Wednesday, February 8, 2017, AM | 1 Comment
As you enter adulthood, paychecks start to roll in that will normally grow in size.
College degrees, promotions and other advancements create a checking account that’s overflowing after those monthly expenses.
In order to protect your investments, you need to make the most out of your money with these simple guidelines.
Stay in Budget
Making the most of your money means that you don’t overspend it. Take a look at your monthly income. Compare it to your bills. Some charges, such as electricity, cannot be avoided.
Try to create a budget that fits your needs while reducing those luxury items. Buying a daily coffee may be attractive, but it adds up in price as the weeks and months pass by. Try to have extra money at month’s end in order to invest it.
Take Risks During Your Younger Years
If you have a retirement account, such as an IRA or 401(k), pay careful attention to the investments.
As a 20- or 30-year old, you can afford to risk some funds in high-interest ventures. Losing some money at this point is not a problem because you have decades to make it up.
As you enter your 50s and 60s, try to invest in more stable accounts. The returns may not be lucrative, but they’re safe over a long time period.
Wealth Management for Retirees
Retirees might have one or two properties, several savings accounts and other financial ventures tied to their estate.
Managing these funds can be confusing so working with a wealth-management professional, like those at State Bank of Cross Plains, is a smart decision.
This advisor can help retirees find the best accounts for their funds as they live out their golden years in style.
Seek Out High Interest-Rate Savings Accounts
With both local and online banks at your disposal, you have a chance to shop around for high interest rates on savings accounts.
Invest at least $1,000 in these accounts because they can offer nearly five times the interest of other lenders, reports U.S. News.
Reap the rewards, move the money to other accounts when necessary and you’ll be making the most out of your money.
Many banks, credit cards and other resources have considerable fees that add up over time. Be cautious about putting your money in any fee-based accounts.
Ideally, you don’t want to pay any fees. The reality of business means that some fees are unavoidable, but you can pick the least expensive ones to make the most out of your money over time.
Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on twitter and Facebook.