Planning your own retirement can be challenging enough, but when your parents reach an age where they no longer can handle their finances, you may need to step in and help out. Seniors often need some help with money management in order to take care of their finances correctly and to have plenty of money set aside to pay for medical costs and other needs. Have the Discussion It is important to sit down with your elderly parent and discuss their finances. Certain things like managing the bills … [Read more...]
The Pros And Cons To Money Market Accounts
A money market account allows you to deposit money and earn a higher interest rate than you would if you invested money into a traditional savings account. Money market accounts are commonly considered short-term investment options and great places to store emergency cash. In order to use a money market account correctly you will need to agree to the terms and conditions which may include details pertaining to a minimum monthly balance amount and only having 6 or less withdrawals per month. … [Read more...]
Best Places To Save Money In Your 20’s and 30’s
Saving money is one of the most important things you can do for yourself and your family. Young investors often struggle when it comes to saving their money and knowing where to save their money. If you are looking for places to save money in your 20’s and 30’s, here are some great options to consider. Savings Account Everyone of every age needs to have a savings account. Most banks will provide you with a free savings account when you open a checking account. Having a savings account is vital … [Read more...]
CD Account Strategies
Before opening CD accounts are you shopping around to find the best CD rates available? It is important to properly research your investment and to know that you are buying the best investment that will provide you with generous returns. CD Laddering As you create an effective CD account strategy you need to focus on the CD rates. One investment strategy commonly used with CD accounts is known as CD laddering. With CD laddering you will have the returns on the CDs at different times. Careful … [Read more...]
Helping With Elderly Parents Finances
Caring for your elderly parents finances can be a tricky situation. Having the conversation with them about paying their bills and saving money in savings accounts, money market accounts, or cd accounts is not going to be easy but there comes a time when you do need to take over. Seniors are constantly targeted for fraudulent investments and many times their trusting nature and poor memory can lead seniors to lose thousands or hundreds of thousands of dollars. Power Of Attorney It is important … [Read more...]
