Reverend Billy Graham said, “if a person gets his attitude toward money straight, it will help straighten out almost every other area in his life.” This quote addresses the importance of having the right mindset when managing personal finances. To ensure that you maintain a positive focus as an investor, try to keep these things in mind:
Your financial advisor can help you maintain strength in your investments and a positive outlook on your future wealth.
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Many investors have a list of financial regrets, because people rarely plan for the future. Saving early and selecting the right investments are just two of the ways that you can diminish your list. Here are a few more:
Make sure you are confident in your past decisions when you reach retirement; work with your financial advisor to establish and maintain a plan throughout your time spent as an investor.
Since a standard savings account often earns little interest and can potentially lose money over time due to inflation, investors may opt to open a high-yield savings account. Many of these accounts can offer the same FDIC coverage as banks, pay significantly higher interest than their standard counterpart, and therefore help investors meet their goals faster.
High-yield savings accounts are available via online or brick-and-mortar banks that pay a high interest rate. When shopping for one of these accounts, be sure to gather information about the following critical features:
This type of account should just be one part of your overall financial portfolio. Work with your advisor to determine how you can best use one to complement your other investment strategies.
While a 401(k) is often considered a desirable retirement account because contributions can lower taxes and some employers provide a savings match, not all investors have access to a workplace retirement plan. Fortunately, there are other retirement accounts that have similar benefits to a 401(k). Based on employment status and savings goals, investors have a few options:
Rely on your financial advisor to help you determine which retirement account would benefit you most!