Some may be understandably nervous about their investments and their purchasing power. If you are worried about your portfolio, you’re not alone. But during stock market volatility, it’s important to keep a level head to avoid financial mistakes and remember that these corrections during your working years allow you to buy more shares at a lower price.
As a nation still in the midst of a global pandemic, we’ve had many stark reminders of just how unpredictable life can be. When that unpredictability gains steam, we start seeing shocks to the stock market’s stability and the economy, as evidenced by increasing inflation, unemployment woes, supply chain issues, and plenty of volatility in the market. If all these ups and downs have you feeling anxious, you’re not alone. As we navigate continually uncertain times, here are 4 money moves you can make to feel a little more prepared for whatever comes next.
Deferred compensation plans are a popular option for high earners. First of all, they can save professionals a lot of money during their working years—and in their retirement years as well. When using a deferred compensation plan, the professional can defer a portion of their income to the plan where it can grow tax-free.
With more than two decades in the financial services industry, we’ve come across many pieces of sound financial advice. You’ve probably heard some of them as well, such as the importance of living within your means, managing risk, and investing for the future. It would be wise to follow any of those lessons, but if we could give just one piece of financial advice, it would be to avoid procrastination.
The temptation to buy a vacation home can be overwhelming while basking in the sun on a white, sandy beach or enjoying the view from your cabin window. But don’t let your emotions cloud your judgment when it comes to this significant decision. If you desire to turn your daydream of owning a vacation home into a reality, it’s essential to first consider if this is truly a good investment for you and your family.
Financial mistakes come in all shapes and sizes. Some mistakes are easy to recover from and can end up being a good life lesson. Other mistakes can have lifelong impacts and may permanently affect the kind of lifestyle that you’ll be able to afford in retirement. These are the mistakes we want to help you avoid.