Tips for Becoming a Smart Investor

Chances are, someone- whether it’s a parent, a friend, a work colleague, or a financial advisor- has encouraged you to invest your money. You might choose to invest via stocks and bonds, through savings accounts, through an IRA account, or through some combination of these and other investment options. Whether you’ve heeded the advice you’ve been given or haven’t yet gotten around to investing, you should

know that, no matter where you are in the process, there are a few “golden rules” to follow when it comes to investing.

See the Big Picture

All too often, when investing, people tend to get caught up in the small details. Some people just can’t stop nitpicking data points, which aren’t really all that important in the grand scheme of things. Others carefully examine the strengths and weaknesses of a particular stock or a specific type of investment. Then you have those who are so worried about losing money in the short-term that they refuse to see the bigger picture.

In fact, though, the bigger picture is what it’s all about. You are never going to find an investment option that is 100% foolproof or that hasn’t undergone some bad times in its past. Instead of narrowing in on the immediate risk or what could go wrong, try to think about how your investment will affect you in the long-term. If you’re having trouble seeing the big picture, a company that provides investment services can be of great use to you.

Have Specific Goals in Mind

It’s hard to invest and save when you don’t know why, exactly, you’re doing it. If you’re just investing because other people have told you to, then you’re likely going to lose momentum and give up long before you should.

If you have very specific goals in mind, however, such as retiring with a certain amount of money, paying a child’s college tuition, or even taking a dream vacation without incurring financial loss, you’ll be a lot more likely to stick to your saving and investment goals. Again, however, just make sure those goals are inline with the “big picture” discussed above.

Invest at the Right Time

When you first start investing, it can be tempting to jump headfirst into a bunch of investments. In truth, though, you really shouldn’t invest all at once.

Stocks and other types of investments go up and down in terms of their risk and value. Thus, learning how to strike when the iron is hot is of the utmost importance. However, you can’t spend too much time analyzing or you risk, as mentioned, not seeing the bigger picture. For this reason, it is imperative to hire a financial advisor to help you to know when to make what investments. In fact, the right financial advisor can help you with investing in general so that you always make decisions that will ultimately benefit you.

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Financial Planning and Your Vehicle

The average person relies on a car to get around; in fact, without a car, the average person probably couldn’t get to work or even make it through daily life. As such, it’s very important that you stake at least some of your financial planning around your vehicle. You need to have a fund set up, for example, to address any unexpected expenses, such as repairs, that might pop up with your vehicle. Likewise, you want to put money aside in case you get into an accident; after all, your insurance only covers so much!

Furthermore, it’s important to remember that even the best and most well taken care of cars will eventually break down, so you’ll always want to have money on hand to finance a new vehicle when the need arises. Planning for car related needs, however, is just one part of your financial planning, so it’s always smart to allow the financial planning experts at Platinum Financial Associates of Naperville to assist you.

Give Money to Earn Money?

When you sit down with your financial advisor, one thing that might surprise you is that he or she might actually encourage you to donate money! That’s right—you might actually be advised to give away money, for free. That may seem counterintuitive, especially if you’re trying to save as much as you can or are working toward some lofty financial goal, but it’s true that, in the end, donating money can actually help you.

See, when you donate money to an approved cause, that donation is considered tax deductible. What that means is that you can deduct the amount you donated from your income—it’s like that money never existed! So, you get to give and you get a nice little bonus for yourself!

Now that you understand why smart giving should be a part of any financial planning strategies, go out and find some worthy causes you can give to. If you need help figuring how much to give, knowing where to allocate your funds, or just figuring out how to get tax credits for them, contact Platinum Financial Services of Naperville.

                      

Easy Financial Tips

When most people think of financial planning, they think of it as being something very difficult, hard to understand, and hard to enact. The truth is, however, that good financial planning is often about making small, simple, and, above all else, smart decisions that, over time, have the potential to positively affect your life. Did you know, for example, that one of the best things you can do for yourself is to open a high interest savings account that comes with minimal fees? That might sound like an impossible feat, but, with the right help and guidance, you’ll find that it’s actually quite easy to do.

Other smart things you can do include budgeting your money and limiting unnecessary spending, finding ways to cut down on utility costs, and finding ways to consolidate or reduce debt. For easy tips on financial planning and to help your financial life go more smoothly, contact the friendly financial experts at Platinum Financial Associates of Naperville. 

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Fast Food Workers Costing the Nation Money

When you walk into the local McDonald’s or other fast food chain, you probably don’t think much about the person who serves you. According to a recent study conducted by researchers at Berkeley and the University of Illinois, however, maybe you should; it turns out that the person handing you your fries is probably costing you a lot of money in taxes.

The aforementioned study discovered that the vast majority of those who work in the fast food industry receive public assistance, and that the public assistance received by fast food workers alone adds up to a whopping $7 billion per year.

Don’t be so quick to think that all fast food workers are young teens just trying to make a buck either. No, the survey found that the average age of the fast food worker was 28. Furthermore, the average fast food worker doesn’t have a lot of knowledge when it comes to financial planning, a fact that could perpetuate the problem.

No matter what you do or where you currently are in life, know that there is a way to avoid government assistance and to make the most of your money. That way is through financial planning that’s specifically suited to your life and income. You can get help planning your financial future by visiting Platinum Financial Associates of Naperville.

Tips for Buying a Home

Would you like to buy a home in the near future? If so, then you should be working with a reputable Naperville financial planning service right now. These services can help you to find realistic, workable ways of saving money toward a down payment on your home. While you might not think having a sizable down payment is important, you should know that having a nice down payment is actually a wonderful way to ensure you get the home that you want and to make the home buying process go more smoothly.

When you have a large down payment, for example, many sellers are often more willing to negotiate with you on the actual price of the home. If a seller wants that down payment in his or her pocket, he or she is a lot less likely to squabble about the actual cost of the home itself. Likewise, when you put down a big down payment, you typically enjoy better interest rates on your home loan.

To start saving money toward your home now, contact top-rated Naperville financial planning service, Platinum Financial Associates, Inc.

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