Tag: savings

Steps to Getting A Financial Advisor in your 20s

Getting a financial advisor in your 20s is a responsible thing to do. At the every least, it means that you are serious about your finances. Finding one in your local area is not hard, especially with SmartAsset free matching tool, which can match you up to 3 financial advisors in under 5 minutes. However, you must also remember that a quality financial advisor does not come free. So, before deciding whether getting a financial advisor in your 20s makes financial sense, you first have to decide the cost to see a financial advisor.

What can a financial advisor do for you?

A financial advisor can help you set financial goals, such as saving for a house, getting married, buying a car, or retirement. They can help you avoid making costly mistakes, protect your assets, grow your savings, make more money, and help you feel more in control of your finances. So to help you get started, here are some of the steps you need to take before hiring one.

Need help with your money? Find a financial advisor near you with SmartAsset’s free matching tool.

1. Financial advice cost

What is the cost to see a financial advisor? For a lot of us, when we hear “financial advisors,” we automatically think that they only work with wealthy people or people with substantial assets. But financial advisors work with people with different financial positions. Granted they are not cheap, but a fee-only advisor will only charge you by the hour at a reasonable price – as little as $75 an hour.

Indeed, a normal rate for a fee-only advisor can be anywhere from $75 an hour $150 per hour. So, if you’re seriously thinking about getting a financial advisor in your 20s, a fee-only advisor is strongly recommended.

Good financial advisors can help you with your finance and maximize your savings. Take some time to shop around and choose a financial advisor that meets your specific needs.

2. Where to get financial advice?

Choosing a financial advisor is much like choosing a lawyer or a tax accountant. The most important thing is to shop around. So where to find the best financial advisors?

Finding a financial advisor you can trust, however, can be difficult. Given that there is a lot of information out there, it can be hard to determine which one will work in your best interest. Luckily, SmartAsset’s free matching tool has done the heavy lifting for you. Each of the financial advisor there, you with up to 3 financial advisors in your local area in just under 5 minutes.

3. Check them out

Once you are matched with a financial advisor, the next step is to do your own background on them. Again, SmartAsset’s free matching tool has already done that for you. But it doesn’t hurt to do your own digging. After all, it’s your money that’s on the line. You can check to see if their license are current. Check where they have worked, their qualifications, and training. Do they belong in any professional organizations? Have they published any articles recently?

Related: 5 Mistakes People Make When Hiring a Financial Advisor

4. Questions to ask your financial advisor

After you’re matched up with 3 financial advisors through SmartAsset’s free matching tool, the next step is to contact all three of them to interview them:

  • Experience: getting a financial advisor in your 20s means that you’re serious about your finances. So, you have to make sure you’re dealing with an experienced advisor — someone with experience on the kind of advice you’re seeking. For example, if you’re looking for advice on buying a house, they need to have experience on advising others on how to buy a house. So some good questions to ask are: Do you have the right experience to help me with my specific needs? Do you regularly advise people with the same situations? If not, you will need to find someone else.

5 Reasons You Need to Hire A Financial Consultant

  • Fees – as mentioned earlier, if you don’t have a lot of money and just started out, it’s best to work with a fee-only advisor. However, not all fee-only advisors are created equal; some charges more than others hourly. So a good question to ask is: how much will you charge me hourly?
  • Qualifications – asking whether they are qualified to advise is just important when considering getting a financial advisor in your 20s. So ask find about their educational background. Find out where they went to school, and what was their major. Are they also certified? Did they complete additional education? if so, in what field? Do they belong to any professional association? How often do they attend seminars, conferences in their field.
  • Their availability – Are they available when you need to consult with them? Do they respond to emails and phone calls in a timely manner? Do they explain financial topics to you in an easy-to-understand language?

If you’re satisfied with the answers to all of your questions, then you will feel more confident working with a financial advisor.

In sum, the key to getting a financial advisor in your 20s is to do your research so you don’t end up paying money for the wrong advice. You can find financial advisors in your area through SmartAsset’s Free matching tool.

  • Find a financial advisor – Use SmartAsset’s free matching tool to find a financial advisor in your area in less than 5 minutes. With free tool, you will get matched up to 3 financial advisors. All you have to do is to answer a few questions. Get started now.
  • You can also ask your friends and family for recommendations.
  • Follow our tips to find the best financial advisor for your needs.

