Financial literacy refers to the knowledge, skills, and understanding of financial concepts, tools, and systems that enable individuals to make informed and effective decisions regarding their personal finances. It involves the ability to understand and apply various financial principles, such as budgeting, saving, investing, borrowing, and managing debt.
Tax-advantaged accounts have annual contribution limits. In some years, the IRS increases those limits, and for some accounts, an additional contribution is allowed for those over a certain age. We'll take a look at the contribution limits for 2023.
We all know how important investing for our retirement is, but many people don’t want to take a hands-on approach. Target date funds can be the solution; they allow you to take a set it and forget it approach to retirement investing.
There are many great things about being self-employed; you’re the boss, you have flexibility, and often more job satisfaction than those who work for someone else. There are downsides, too; the buck stops with you, you likely work more hours than if you worked for someone else, and you don’t have a pension or access to an employer-sponsored 401(k).
The best 401(k) strategy is the one that fits best with your overall retirement strategy. Choosing the wrong option can throw your carefully created plan out of balance. If you have questions, we are here to help.
There is no way to overstate the importance of early investing. The longer your money is invested, the more time the magic that is compounding interest is able work in your favor.
