planning and stop worrying!
In a recent Gallup
poll, 60% of those surveyed said they worried about their financial
are a few simple steps you can take to help reduce your worries:
aside some amount regularly in savings or other investments.
The compounding of earnings can be substantial. The longer your
investment period, the greater the beneficial effect of compounding.
in what you know. The better informed you are, the
better your investment decisions will be. If you don't want
to learn about investments, consider hiring a money manager
and paying him or her to do your investing for you.
your investments. Have some of your money in an investment
that is easily converted to cash in case of emergencies. The
old adage "don't put all your eggs in one basket"
is good advice when it comes to your investments.
an annual balance sheet (a list of all your assets
minus all your debts) to determine your net worth. A comparison
of your annual balance sheets will reveal your success at growing
your retirement funds.
where you want to be financially by retirement age.
The calculators listed below will help you determine your savings
requirements. Once you know how much you need to save, put your
plan into action. Over 90% of Americans must rely on the government
or others for assistance during retirement. With proper planning
and diligence, you can be among those who can retire in comfort.
use credit to purchase consumption items. Wait until
you can pay cash for things which decrease in value. Borrowing
money to purchase a home is usually a sound idea. Using credit
to purchase household furnishings is not.
off your credit card balance every month. Your credit
card should be for the convenience of purchasing, not a source
of permanent finance. The interest rates are much too high.
your investments to maximize your after-tax return.
Use the calculator below to compare the long-term results of
different interest rates. The difference that a 2% greater return
can make in the growth of your investments is dramatic.
your insurance agent do at least an annual review of your insurance
needs to determine that you are neither under- nor
over-insured. Be sure to contact your agent when you buy or
sell any property.
Magic of Compounding!
If you could have
one of the following as your pay for thirty days' work, which would
you choose? (A) $10,000, or (B) a penny the first day, two cents the
second day, four cents the third day, eight cents the fourth day, and
so on, with each day doubling on out to thirty days.
The $10,000 sounds
very attractive, but the fact is that the penny doubled each day for
thirty days adds up to over five million dollars. Of course, that is
100% interest compounded daily, a rate not available to most of us working
folk. Nevertheless, this example shows you the power of compounding
on your investment earnings.
Do you know how much
you need to set aside to fund a college education for your child? Education Funding Calculator
are some easy-to-use calculators.
How much must you
save each month for your retirement? Retirement Calculator
What will your Individual
Retirement Account (IRA) be worth when you get ready to start drawing
on it? Retirement
- How much to save and how long will it last?
You can get rough
answers to these and other questions very quickly by using the following
calculators and making a few estimates on your part. If we can be of
help or answer questions for you, please call us.