuity and you are able to continue your plan if you resign.
Investment managers and your retirement savings
Your retirement savings do not form part of your investment manager’s assets and are held in a trust, remaining safe even if your manager goes out of business. A board of trustees also oversees retirement funds. The trustees’ duties include ensuring that the retirement fund acts in the best interest of its members.
But how much work is it?
Starting a retirement annuity is similar to opening a bank account. In fact, you can open your own annuity in just a few steps and easily manage your account online.
Finding a place to start
All of this may seem daunting, but like most things in life its only until you get into it. If you are unsure then consult an independent financial advisor to help you formulate a plan that works for you.Comments: 0 Read More
Wealth management firms are about so much more than financial products and services. From the places we come from, to the places we will go, high net worth management is designed to meet the unique needs and financial desires of affluent clients. And what better way to understand those needs than with wealth management services provided by professionals living in your own community of Pleasant Hill?
Unlike traditional notions of financial planning or advising, wealth managers in Pleasant Hill are equipped with skills and experience that meet the demands of high net worth individuals living in or near the Pleasant Hill community.
Wealth management offers affluent clients a range of financial products and services. This inclusive ideology is the foundation for a consultative process that explores each client’s specific desires and financial needs on a case-by-case basis.
Financial planning and wealth management have similarities; however, it’s fair to assume that high net worth individuals may require a different set of skills and experience not customarily needed by the average American household.
This is why wealth mangers, and successful wealth management companies, distinguish their financial products and services to offer affluent clients a more holistic approach to their financial needs.
Wealth management service Pleasant Hill can help secure and perhaps strengthen an individual’s financial future.
Common services afforded by wealth managers in Pleasant Hill include long-term financial planning, retirement, estate planning, accounting, and other tax services.
Wealth mangers often specialize in several financial products and services, or may work in teams of professionals that specialize in unique areas. In either case, wealth management benefits from this inclusive approach to financial services, coordinating the appropriate financial products and services, which may in turn benefit the client’s financial future.
Pleasant Hill residence in need of high net worth management should look for wealth mangers equipped with skills that reflect the unique needs and desires of people living in this unique community.
To learn more, check out https://www.destinationwm.com/Comments: 0 Read More
Credit card reward programs are not only convenient, but also allow you to earn some major bonuses like travel, merchandise, and even free cash. If you learn to be smart with your cards and take advantage of the many reward programs available, you can be looking at a big payoff.
Figuring out how to use credit card reward programs can be confusing, so it’s worth your while to check out the different types of reward programs and how you can benefit from them. Look through these tips on how you can profit from your credit card rewards.
There are all sorts of rewards programs out there that allow you to accrue points towards merchandise, gift cards, travel miles, points, and even cold hard cash. By aligning your your reward program with your interests and goals, you will get the most out of your credit card.
If you like to travel, you need to be using an airline miles reward card. If you regularly charge things like gas and groceries, look for a credit card that offers cash back for everyday purchases. Be careful and don’t pick a rewards program that you aren’t likely to use. You spend money everyday, so why not get a little something back every time you make a purchase.
If you want to get really fancy and optimize all sorts of rewards programs, you should use multiple credit cards for different purchases. Some cards are better suited for certain expenditures, such as the Chase Sapphire card for home insurance payments or the Express Blue Cash card for groceries. The end goal is to maximize the potential rewards with every purchase made.
Many money experts will tell you that having lots of credit cards can be problematic. The real problem isn’t the credit cards; it’s the spender who can’t pay off their balances in full each month resulting in fees and interest charges. I recommend this multiple credit card strategy only if you are a responsible money manager and consistently pay off your balances.
Cash back rewards give you money to use for whatever you want. Obviously, this is a great option for everyone—who doesn’t like cash back? In fact, cash back rewards are nearly three times more popular than airline rewards or hotel rewards programs, according to CreditCards.com.
The beauty of this option is that you can apply your rewarded cash to anything, including your outstanding balance. So if you can’t decide what credit card reward program to sign up for, start out with a cash back reward card. You really can’t go wrong with getting cash for spending cash.
Make sure you read the fine print when signing up for a rewards card, otherwise you may end up costing yourself money. You’ll want to look for fees, annual percentage rate, and promotional rate terms. If you don’t understand the terms to which you are agreeing, you could be in for a nasty surprise when the promotional period ends.
Also, credit card companies are notorious for changing these terms. They will notify you, but chances are you won’t see the tiny notification they provide in the dense snail mail notice. Keep your eyes open for any notices from your issuer to make sure your reward program does not make any detrimental changes to your rewards program.
Reward points can expire, so make sure you read through the fine print to know that expiration date. Typically, expiration is 12 to 18 months, but it’s always a good idea to know for sure in order to fully profit from the program.
If you learn to manage responsibly and match your credit card to your spending style, you will benefit greatly from the rewards program.
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Crush the PMP Exam is an online resource dedicated to helping professionals pass their PMP exams on their first try by reviewing online pmp certifications and providing individualized recommendations.
Investing in property is an expensive and complex process, so it’s important to get it right first time. As your experience and knowledge grows, so the rules become more like “guidelines” to consider, but for the first-time investor it’s critical to maximise your odds of the success.