Articles related to “getting a financial advisor in your 20s:”

  • How to Choose A Financial Advisor
  • 5 Signs You Need A Financial Advisor
  • 5 Mistakes People Make When Hiring A Financial Advisor

Thinking of getting financial advice in your 20s? Talk to the Right Financial Advisor.

You can talk to a financial advisor who can review your finances and help you reach your saving goals and get your debt under control. Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

The post Steps to Getting A Financial Advisor in your 20s appeared first on GrowthRapidly.

Source: growthrapidly.com

Why Set Impossible Goals for 2021? [The Ultimate New Year’s Savings Hack]

In the 1980s, self-driving cars and smartphones without antennas were only things you’d see in movies — unimaginable futuristic goals. Now, these “impossible” inventions are part of people’s everyday lives. These innovative ideas were thought to be outlandish years ago until creators like Elon Musk and IBM’s team put their impossible goals to the test.

Impossible goals are things you want to achieve that seem out of the ordinary — ones that feel as if you may never reach them, even in your wildest dreams. These goals could be turning your dream side hustle into a full-time job or building your savings from zero in the next year to buy your dream home.

While the end result seems unreachable, a mix of motivation, determination, and hard work can get you further than you think. To see the strategic process of setting and achieving your biggest life goals, keep reading our jump to our infographic below.

What’s an Impossible Goal?

An impossible goal is a goal you think you could never achieve. Becoming a millionaire, buying your dream home, or starting a business may be your life goal, but one too big that you never set out to achieve. Instead, you may stick to your current routine and believe you should live life in the comfort zone.

Becoming a millionaire usually requires investing time, confidence, and a lot of hard work — things that may challenge you. But when you think about the highest achievers, most of them had to put in the effort and believe in themselves when nobody else did.

Flashback to 1995 when nobody believed in the “internet store” that came to be Amazon. While that was considered impossible years ago, Amazon’s now made over $280 billion dollars.

In other words, when you make your impossible goals a priority, you may be pleasantly surprised by your progress. We share how to set hard financial goals, why you should set them, and how these goals could transform your financial portfolio this year.

Impossible Goals Set by the Rich and Famous

4 Reasons to Reach for the “Impossible”

Impossible goals challenge you to shift your way of thinking — getting comfortable out of the safety zone. They help fine-tune your focus for daunting tasks you’re willing to put in the time and work for. Whether you’re looking to become a millionaire, buy your dream house, or pay down your debts, here’s why you should set goals for things you think you could never achieve.

1. You May Be Pleasantly Surprised

Everything seems impossible until you do it. When you’re in elementary school, maybe you thought getting a four-year college degree would be out of reach. Regardless, you put in the time and hard work to become a college grad years later. The same goes for your potential goal to write a book. You may think it’s hopeless to write a few hundred pages in the next year, but you may find it attainable once you hit the halfway point.

2. You Check Off Micro-Goals Along the Way

It’s hard to set your goals too low when you’re trying to reach for the stars. In the past, you may have set small goals like being more mindful with your money. While mindfulness practices are extremely beneficial for your budget, you may need more of a push to save for your dream home. By setting impossible goals, you may find it easier to reach your savings goal this year. You may have no idea how to do it, but your goal is to figure it out. Side hustles, a new job, or starting a business are all potential starting points.

3. It May Not Be as Hard as You Think

It can be uncomfortable to try something for the first time, so to avoid the doubts of reaching your goals, create a strategic plan. Download and print out our printable to breakdown each impossible goal. Start with your big goals and break them down into mini-goals. For example, if you want to start an online ecommerce store, researching the perfect website platform is a good starting point.

4. What Do You Have to Lose?

If you already live a comfortable life, you may only have experiences to gain and nothing to lose. When embarking on this journey, check in with yourself every month. Note all the lessons you learned and how far you’ve come. You most likely will face failures, but you’ll be failing forward rather than backwards. Your first ecommerce product launch may not have gone smoothly, but you may know how to improve for the next time around.

Impossible Goals Roadmap

Impossible Goals Download Button

How To Set Impossible Budgeting Goals in 6 Steps

If your impossible goal is related to finances, your mindfulness, time, and dedication will be required to put you on a path towards your dream life. To get started, follow our step-by-step guide below.

Step 1: Map Out Your Dream Lifestyle

  • Get out a journal and map out your dream life. Some starter questions may be:
  • Do you want to afford that house you’ve always dreamt about?
  • Do you want to have a certain amount of money in your savings?
  • Are you hoping to turn your side hustle into a full-time job?
  • What do you find yourself daydreaming about?

