Start planning and stop worrying!
A Gallup poll showed that 60% of those surveyed worried about their financial future.
There are a few simple steps you can take to help reduce your worries:
- Regularly put aside a set amount in savings or other investments.The compounding of earnings can be substantial. The longer your investment period, the greater the beneficial effect of compounding. Use our savings calculator 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. Use our retirement calculator to calculate how much you need to save for retirement.