Want to be your credit card company’s favorite customer? Just max out your card’s limit, agree to pay interest at a rate of 18 percent to 25 percent, and make only the minimum payment each month.
Wealth management is a financial services term that gets thrown around a lot and, yet, is not well understood even by people in the business. Wealth management and financial planning are very similar paths. They both assist clients with investment decisions and goals. However, what uniquely distinguishes the field of wealth management from financial planning is the clients.
Not only do we have to break the habit of writing 2019, when we really mean 2020, but the dawn of a new decade also creates a unique opportunity for scammers.
How exactly, you ask?
When it comes to teaching children about money, you should get them involved early…as young as 7 or 8 years of age. Have them help with the bill paying. Expose them to preparing your tax return. And, if you have the money, set up a brokerage account for them. Let them pick a stock or two.
#10 Use any remaining flexible spending account balances.
A 2018 study estimates that just over half of Americans age 34 to 65 won't run short of money in their retirement years. They're the fortunate ones. Unfortunately, on the flipside, that means just under half will run short of money.
With the world becoming more digital by the moment, it’s no small wonder that online security is at the forefront of user’s minds these days. Using tools such as strong passwords can help protect your identity online, which can in turn protect your financial information, important files, and more.
Being financially literate in today’s economic climate is more important than ever. Understanding finances can help you make better money management decisions, budget your money properly, adequately save for college, and be financially prepared for retirement. While it may sound daunting, financial literacy starts with a budget.
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