What Can I Do To Secure a Better Future?

What can I do to secure a better financial future?

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Bill's Answer: Answered by Mark Cappel

It sounds like you may be off on the right start by creating a budget for yourself to determine if your expenses are aligned with your income, you have money, and ultimately have money available to invest for your future.If your expenses consume a substantial portion of your income and you have little left over for savings you should look into ways of cutting your expenses. If you find yourself with excessive amounts of debts, especially unsecured, with high interest rates your first task is to reduce those to a more manageable level. The less debt and expenses you have the better financial position you will be in to begin investing, which will help you have a better future. Below, I list a few of the basic steps that may help you build a better future.

Retirement Contributions


If you work for a company that provides you with a 401(k) benefit plan or non-profit that offers a 403(b) you should take advantage of this opportunity. Contributions (called elective deferrals) to a 401(k) and 403(b) are pre-tax, and in many cases the employer will match an employee's contributions to the plan. If you are self employed there are other plans such as an IRA, which there are a few different types, or Roth 401(k). The goal you should consider is to maximize your contributions each year.

Savings Contributions


Another step, when assessing your finances, would be to make sure you are putting aside for a "rainy day"; so to speak. Many financial planners recommend households save three to six months of your living expenses; for emergency reasons, such as job loss or similar unplanned but foreseeable calamity. Keep in mind that savings is different than investing, and you want to make sure that you have easy access to your savings in the event of an emergency. Savings are held in a liquid short-term account, such as a savings account, certificate of deposit (CD), money market account, or a savings bond.

Goals and Strategies


When you place yourself in a financial position where you can invest, the next step would be to determine your goal, and your strategy or strategies to achieve that goal. Your goal and strategies should consider at least two important factors: Your age and when you want to access your investment. If your goal is to invest your money and pull out within five years you may want to consider money market accounts, bonds, or certificates of deposit. Investing in stocks is generally considered by experts to be for investments lasting five years or more. Investors tend to see positive returns in the stock market after this time frame.

To learn more about how to begin investing in your future I encourage you to read an article I wrote, How Do I Start Investing in the Stock Market?.

Bills.com makes it easy for you to apply for traditional forms of debt relief.

I hope this information helps you Find. Learn & Save.




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Comments (3)

February 26, 2010
Go to Bills.com! That can help you secure a better financial future :)
February 24, 2010
I suggest you consult with an attorney in your state who has experience in consumer law. An attorney will be able to review your situation in person, interview you and your spouse to determine the liability of each spouse, and advise both of you accordingly.
February 24, 2010
My question was that Key Bank scared my wife in to paying my debt they sent a letter in her name and said she was liable for the debt I showed my wife the loans papers I was the only one who signed it she is not on it and my credit report shows it as individual account. I wrote to key band and wanted proof of the joint account. they did not reply. what should i do? I have good credit my spose no longer has good credit.
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