Do you have kids? Do you have plans for your kids to go to college one day? Have you looked at how much college is going to cost you for just one kid? College is a big investment, but it is a good one. If you begin planning for this huge expense when your kids are young, you won't take much of a hit when the day comes that your teen packs his or her bags and heads off to start a new life at school. This blog will provide you with several ideas and tips that can help you find ways to plan for your kids' college tuition.
As you start to gain your financial footing in your 30s, you need to start to think about more than your weekly or yearly budget; you need to start thinking about how you plan on building your long-term wealth.
#! Have a Plan to Get Out of Debt
First, if you have debt, you need to have a plan for getting out of debt. That doesn't mean that you focus on getting rid of your debt at the cost of building your wealth. Rather, you create a solid plan for getting out of debt as you look to increase your wealth.
If you are starting out with a lower salary, see if you can start with some income-based repayment plans for student loans. Set a ten-year plan for paying off all student loan debt. For credit card and car loan debt, try to set a more immediate goal, such as a year or two, based on how much of this type of debt you have.
Have a plan to get out of debt that will work as you build wealth as well.
#2 Start That Retirement Savings
Second, you need to start saving for your retirement. If the business you work for offers a retirement plan, sign on up. If they don't offer a retirement plan, start your own retirement account. You need to start putting away and planning for your retirement. When you put money into your retirement, you are paying yourself first. Make a goal to put aside 10% of each paycheck into your retirement account. If that percentage is too high to start with, start lower and increase the percentage every few months until you reach at least 10%.
#3 Start Saving
Next, you need to make sure that you are savings as well. Most American's can handle even a small financial emergency; make sure you are not one of them by building up your cash savings. You can build up your cash savings while savings for your retirement and paying down debt.
Just like with your retirement savings, you don't need to start big. You can literally save $50 per paycheck to start. The main objective is to start setting aside money for an emergency fund, and leaving that money alone.
If you want to build your wealth, you need to start by managing your money. Set down and make a budget that allows you to save for retirement, put money into your savings account, and start paying down your debt. These three actions are the key to starting to build your wealth this year. Contact a wealth management advisor for more help.Share
11 January 2019