Track all these daydreams in a notebook and curate the perfect action plan to achieve each goal.

Step 2: Outline Micro-goals to Reach Your Financial Goals

Now, list out mini-goals to achieve your desires. Start with the big “unachievable” goal and break it down into medium and small goals, then assign each mini-goal a due date. For example, saving $10,000 this year may take more than your current monthly earnings. To achieve this, you may create passive income streams. If that side hustle is to start a money-making blog, you may need to research steps to successfully launch your website.

Step 3: Believe and Act Like Your Future Self

Think of yourself as the future self you want to be. You may picture yourself with a certain home, financial portfolio, and lifestyle, but your current actions may not reflect your future self. Your future self may invest, but your current self is too intimidated to start. To act like your future self, consider doing the research and finding low-risk investments that suit you and your budget.

Step 4: If You Fail, Learn from Your Mistakes

When working towards your dream life, you may hit roadblocks and experience failures. As Oprah explains it, “there is no such thing as failure. Failure is just life trying to move us in another direction.” While failure may happen, you’re able to learn from it and pivot. Every mistake you make, analyze it in your journal. Note what worked, what didn’t, and what you want to do better tomorrow to surpass this roadblock.

Step 5: Track Your Results Consistently

Host monthly meetings with yourself to see how far you’ve come. Consider creating a goal tracking system that suits you best. That may include checking your budgeting goals off in our app month after month. Find a system that works for you and note your growth at the end of each month. If you’re putting in the time and hard work, you’ll get closer to your goals in no time.

Step 6: Be Patient With Your Budget Goals

Throughout this journey, practice patience. Setting goals may be exciting and motivating, but when you’re faced with failures, you may feel hints of disappointment. To avoid a failure slump, be patient and open to learn from your mistakes. If you didn’t make what you wanted from your side hustle the first year, you’re that much closer than you were last year.

Why set your sights on hard goals? Everything feels out of reach until you do it. All it takes is motivation and determination to achieve the impossible. To boost your lifestyle, budget, and drive this New Year, consider setting goals that feel out of reach. Keep reading to see why these goals may be perfect for you. Why Set Impossible Goals for 2021? [The Ultimate New Year’s Savings Hack] appeared first on MintLife Blog.

Source: mint.intuit.com

2021 Personal Finance Calendar: Keeping Your Finances On Track In The New Year

With key financial responsibilities like insurance, taxes, and retirement savings bouncing around your head, what should you focus on and when in 2021?With key financial responsibilities like insurance, taxes, and retirement savings bouncing around your head, what should you focus on and when in 2021?

The post 2021 Personal Finance Calendar: Keeping Your Finances On Track In The New Year appeared first on Money Under 30.

Source: moneyunder30.com

Getting Your Finances Back on Track Post-COVID

A young man writes in his notebook in front of an open laptop.

It’s safe to say 2020 was a pretty hard year for everyone financially.

Even if your wallet hasn’t taken a hit in the last few months it’s likely either your employer or someone in your family has found themselves stretched financially by the effects of COVID.

No point dwelling on the past, though. We may not be able to go back in time and stop COVID happening and ruining our 2020, but we can ensure we’re at least in a better position financially in 2021, avoiding bad credit scores and getting our savings back on track.

There’s no better time than now to start planning for post-COVID life, so here are our essential financial tips.

Tips for Getting Your Finances Back on Track

  • Draw Up a Budget That Fits Your Lifestyle
  • Secure All the Incomings You Can
  • Have a Plan for Deferred Payments
  • Start Saving Now
  • Tips for Businessowners

Draw Up a Budget That Fits Your Lifestyle

Throughout the pandemic, your monthly budget probably changed quite dramatically.

You probably saved on fuel, travel, and evenings out with so many offices and restaurants closed—but no doubt spent a whole lot more on your utility bills.

As the economy reopens and some sense of normality resumes, you need to restructure your budget to a post-COVID world.

Now, this doesn’t mean penny-pinching. COVID may have been kind to you, and reassessing your budget is simply a matter of moving funds that you would have spent on your home into your socializing budget. However, if you’re one of the many people no longer getting some kind of financial support on top of your diminished wage, you need to figure out how you’re going to pay rent, buy food, and cover all the other essentials.

The end of remote working, catching up on vacations, covering childcare—these are all real-world requirements your budget will need to be able to answer for.

