Tips and News About Personal Finance
Personal finance is about managing your money, your savings and investments. It encompasses budgeting, banking, insurance, mortgages, investments, retirement planning, tax, and estate planning. The term often refers to the entire industry that provides financial services to individuals and households, and advises them about financial and investment opportunities.
Personal Finance Key Elements
- Few schools have courses in how to manage your money, so it is important to learn the basics through free online articles, courses, blogs, podcasts, or at the library.
- Smart personal finance involves developing strategies that include budgeting, creating an emergency fund, paying off debt, using credit cards wisely, saving for retirement, and more.
- Being disciplined is important, but it’s also good to know when to break the rules—for example, young adults who are told to invest 10% to 20% of their income for retirement may need to take some of those funds to buy a home or pay off debt instead.
Top 10 Most Important Personal Financial Strategies
- Device a Budget
- Create an Emergency Fund
- Limit Debt
- Use Credit Cards Wisely
- Monitor Your Credit Score
- Consider Your Family
- Pay Off Student Loans
- Plan and Save for Retirement
- Maximize Tax Breaks
- Reward Yourself
Top 10 Most Common Financial Mistakes
- Excessive and Frivolous Spending
- Never-Ending Payments
- Living on Borrowed Money
- Buying a New Car
- Spending Too Much on Your House
- Using Home Equity Like a Piggy Bank
- Living Paycheck to Paycheck
- Not Investing in Retirement
- Paying Off Debt With Savings
- Not Having a Plan
*source: https://www.investopedia.com/personal-finance/
Looking for additional personal finance advice? Below you will find news, articles, and blogs from financial advisers offering great tips, do’s and don’ts, and financial advice.
- Financial Planning Trends for 2023by John Savadjian on November 29, 2022 at 5:58 pm
With 2023 right around the corner, it is important to start thinking about your financial plan for the coming year. With increasing inflation rates and the potential of a recession, it is more crucial now than ever before to consult with a financial advisor. If you want to know how to best prepare your finances
- Financial Planning Resolutions for 2022by John Savadjian on February 22, 2022 at 5:58 am
Now that we’re approaching the tail end of February, it’s not too early to assess the success of those New Year’s resolutions you made for 2022. Many of these have a familiar ring such as losing weight, spending more quality time with family or friends, or taking up a new hobby. While many people have
- Is Combining Investments the Right Idea When Getting Married?by John Savadjian on January 20, 2022 at 6:14 am
Getting married involves more than its fair share of decision making. One of the biggest of these decisions revolves around how you and your spouse will manage the money you’ve each been investing by yourselves over the years. For many couples, their natural inclination is just to combine their investments since they’re already combining the
- Is the 1% Financial Advisor Fee a Thing of the Past?by John Savadjian on December 20, 2021 at 9:35 pm
Charging a percentage of assets under management has been the accepted fee model in the financial advisor industry for decades now. And despite pressure to change, asset-based fees remain the norm for most advisors. Yet the standard 1% fee has faced increased scrutiny in recent years as clients have asked for more personalized services from
- What Is a Fiduciary Financial Advisor?by John Savadjian on September 24, 2021 at 4:19 pm
When you are figuring out how to manage your finances, it’s important to know not only about the different strategies for financial planning but also how the money management industry works. When you are entrusting your savings and income to someone, you want to be confident that this individual is responsible for acting in your
- Should I Hire A Financial Advisorby John Savadjian on February 9, 2021 at 4:54 pm
Making long-term decisions about money can be difficult and even a little scary. But with the help of a financial advisor it doesn’t have to be. Many people turn to financial advisors for help with their financial decisions. Getting educated about your retirement and wealth-management options is a necessary part of planning your financial future.
- What is Financial Advisor Job?by John Savadjian on February 9, 2021 at 4:49 pm
It’s hard to get your ducks in a row and set financial priorities when you are just getting started on a career, especially if you have huge student loans, which take a big bite out of your paycheck. Plus there are other expenses that make it difficult to save for the future. If you’re lucky,
- What Are The Types of Car Insurance?by John Savadjian on February 9, 2021 at 4:44 pm
Nothing compares to your “first set of wheels”, no matter how many years that you are a vehicle owner. Everyone remembers their first car, whether it was a hand-me-down from Dad, or an old clunker you got dirt cheap that ran. The biggest downer about owning your first car, or your current car for that
- The Pros and Cons of Hiring a Financial Advisorby John Savadjian on January 15, 2019 at 2:41 pm
Making long-term decisions about money can be difficult and even a little scary. But with the help of a financial advisor it doesn’t have to be. Many people turn to financial advisors for help with their financial decisions. Getting educated about your retirement and wealth-management options is a necessary part of planning your financial future.
- When It Makes Sense to Hire a Financial Advisorby John Savadjian on January 10, 2019 at 4:28 am
By now, many of us have seen the TD Ameritrade commercials with the bearded bespectacled financial advisor questioning his client about her plans and where she’d like to be when she retires. The client usually throws in some unexpected adventure or bucket list idea that has been in the back of her mind for a