If you've never engaged in financial planning and are unsure how to get started, this article is for you. A financial plan starts by evaluating your current financial situation and future expectations and can be created independently or with the help of a financial professional.
As retirement approaches, many older adults consider downsizing their home as a way to simplify their lives, reduce expenses, and focus on what truly matters.
If you're living paycheck-to-paycheck or stuck in a job you don't love just to pay the bills, it can be easy to feel as though you're financially trapped. But financial freedom doesn't need to be elusive—with some focused and consistent effort, you may be able to achieve financial freedom sooner than you expected. Below, we'll discuss the different stages of the financial freedom journey.
Making decisions about your retirement account can seem overwhelming, especially if you feel unsure about your knowledge of investments. However, the following basic rules can help you make smarter choices regardless of whether you have some investing experience or are just getting started.
Some people go swimming by diving into the pool; others prefer to edge into the water gradually, especially if the water is cold. A decision about putting money into an investment can be somewhat similar. Is it best to invest your money all at once, putting a lump sum into something you believe will do well?
Taking higher risks does not mean you will get higher rewards. On the other hand, taking lower risks will have lower returns.
Beware, looking back at one point in time at investment returns can misrepresent the path actually traveled.
Just because high-long term returns have occurred, does not mean that they will be repeated soon. Efficient diversification is necessary to help protect you from risk!
We all have different financial situations and risks. It's important to understand that seeking the highest possible returns isn't necessarily the best choice for your circumstance!
You can't control what will happen to the market tomorrow but what you can control is how YOU respond to it!