What follows are some of the more common mistakes made by inexperienced real estate investors, in order to help your first experience of buying investment property a successful and enjoyable one…
Knowledge, as they say, is power. Never is this more true than when stumping up for your very first property investment. In general, it’s better to carry out thorough, detailed research on any area, market or property type before you push the button.
Better to miss a few good deals along the way, and approach your very first purchase with confidence, than to find yourself saddled with a dud that is haemorrhaging money and nobody wants to buy off you.
But what should your research entail? Here some smart ideas to get you thinking…
Property Prices – How much are properties in your target area worth? What factors are affecting these prices, what can be done to increase the value of a property and what is the ceiling on rents?
Each area will typically have these market limitations – your goal should be to educate yourself enough that you can spot a well-priced property, you can quickly identify effective ways to increase the properties value, and you have a fair understanding of how much rental income you can expect.
Marrying these elements together ensures you go into a purchase with your eyes open, confident that you’re buying a property that stacks up financially.
Local Audience – Who is renting properties in your target area? Are these young professionals or families, for example? Investigate other rental properties, asking yourself what these potential tenants may like to see in a property.
Also, consider the specific location; will your tenants need access to transport routes, for example, and are those trendy bars down the road a good thing or a bad one?
Predicted Market Conditions – The property market is never static. Areas rise and fall in popularity. New employers and urban regeneration can rapidly turn a less-appealing place into a property hotspot. Just as importantly, interest rates can (and do) go up. While it is impossible to predict the future with any degree of certainty, it does make sense to run a number of models to see how you could be affected.
While investing close to where you live may cut down on the research necessary, it’s important to realize that rental yields can vary massively across the country. In the UK, for example, 2016 saw a 2.2% drop in London property, while investment properties in Manchester offer far better rates averaging 6.2%.
The same pattern plays out in each country, at various scales. Even within a single city the yields can vary dramatically from one area to another. So while doing your research don’t just limit yourself to the area in which you live. Instead, be willing to think “outside the box”, using local agents if necessary, to source and manage properties wherever your returns are likely to be greatest.
Just as each area experiences oscillations in property prices, so too do interest rates. While these rates have been held at a historically low rate for the last few years, this is unlikely to last much longer.
Sadly, as interest rates rise, so too do the costs of variable-rate mortgages, leading to home-owners getting squeezed. It’s all too easy in the good times to stretch yourself too thinly, only to have a nasty surprise as rates rise.
Do your calculations so that you are confident you can weather interest rate changes without discomfort, and hold onto your investment property for the long term.
No property is free to run. While your tenants may pay all the utilities, as well as their rent, you also have a range of ongoing costs. From managing agents fees, to routine maintenance and taxes, the income you enjoy is unlikely to be 100% profit. Also, don’t make the mistake of assuming that your rental property will be tenanted every month of the year; tenants move out and it can take some time to find a suitable replacement.
When investigating your first property investment, therefore, don’t just consider your finances in terms of rental income minus mortgage payments. Instead, take a more intelligent and nuanced approach to your business plan, and only take action if you’re confident it still produces reliable, positive cashflow.
You might think it was foolhardy to buy a property without not only an inspection but also a thorough surveyors report. Yet all the same, every year investors get stung for their lack of research.
Arguably even worse are those who request the necessary surveys, then largely dismiss the findings. All too often, this ends in tears, as the buyer is obliged to fork out large sums of money to return the property to a suitable state.
This is arguably the easiest mistake of all to avoid. Seek the qualified guidance of a professional before purchase, and discuss indepth any potential issues that they have highlighted.
Since the financial collapse of 2008, banks have slowly tightened up their financing options for landlords. There are now fewer choices than ever before, and it’s all too easy to end up paying far more than you need.
From deposits to interest rates, from paperwork requirements to insurance, each lender is different. So don’t jump at the first offer you get, but instead shop around in order to find the very best deal possible. Sometimes an unprofitable deal can suddenly become financially viable with the right financing. Of course, in contrast, the opposite is also true.
It’s worth re-iterating here that many investors – both large and small – have made considerable sums of money from property. Whether the choice is flipping a property in cosmetic distress, or buying to rent out, everyone from teachers to train drivers are preparing for the future by growing their savings through property.
This article, therefore, is not intended as a source of scare-mongering. It’s also not intended to knock property as an investment vehicle in any way. Instead, the goal here is to better prepare you for selecting the right investment from the outset – and helping you leapfrog over less experienced investors.
With a little time and effort, anyone can become a successful property speculator. All you need is the grit and motivation to get started.Comment: 1 Read More
As the best alternative to other loan types, a Guarantor loan may help you achieve your financial goals or get out of a financial mess whenever you want. It has been used by many people to achieve either of these purposes.
However, there are some important factors you must consider before you fill out a Guarantor Loan application form. Consider these few factors:
Many people went into taking a Guarantor Loan without enough information to help them make the right decision. Here are the possible questions and useful tips that will play an influential role in deciding whether to go for this type of loan or not. Whatever you decide, work towards prompt payment to save your guarantor the embarrassment of making involuntary loan repayment for you.Comments: 0 Read More
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