Inheriting money can bring mixed emotions. On the one hand, you most likely lost a loved one. On the other hand, your new financial windfall could help you accomplish your goals. Here are six steps to managing your inheritance so you can make it work toward your long-term dreams.
You’re excited, you’re nervous, you aren’t sure if you can afford it, but you have to buy one. All your friends have homes; your parents own a home. Purchasing one is seen as the “American Dream,” a status symbol that shows you have made it, welcome to being an adult.
So you are ready to take the plunge and make the largest purchase of your adult life—your first home.
I started investing at the young age of 15. It took me over 10 years to truly learn how to invest. During those 10 years, I tried every investing “get rich quick” strategy there was: day trading, options, IPOs, futures, tech stocks, Jim Cramer tips, buy and hold. If there was an investment book written about the strategy, I probably tried it—and failed at it.
Next week Americans will head to the polls to decide who will be the next president of our great country.
This election has stoked a lot of emotions for people. Some despise Hilary; others find Trump repulsive. This article is not about who we think would be the best President of the United States or who we would vote for.
Instead, we are going to answer the question that we have been asked over and over in the weeks leading up to the election.
1. Lacking foresight to plan for your retirement is the simplest way to limit your savings. Not contributing each time that you have the opportunity to is essentially downgrading your quality of life after retirement. While savings and interest are both valuably intertwined, the bulk of your money is realistically going to come from your contributions. This mistake, stifling your savings potential, can be made in three ways: