Money Management

Earning money is not easy. However, managing your money is even more difficult. Poor decisions can not only hurt you financially, but mentally as well. Featured below is information that will help you avoid mismanagement.

Be in control of your finances!
It is very important that financial advice is received from a professional, i.e. financial planner, and not from friends or family.

Assign one person in the family to be in charge of all things related to money. Having more than one person in control will only result in money being wasted.

Maximize your yearly 401K contributions?
Saving money for retirement is one of the hardest things to do. In fact, the average amount of money people save between the ages of 45-59 is $75,000. This is by no way enough money to retire with.

Did you know that you if you are over 50, you can contribute an additional $5000/year to help catch up on your 401k. Only about 30% of people actually take advantage of this. If you are over 50, be one of those people!

It has become very popular for larger companies to enforce pension freezes. This means, no new workers will receive pension benefits and existing workers will not be able to further build their pensions. Therefore, strong retirement planning is even more crucial.

Diversify your 401k portfolio!
Are you familiar with the Enron scandal? Or the issues that Merck has had over the past year? To summarize, Enron's top officials embezzled millions of dollars from their company, drying out the 401ks of their workers and all other investors. Merck was faced with some legal issues about the risks of their medication. This caused the stock to fall significantly, resulting in a great loss to its investors.

The bottom line is that when a company's stock plummets, and remains low, it is typically a sign that the company has big problems. So, a good idea is to diversify your 401k portfolio. You don't want to have all of your eggs in one basket. This advice should especially be considered if you work for a large company. Not only will your retirements be effected if your company starts to have financial problems, your job will be in jeopardy as well.

Ask your employer for raises every few years!
Are you aware that if you do not request regular raises , you stand to loose more than $700,000 by the time you turn 60?

Did you know that a raise of several thousand dollars a year is a good raise. Multiply your raise by 10, 20 or 30 years!

Develop a positive credit history!
Your credit is one of the most influential aspects of your life. Many people mistakenly think that they can rely on their spouses strong credit history to carry their weak one. What happens if your relationship does not work out. You will then have to manage all your debt and finances with your poor credit. Regardless of what your situation is, having good credit is very important.

Review your your tax return before mailing it in!
It is always possible that your accountant has made a mistake on your tax return. Therefore, it is important to review your file carefully, regardless if your filing individually or jointly.

Keep in mind, your spouse may be cheating the IRS. If your spouse is indeed deceiving the IRS, and are caught, you will be in just as much trouble as them.

Keeping track of all joint accounts!
It is important to make sure that your accounts are being on time, regularly. You also want to do away with the chance that your spouse is piling up debt. Remember, regardless of who the guilty party is for damaging a join account, both of your credit files will be effected.

Educate your kids about money!
It is crucial that your children understand as much at about managing money as you do. Never buy them everything they want or give them money every time they ask for it. You should say no! Giving in to their wants is only going to create an individual that has no concept of the value of money.

You should also teach your child the importance of obtaining a job when they are legally allowed to. This will further teach them to appreciate the value of money.

 

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