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Table of contents
- How Moneyfacts works
- The Only 3 Money Principles You Need To Know
- The 50 Best Ways To Save Money In College And Live On A Tight Budget
- Get started investing as early as possible
- 8 Financial Tips for Young Adults
How Moneyfacts works
If you don't waste your money on a posh apartment now, you might be able to afford a nice condo or a house before you know it. One of personal finance's oft-repeated mantras is " pay yourself first.
Having money in savings to use for emergencies can really keep you out of trouble financially and help you sleep better at night. Also, if you get into the habit of saving money and treating it as a non-negotiable monthly "expense," pretty soon you'll have more than just emergency money saved up: you'll have retirement money, vacation money and even money for a home down payment.
The Only 3 Money Principles You Need To Know
Don't just sock away this money under your mattress; put it in a high-interest online savings account , a certificate of deposit or a money market account. Otherwise, inflation will erode the value of your savings. Just as you headed off to kindergarten with your parents' hope to prepare you for success in a world that seemed eons away, you need to prepare for your retirement well in advance.
Because of the way compound interest works, the sooner you start saving, the less principal you'll have to invest to end up with the amount you need to retire and the sooner you'll be able to call working an "option" rather than a "necessity. Company-sponsored retirement plans are a particularly great choice because you get to put in pre-tax dollars and the contribution limits tend to be high much more than you can contribute to an individual retirement plan.
Also, companies will often match part of your contribution, which is like getting free money. It's important to understand how income taxes work even before you get your first paycheck. When a company offers you a starting salary, you need to know how to calculate whether that salary will give you enough money after taxes to meet your financial goals and obligations. Fortunately, there are plenty of online calculators that have taken the dirty work out of determining your own payroll taxes , such as Paycheck City.
These calculators will show you your gross pay , how much goes to taxes and how much you'll be left with, which is also known as net, or take-home pay. Also, you'll be better off in the long run if you learn to prepare your annual tax return yourself, as there is plenty of bad tax advice and misinformation floating around out there.
If meeting monthly health insurance premiums seems impossible, what will you do if you have to go to the emergency room, where a single visit for a minor injury like a broken bone can cost thousands of dollars? If you're uninsured, don't wait another day to apply for health insurance ; it's easier than you think to wind up in a car accident or trip down the stairs.
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You can save money by getting quotes from different insurance providers to find the lowest rates. Also, by taking daily steps now to keep yourself healthy, like eating fruits and vegetables, maintaining a healthy weight, exercising, not smoking, not consuming alcohol in excess, and even driving defensively, you'll thank yourself down the road when you aren't paying exorbitant medical bills. If you want to make sure that all of your hard-earned money doesn't vanish, you'll need to take steps to protect it.
The 50 Best Ways To Save Money In College And Live On A Tight Budget
If you rent, get renter's insurance to protect the contents of your place from events like burglary or fire. Disability-income insurance protects your greatest asset - the ability to earn an income - by providing you with a steady income if you ever become unable to work for an extended period of time due to illness or injury. If you want help managing your money , find a fee-only financial planner to provide unbiased advice that's in your best interest, rather than a commission-based financial advisor, who earns money when you sign up with the investments his or her company backs. You'll also want to protect your money from taxes, which is easy to do with a retirement account, and inflation, which you can do by making sure that all of your money is earning interest through vehicles like high-interest savings accounts, money market funds , CDs, stocks, bonds, and mutual funds.
Remember, you don't need any fancy degrees or special background to become an expert at managing your finances. If you use these eight financial rules for your life, you can be as personally prosperous as the guy with the hard-won MBA. Wealth Management.
Get started investing as early as possible
Your Practice. Popular Courses. Login Newsletters. Table of Contents Expand. Learn Self-Control. Control Your Financial Future. Know Where Your Money Goes. Start an Emergency Fund. Unless you have a huge amount of cash reserves, your savings should not be invested because the value could drop at the exact moment you need to spend it.
The purpose of savings is not to put it at risk to make it grow, but to preserve it so you can tap it in an instant if you need it. Investing is also best for smaller goals you want to achieve in at least 5 years, such as buying a home or taking a dream vacation. Consider these amounts monthly obligations to yourself, just like a bill with a due date you receive from a merchant. One of the best ways to invest money is under the umbrella of a tax-advantaged account, like a workplace k or b. Retirement accounts help you accumulate a nest egg and cut your tax bill at the same time.
That means you defer paying tax on both contributions and earnings until you make withdrawals in the future. Another option is to contribute to a Roth k or Roth IRA, where you pay tax on contributions upfront, but get to take withdrawals completely tax-free later on. If your employer offers a retirement plan, start participating as soon as possible—especially if they match some amount of your contributions. Not only do they automate investing by deducting contributions straight out of your paycheck before you can spend them, but retirement plans also cut your taxes.
And you can take all your money with you—including your vested matching funds—if you leave the company. In addition to retirement plans, there are other types of tax-advantaged accounts that help you save money for different purposes. One is a savings plan, which allows earnings to grow tax-free if you use the funds to pay for qualified education expenses. Another account that offers huge tax savings is a health savings account or HSA.
This is important to consider because, in general, the longer your horizon the more aggressive you can afford to be. If you have at least 10 years to go before needing to tap your investments for regular income, you have plenty of time to recover from temporary market downturns along the way. Bonds are less risky because they offer a fixed, but lower return.
8 Financial Tips for Young Adults
And cash or cash equivalents, such as money market funds, give you the lowest, but safest returns. I recommend that you start by figuring out how much stock you should own. But this is just a rough guideline that you may decide to change. So, be sure to choose low-cost funds so you get the benefit of higher returns. The key to building wealth is to start saving and investing as much as you can as early as possible. Setting up your accounts and automating contributions is a powerful step in the right direction.
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