Tip of the Day
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Written by Guest Blogger | August 27, 2014
1. Invest for retirement right away by fully matching your employer’s retirement plan
- Explore the magic of compounding by calculating what would happen if you invested $10 a day ($3,650 a year) beginning at age 22, earning the market average of 7%.
- Be alarmed by what happens if you invest and earn the same amount but wait until you are 35 to begin to invest.
- Get motivated by the returns you would experience by contributing 5% of your income beginning at age 22, and benefiting from a matching contribution of an additional 5% of free money from your employer earning the market average of 7%. The free money match is the greatest advantage of a 401(k) or 403(b).
- Use this handy list of questions when interviewing financial planners. Above all, make sure your financial planner adheres to the fiduciary standard, legally binding them to put your best interest ahead of their own.
- To learn more, have a peek at the Department of Labor new job Entrants guide.
Written by Guest Blogger | August 26, 2014
Lori Schock, Director, Office of Investor Education and Advocacy, U.S. Securities and Exchange Commission
Parents looking for a way to save for a child's college education should consider investing in a 529 plan. Authorized by Section 529 of the Internal Revenue Code, these are tax-advantaged savings plan sponsored by states, state agencies and educational institutions, designed to encourage saving for future college costs.Read more...
Written by Guest Blogger | August 20, 2014
By Laura M. Frey, LMFT, Ph.D. Candidate, Department of Family Sciences, University of Kentucky and Jennifer Hunter, Ph.D., University of Kentucky Family Finance Extension Specialist
Roughly two-thirds of students enroll in college the fall after graduating from high school. For many of us, planning for college expenses often gets put on the back burner while trying to pay for other expenses that occur during high school.Read more...