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.

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Ask the Advisor: Should I Contribute to an IRA?

This article is for information purposes only. Please consult a qualified tax professional for tax advice on your specific situation.


Sander Tom is a Financial Advisor and Certified Financial Planner™ with more than 30 years of experience in the financial services industry; more than 15 of those with SchoolsFirst FCU. Over this time, he has developed a deep understanding of investing and its powerful impact on a person’s life. Sander is based in our Irvine Branch.

Should I consider an IRA?

An Individual Retirement Account—or IRA—allows anyone with earned income to save for retirement. That’s why it’s a great option to start saving for your future, especially if you don’t have an employer-sponsored retirement plan through your job. Also, if you’re self-employed, you can use an IRA to create a retirement plan. In addition, there are special rules that may allow a stay-at-home spouse to contribute to an IRA. Continue reading

Financial Advisors Are for Everybody

If you worry about your finances—you’re not alone.  Seventy percent of adults who participated in the 2015 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?

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