Start planning and stop worrying!
A Gallup poll showed that 60% of those surveyed worried about their
There are a few simple steps you can take to help reduce your worries:
||Put aside a set amount regularly in savings or
other investments. The compounding of earnings can be substantial.
The longer your investment period, the greater the beneficial
effect of compounding. Click
here to calculate how fast your savings can grow.
||Invest in what you know. The better informed
you are, the better your investment decisions will be. If you
don't want to learn about investments, consider hiring a money
manager and paying him or her to do your investing for you.
||Diversify your investments. Have some of
your money in an investment that is easily converted to cash in
case of emergencies. The old adage "don't put all your eggs
in one basket" is excellent investment advice.
||Prepare an annual balance sheet (a list of
all your assets minus all your debts) to determine your net worth.
A comparison of your annual balance sheets will show you whether
you're meeting your financial goals.
||Plan where you want to be financially by retirement
age. Over 90% of Americans must rely on the government or
others for assistance during retirement. With proper planning
and diligence, you can be among those who can retire in comfort.
here to calculate how much you need to save for retirement.
||Update your plan regularly. Review your financial
plan often and adjust investment choices when necessary to keep
your plan on track with your financial goals.
||Don't use credit to purchase consumption items.
Wait until you can pay cash for things which decrease in value.
Borrowing money to purchase a home is usually a sound idea. Using
credit to purchase household furnishings is not.
||Pay off your credit card balance every month.
Your credit card should be used for convenience, not as a source
of long-term financing. Credit card interest rates are much too
||Monitor your investments to maximize your after-tax
return. The difference that a 2% greater return can make in
the growth of your investments is dramatic. Click
here to calculate the monthly yield required to reach your
||Have your insurance agent do at least an annual
review of your insurance needs to determine that you are neither
under- nor over-insured. Be sure to contact your agent when you
buy or sell any property.
For assistance in your financial planning, contact us.
Discover the magic of compounding!
If you could have one of the following as your pay for thirty days'
work, which would you choose? (A) $10,000, or (B) a penny the first
day, two cents the second day, four cents the third day, eight cents
the fourth day, and so on, with each day doubling on out to thirty
The $10,000 sounds very attractive, but the fact is that the penny
doubled each day for thirty days adds up to over five million dollars.
Of course, that is 100% interest compounded daily, a rate not available
to most of us working folk. Nevertheless, this example shows you the
power of compounding on your investment earnings.
Here are some easy-to-use calculators.
You can get rough answers to your financial questions by using the
following calculators and making a few estimates on your part. If
we can be of assistance or answer questions for you, please call us.