No matter how old you are, it’s never too late to start building your financial future, Of course, the earlier you start, the more money you can save in theory, but there are always things you can do to sock away cash to live comfortably in your retirement years. So how can you build your financial future?
Investing in the stock or bond market is a great way to save for the long haul. Obviously, how much you invest and which avenues you take will depend on your comfort level. But there are many financial investments that can pad your income so you don’t have to work so hard for your money. Be smart and always keep the info of a securities attorney handy.
Do Lead Generation
Lead generation involves creating consumer interest into a product or service for a business. Leads can be used for building up lists for e-newsletters or sales leads, for instance. While you conduct the up-front work for free, you can then gain a small business owner an account, who will be more than happy to pay you a residual income monthly.
From car payments to mortgages to electricity – you likely have a plethora of bills to pay each month. Contributing to your savings should be treated just like one of those regular expenses. Ideally, you should have it taken directly out of your check and deposited into your account. It’s crucial to treat your savings as if it’s a recurring expense. Pretty soon, you won’t even miss that amount.
Pay Off Debt
Debt can weigh anyone down – especially people struggling to make ends meet each month. If you have excessive credit card balances or student loans, work on chipping away at those now before they snowball. Pay it down steadily, with the highest interest rate accounts first.
Contribute to your Tax-Deferred Account
Adding to pre-set amounts in a tax-deferred retirement account means you can shelter your money and reap the benefits of interest rates without having to pay taxes on the amount. Other types of accounts leave you vulnerable to tax consequences and penalties. Don’t even think about cashing out your retirement account before the age of 59 1/2 – you’ll take a 10 percent early-distribution penalty hit. Instead, put in as much as you can to your employer-sponsored 401(k) plans, you should also create a Roth or traditional IRA.
Consider a Side Business
If you’re a stay at home mom or dad and are looking for some way to add to the family’s savings, why not turn your hobby into an online business? There are many options available to you. You could sell crafts and homemade items on sites like Etsy, build up a loyal clientele and pull in some business. The great part is, there are extremely low overhead and start-up costs. If your business does well in the future, sell it off and make a bundle. Kiplinger says investing in yourself and your talents will take you far.
No matter what you do, stay on top of your investment plans to avoid becoming the victim of fraud. Call Thomas Law Group today to find out how we help families recover from investment loss.