Secure All the Incomings You Can

A huge part of getting your finances back on track properly is about making sure you’re making the most of every incoming payment available to you.

With so many people across the world struggling with a lack of work caused by the pandemic, it’s important to be aware of any possible financial aid available to you.

Most importantly, you should check if there are systems unique to your personal circumstances or line of work. There are businesses and charities with systems in place to provide or acquire support for everyone from professional actors unable to perform throughout the pandemic (such as Actors Fund) to retired veterans who have returned from tours with physical or invisible injuries and conditions (such as Vet Comp & Pen). Whatever line of work you are or were in, there will likely be some level of support available for you.

Likewise, you should start to consider how your talents could be put to good use to make that budget stretch a little further.

Side hustles such as running an Etsy store or becoming an online tutor become massively popular alternative revenue streams for out of work professionals during the height of lockdown. This is still a highly viable way of rebuilding your finances post-COVID. If you have a little bit of cash to invest, it can go a long way.

Have a Plan for Deferred Payments

Pandemic solutions have seen governments, banks, and landlords offering mortgage, loan, and rent deferrals to people who cannot pay them.

As things return to normal, people are going to need a plan to pay off these debts.

First, start by referring to the deferment terms so you know exactly what payment will be expected and if it can be broken up into installments. This will massively affect the overall structure of your budget.

These are perhaps the most important payments you’ll be making, as they concern your home, so make sure they’re priority number one post-COVID.

Start Saving Now

After all, any savings are good savings.

No one can be sure where we’ll be in six months or even a year. If we see another major spike across the world it could mean your finances take another hit and you need to dip into those rainy day funds to stay ahead.

Find the right savings account for you

Start working out a savings plan that works for you now. Don’t plan to give up everything you love for a year to get some extra cash, but, much like a budget, notice where you can cut back.

 Online banks and apps like Monzo and Chime are a great way to save within even realizing it. These apps allow you to set a monthly budget on different types of purchases, sending you alerts when you’re about to break them. So much of budgeting is about self-control and being across your financial situation, so why not take responsibility out of your hands?

Tips for Businessowners

Before we go, here are a few tips for small businessowners who may be worried about how they can secure their enterprise’s financial security as well as their personal one.

  • Find alternative revenue streams for your business. Is there a second service your business could offer to bring in some extra cash, such as gift wrapping for a small online store during the holiday period?
  • Make sure you’re not overspending on digital tools. They may have stepped up and helped us host meetings, manage teams, and schedule inspirational social content remotely, but are you paying a subscription fee for an app that doesn’t actually boost your business all that much?
  • Use freelancers rather than employing new staff. The freelance sector could really use a hand up right now, and freelancers present a cheaper, less permanent way for you to pick up lucrative contracts and projects without investing in hiring and training staff on permanent contracts.

It’s important to be realistic when financially planning for the end of COVID. We don’t know when that will be, and you can’t expect yourself to come out of this in better financial shape than you’ve ever been. That’s an unrealistic pressure.

Follow these tips and make sure you’re making the most of this period of reflection to ensure a healthy financial future for you and your loved ones.

Rodney Laws is an ecommerce consultant with EcommercePlatform.io. He has more than a decade of experience providing marketing advice to online entrepreneurs and businesses. He’s set up and marketed his own businesses and consulted on crafting campaigns for established companies.

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The post Getting Your Finances Back on Track Post-COVID appeared first on Credit.com.

Source: credit.com

10 Things to Know About Working in New York

10 Things to Know About Working in New York
Thinking about working in New York? There are some features of work life in the Big Apple that set it apart from the work culture in other cities. Is it true that if you can make it there you can make it anywhere? We’re not making any promises, but we can give you some tips about what working in New York is really like. 

Check out our 401(k) calculator. 

1. Salaries are high – but so is the cost of living.

For many fields, particularly those that require highly skilled workers, salaries in New York are higher than those in other cities. But before you get too excited about the fact that salaries in New York tend to be higher, keep in mind that the cost of living in New York is higher, too.

Luckily, there are plenty of financial experts around to help you figure out how to keep your finances in check. These are the top 10 New York financial advisor firms.

2. New Yorkers put in long hours.

New Yorkers tend to work longer hours than folks in other cities. In part, that’s because the workday itself is longer, but it’s also because New Yorkers tend to have long commutes. If you want to have plenty of free time to pursue side hustles or hobbies, working in New York might not be the best fit for you.

