Set Specific Goals
Saving tends to be easier when you have a certain purpose in mind: Saving for your first house, retirement at a certain age, a child’s college education, or even a trip around the world. The important thing is to be specific.
Investing
It’s a Money Thing: Understanding Compound Interest
You may remember it as an equation you had to memorize for math class, but it’s so much more than that. It’s the concept that powers all sorts of savings and investment products and, over time, allows you to turn your money into, well, more money! Watch the video.
SavvyMoney Minute: Hope is Not an Investment Strategy
It’s nice to think of the glass half full, but not necessarily when it comes to money. When you’re overly optimistic, it’s easy to convince yourself it will all be okay. But complacency leaves to inaction, and your financial future depends on you taking the right steps, right now. Here are three steps you can take.
It’s a Money Thing: The Effect of Time on Investing
Investing can seem like a very risky, complex and fast-moving process. With endless combinations of investment vehicles to choose from, it can be difficult to take your first step as an investor—especially with the knowledge that all investments carry the risk of losing some or all of your money. So why bother?
It’s a Money Thing: It Pays to Start Saving Now
In case you haven’t heard, compound interest is the best.
You may remember it as an equation you had to memorize for math class, but it’s so much more than that. It’s the concept that powers all sorts of savings and investment products and, over time, allows you to turn your money into, well, more money!Even though compound interest is easy to understand—compound interest = more money for you!—those who can potentially benefit most from it (those in their teens and 20s) don’t seem to be taking advantage of it. Savings contributions and retirement savings participation rates are falling among young adults.
Which IRA is Right For You?
SchoolsFirst FCU IRAs offer an easy, convenient, and powerful way to save for your retirement—one of the most important things you can do to ensure your future financial well-being. Both Traditional and Roth IRAs are excellent retirement savings tools, but you should consider these questions before you choose one:
Financial Advisors Are for Everybody
If you worry about your finances—you’re not alone. Seventy percent of adults who participated in a recent Consumer Financial Literacy Survey conducted by the National Foundation for Credit Counseling (NFCC) and NerdWallet said they worry too. And while three in four people agree they could benefit from getting professional financial advice, they haven’t. Why?