Recent blog posts - Achieving Financial Awesomeness - Page 15

How to Save for Retirement the Right Way

Remember when saving for retirement used to be so easy? Yea, I don’t either because I wasn’t alive back then. However, if you were, all you had to do was work 40 years at your employer, get your pension and social security and then sail off into the retirement sunset.

Today, on the other hand, it's a totally different story. It now basically falls completely on your shoulders. There are so many questions. How much should I save in my 401k? What do I even invest in? What about a Roth IRA? The list can go on and on. Let's take it step-by-step to get you moving in the right direction so you can get to retirement – or what I like to call financial independence – sooner rather than later.

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Does Your Financial Advisor Have a Conflict of Interest?

When I got into this industry over 16 years ago, I’ll be honest and admit I really didn’t have a clue what I was doing. I started the Monday after I graduated from college and was thrown into the “bullpen” and told to start studying for my exams that I was to take over the next 4 months—I won’t bore you with the details.

Once I passed those, I then went through some really terrible sales training. When I returned back to the office, I was basically told to start bringing in new clients and good luck. Seriously, that was it.

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How to Find Your Unclaimed Property (CASH)

Ever thought somebody owed you something, but you just can’t remember what? Well, guess what, maybe someone does, and it might just be waiting for you in a state where you once lived. And, it’s actually not out of the ordinary to find your name on a state's unclaimed property list.

Believe it or not, states are holding onto BILLIONS of dollars in unclaimed property. And, because of unclaimed property laws, this money has to be returned to you if you ever come looking for it. In 2015 alone, over $3 billion was returned! Crazier than that, though, almost $8 billion was collected leaving another $5 billion uncollected. Trust me, there is a lot of it out there.

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How to Guarantee Poor Investment Returns

When it comes to investing, the hype seems to be around the next hot investment and the incredible returns it will surely produce. While that is all good and well (not really), no one ever seems to talk about what not to do when it comes to a good investment strategy.

I truly believe, if you can avoid making dumb decisions, then that will ensure you’re making the right decisions. Investing isn’t about finding the next Apple; it’s about not making those common mistakes so many people can’t seem to avoid.

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3 Questions YOU MUST ASK YOUR FINANCIAL ADVISOR

Being a financial advisor for the past 16 years, I know what lies behind the curtain in our industry. And, while things are slowly becoming more transparent, we still have a long way to go before reaching complete transparency.

As a consumer, though, you only know what you’re being told or at least how much you can find from doing your research on Google. The information is out there, but only so many people have the time to find out the right questions to ask.

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Why Does It Seem Like My 401k Isn’t Growing?

This seems to be one of the most common questions I have asked to me on a regular basis. It’s certainly a fair question and one that’s probably gone through my head a few times.

Now that we live in more of an “instant gratification – what have you done for me lately world” we expect to see results immediately. While there are times you’ll actually notice faster growth within your investments because of a specific sector or company, for the most part it’s basically like watching a tree grow.

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How to Make a Budget Bearable

The budget. To many, it is simply known as the “b” word. The budget has turned into this scary thing that few people dare to discuss.

I’m not sure if it’s just overwhelming to think about tracking or if people fear seeing where they’re spending their money. Regardless of the reason, the budget is the foundation to anyone’s personal financial situation.

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How 15 Minutes Could Get You 15 Times the Return

No, this isn’t some kind of get rich scheme that I’m pitching but rather something everyone who has a savings account should really consider. According to gobankingrates.com, as of April 2016, the average savings account interest rate was only .06%. That’s right, only .06%!

Believe it or not, though, I have seen many clients who branch at their local (insert giant bank name here) earning a measly .01%. That means if you had $50,000 sitting in a savings account there, your annual interest would add up to a whopping $5!

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One of the Biggest Pitfalls to Maxing Out Your 401k Early in the Year

First of all, congratulations that you are able to max out your 401k. Whether it’s $18,000 if you are under 50 years old or $24,000 if you’re over 50, that is a lot of money to sock away on an annual basis.

Now that we have established you're contributing the max, the next question I ask is do you receive matching contributions from your employer? If the answer is yes, another congratulations are in order because not all employers provide a company match.

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NextGen Wealth, LLC is a registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor, tax professional, or attorney before implementing any strategy or recommendation discussed herein.

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