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50/30/20 GUIDE
The best kind of budget is all about moderation — one that allows you to pay your must-have living expenses, put some money in the bank, pay down debt, and have some left over for the fun stuff. The 50/30/20 budget lets you to do just that. Not only does it help you live within your means, it also helps you figure out exactly what your means are.
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SAVINGS GUIDE
Are you saving for a vacation, a down payment on a home, a wedding, child birth, an emergency fund or capital to start a new business? Or do you need to pay down credit card debt, save for retirement or college fund for your kids or grandkids? Whatever your savings goals are, this Savings Guide will help you get there.
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MONTHLY BUDGET WORKSHEETS
Our Monthly Budget Worksheets helps you track your household income and expenses to better understand finances and get a better plan for your financial future.
DID YOU KNOW?
Peter Thiel turned a $2,000 Roth IRA into over $5 billion dollars.
Best part is, all that money is tax free.
Roth IRA’s are one of the greatest wealth building tools available to investors today. They are one of the most tax efficient tools available. Here is how they work. You add money to your Roth IRA with after tax dollars. This means it is money that you have already paid taxes on.
Once the money is in the account you get to choose what you invest in. The options are almost limitless if you know how to structure it correctly.
Are you using a Roth IRA? What are you investing in?
I’m Matt Hoskins, your Certified Financial Planner. If you need help knowing how to structure your Roth IRA or if you qualify for a Roth IRA follow the link in my calendar.
Don’t be stupid with your money!
EMBRACING THE POWER OF TRADITIONAL IRA!💰
Today, I want to shed some light on an incredible retirement savings tool that can help you secure a bright future – Traditional Individual Retirement Account (IRA)!
💡 Traditional IRAs have been around for decades and remain one of the most popular retirement investment options. They offer a host of benefits that make them a go-to choice for those aiming to build a solid nest egg for their golden years. Here's why they're worth considering:
✅ Tax Advantages: With a Traditional IRA, you can contribute pre-tax dollars, meaning the money you put in is deducted from your taxable income for the year. This reduces your tax liability, potentially saving you a significant amount of money!
💪 Growth Potential: Traditional IRAs give you the opportunity to grow your savings through various investment options, such as stocks, bonds, mutual funds, and more. Over time, these investments can compound and generate substantial returns, bolstering your retirement funds.
⏳ Tax-Deferred Growth: One of the key advantages of a Traditional IRA is the tax-deferred growth. Your investments can grow without being subject to annual taxes, allowing your funds to potentially accumulate faster.
🌍 Wide Investment Choices: Traditional IRAs offer a broad range of investment choices, empowering you to create a diversified portfolio tailored to your risk tolerance and long-term financial goals. It's like having a world of investment opportunities at your fingertips!
📅 Important Considerations: While Traditional IRAs offer remarkable benefits, it's crucial to keep certain rules in mind. Withdrawals from a Traditional IRA are generally taxed as ordinary income, and there may be penalties for early withdrawals. Be sure to consult with a financial advisor or tax professional for personalized advice.
🔍 Research and Plan Ahead: Remember, everyone's financial journey is unique. Take the time to research and explore your options.
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THE 20% RULE
This slice is a game-changer, as it empowers you to build a strong financial foundation and secure your future. Here's how to make the most of it:
1️⃣ Emergency Fund: Establishing an emergency fund is essential. Aim to save 3-6 months' worth of living expenses in case of unexpected situations. It's your safety net during rainy days!
2️⃣ Debt Repayment: Whether it's student loans, credit cards, or other debts, allocate a portion of your 20% to pay them off. It's all about taking control and freeing yourself from financial burdens. You got this! 💪
3️⃣ Investments: Consider investing a portion of your savings. Explore options like stocks, bonds, or even a retirement account. Investments can help your money grow over time and set you up for long-term financial success. 📈💸
Remember, the 20% may seem challenging at first, but with dedication and smart choices, it becomes a catalyst for your financial freedom and future dreams.
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