Financial Tips
Posted in Tips, Uncategorized on January 26th, 2012 by admin
Everyone’s situation is unique and what works for some is unwise for others, and vice versa. But there’s advice so common it’s hard to keep that common-sense truth in mind.
Here are a couple usually strategies that in the wrong situation can backfire and cause more damage in the long run: Put as much as you can into your 401(k) or IRA. Like all investments they differ depending on your personal situations. So best to consultant a professional if you have questions, or simple not sure what is best.
The mantra of many retirement experts falls into two camps: “save” and “save more.” Deferrals of 10% and 15% of pay are often touted as ideal. While planning for the future, it’s naive to not at least consider your current reality. If all you can legitimately kick in is 2%, so be it. At least you are doing something and setting the stage for when times are better. Read more »