3. Commuting by public transit is the norm.

According to recent Census Bureau figures, 55.6% of New Yorkers take public transportation to work, 0.8% bike to work, 10.3% walk and 3.9% work at home. Hate crowds? Commuting by public transit could take some getting used to.

4. Office happy hour options are plentiful.

Working in New York means having a multitude of options for weekday lunches and office happy hours at your fingertips. Socializing with your coworkers after the end of a workday is easy with so many places to go and easy public transportation options to take you home at the end of the evening.

5. Being a working parent is expensive in New York.

10 Things to Know About Working in New York

New York has some of the highest childcare costs of any city in the nation. Being a working parent in New York is expensive – and it’s not easy, given the long hours New Yorkers put in. New York has a lower rate of working mothers than many other major U.S. cities, in part because the high price of childcare makes it hard for many New Yorkers to earn more than they would have to pay for childcare.

6. New York work culture takes some of its cues from Silicon Valley.

Some New York workplaces are taking their cues from the start-ups of Silicon Valley, implementing casual attire, flexible workdays and other features. In an effort to compete with companies in other cities, some New York companies are expanding the perks they offer their workers, so if you’re lucky enough to get a job in one of those companies, you’ll find that working in New York has its compensations.

7. Lots of New Yorkers have more than one job.

Whether they’re care workers who work double shifts or actors who tend bar on the side, many New Yorkers have more than one job. For some, having a second (or third) job is a matter of necessity, while for others it’s a way of advancing their career or expressing their artistic side. Plus, getting a second job (or a roommate) makes it easier to live the New York dream without going into debt.

8. There are professional support opportunities here.

Because it’s a huge, densely populated city, New York has professional support opportunities for those up and down the career ladder. You can get help finding a job or finishing your GED. You can also attend high-powered networking events and conferences. The important thing is to know what resources are out there and how to take advantage of them.

9. You can outsource a lot of tasks – if you have the money.

If it’s in your budget, you can outsource a lot of tasks that you don’t want to have to tackle during your non-working hours. That includes mailing packages, getting food, dropping off dry cleaning, completing home repairs and more. Of course, these services aren’t within reach of all New Yorkers, and many people like to do these basic “life admin” tasks themselves. But if you’re planning on diving into the workaholic lifestyle in New York and you think you’ll have some money to spare, there are lots of companies looking to make outsourcing chores easier for you.

10. It helps to know someone.

It helps to know someone when you’re looking for work in New York, if only to stand out from the pile of applications that so many New York jobs attract. That’s why it’s a good idea to build and maintain your network and put it to work for you when you’re looking for a new (or just better) job.

Bottom Line

10 Things to Know About Working in New York

Working in New York isn’t for everyone, but many find it to be an exciting challenge unlike what they would face elsewhere. For others, working in New York is more of a means to an end – living in New York. Wherever you stand, working in New York is made easier when you have a strong network and plenty of determination.

Tips for Maximizing Your Money

  • Come up with a budget – and stick to it. Instead of spending $5 a day on a latte, put that money in one of the best savings accounts where you can earn interest.
  • Work with a financial advisor. In addition to helping you craft a financial plan and identify your financial goals, a financial advisor can help you determine the right investments for your financial situation, time horizon and level of risk tolerance. A matching tool like SmartAsset’s SmartAdvisor can help you find a person to work with to meet your needs. First you’ll answer a series of questions about your situation and goals. Then the program will narrow down your options from thousands of advisors to three fiduciaries who suit your needs. You can then read their profiles to learn more about them, interview them on the phone or in person and choose who to work with in the future. This allows you to find a good fit while the program does much of the hard work for you.

Photo credit: Â©iStock.com/Tempura, ©iStock.com/NYCstocker, ©iStock.com/Pavlina2510  

The post 10 Things to Know About Working in New York appeared first on SmartAsset Blog.

Source: smartasset.com

10 Mortgage Lenders to Consider for the Best Mortgage Rates (and Fees!)

Everyone likes a discount, right, even if it’s on a small one-time purchase that equates to a nominal amount. For one reason or another, it just feels like a win. It’s obviously even sweeter if you get a discount on a big-ticket item, as the savings will be much larger. Better yet, how about a [&hellip

The post 10 Mortgage Lenders to Consider for the Best Mortgage Rates (and Fees!) first appeared on The Truth About Mortgage.

Source: thetruthaboutmortgage.com