Let’s start with looking at the ways you spend your money. This will mean you will need to set up a budget. Where does your money go each month? Write down your income. Then spend some time finding all of your expenses. It always amazes me if I go to the ATM and take out $100 and at the end of the day I have $8 left. Where did it go?
What happens to the discretionary money in your budget? This is money left over after you have paid your necessities like the mortgage, rent, electric and health insurance.
Look at your credit card bill. What are you spending your money on? Meals out? Entertainment? Clothes? Gifts?
A big budget buster folks were telling me is eating out or doing take out. Especially dual-income families when both mom and dad walk thru the door at night and they have to feed the kids "
Click here to read the whole article
NEW YORK (MainStreet) — A few years ago, a survey by the Consumer Federation of America and the Financial Planning Association found that more than 20% of Americans thought that winning the lottery was the best way to accumulate big money for retirement.Read more
A 529 college savings plan is an education plan operated by a state or educational institution. It was designed to help families set aside funds for future college costs. They can be used to meet costs of qualified colleges nationwide. In most plans, your ...Read more
However, a tax penalty is a lot better than losing 529 plan savings completely. Do you have to pick your state's plan? You don't have to choose your state plan. However, one reason this misconception exists is that many states that have a state income tax ...Read more
... important to ensure you have sufficient protection to supplement your savings plans, so that you won't end up spending all of your accumulated wealth on medical bills and long-term care in your elderly years," said Aviva Singapore CEO Nishit Majmudar.Read more