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Automatically putting money in a high-yield savings account, increasing your retirement contribution, and opening a brokerage account can all boost your wealth. By making smart choices with even small amounts of money you have today, you'll set yourself up for big changes over the long term. Big wins — like getting a raise — are wonderful, but small wins — like choosing the right investment or savings account — are even better, because you have total control. Even though interest rates are down compared to early 2019, a high-yield savings account can still help you earn up to 20 times more on your cash than a traditional savings account. Now, just opening a new savings account won't make you rich.
I'm a financial planner, and I always ask new clients the same question: Do you have financial statements? AdvertisementAs a financial planner, there's one question I always ask when meeting with a new client: Do you have financial statements? The first financial statement is a balance sheet, also called the statement of financial position, which lists your assets, liabilities, and net worth. What to include in your income statementNext up we have the income statement, also known as the statement of cash flows. AdvertisementThe bottom lineIn very general and simplistic terms, achieving any level of financial success can be broken down based on these two financial statements.
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Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). Personal finance site WalletHub released updated data on the best and worst US cities for retirees, and looked at affordability as a main factor. Retirees are most likely to find low taxes and care costs in the south and southeast. Many cities in Florida, Texas, and Alabama made the list, including Jacksonville, Tampa, Mobile, and San Antonio. Here are the 17 most affordable cities for retirees, along with data on each state's tax rates via WalletHub and median senior day care costs from AARP.
My husband and I have made some mistakes with money in the past, including racking up $30,000 of credit card debt. No matter how hard we tried, it seemed like we couldn't make a dent in the credit card balance. He encouraged us to open up two more credit card accounts. The CFP wisely suggested we check our current credit cards to see which had the highest interest, and move accordingly. In an ideal world, we would have paid off the credit cards sooner so we wouldn't throw money away on interest.
The rising costs of healthcare, longer life expectancies, and other factors have made traditional retirement more expensive than ever. It's time to "retire" some popular retirement advice that no longer makes sense in today's world. That's because Social Security benefits grow the longer you keep from taking them, until you reach age 70. Old advice: You'll probably die young, so plan for retirement accordinglyNew advice: Your money needs to lastFinally, we're no longer in the 1800s. In other words, retirement funds will need to last — especially if you hope to retire before the standard retirement age of 65.
Our experts choose the best products and services to help make smart decisions with your money (here's how). My husband is a saver and I'm a spender, but in almost a decade of marriage, we've come up with five strategies that help us balance those impulses. We keep a budget and designate a certain amount of spending money for each month, and we review our bank statements and credit card bills together monthly. It takes effort, communication, and help from the best financial advisor, but we've figured out a way to make it work. I'll update him on freelance projects I'm working on and how much money I'm expecting to come in, and he'll highlight (sometimes to my chagrin) ways we've overspent in the last month.
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You don't have to register with the government to be considered a business — even picking up some freelance or gig work on the side technically counts as a business. Some people think you have to register a business with your state's government to be considered a true business, but that isn't actually the case. What qualifies as a businessIf you think you need to register with the government to be considered a business, think again. By default, any business that doesn't register with its secretary of state is considered a sole proprietorship. If you have a small, part-time side hustle, odds are going without registering your business as an LLC is just fine.
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