Retirement may seem a long way off for most people. However, there are some great alternatives that you can do right now.
Alternatives to Early Retirement & How to Reach Financial Independence Sooner
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Get free money with a 401k
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There are a lot of reasons to contribute to a 401k, which is why more than 60 million people have one and one-fifth of all retirement funds are held in 401(k)s. One of the top reasons is that what you contribute reduces your taxable income by whatever you contribute. The contribution limit for 2023 is $22,500 and additional $7,500 if you’re older than 50 years old. One top of that, if your...
Compounding fees may be dragging on your returns
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A recent survey of investors found that 21% of investors don’t think they’re paying a lot in fees for their investments. The fact is that most fees from mutual funds and brokerage companies don’t show up on your statement. They are taken out of the funds performance and you don’t have a write a check each years for these expenses, but they are there and they add up. The...
4 Essential Personal Finance Tips for People in Their 20s
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The internet is full of personal finance tips; however, the most common advice you’ll hear from finance experts and adults close to you is to save and invest early on in life. But, sadly, this advice isn’t often put into action. A post on CNBC reported on a 2019 financial study which focused on young workers aged 18-29 situated in the U.S. Researchers found that the young people are less likely...
4 Financial Concepts Every Adult Should be Familiar With
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Financial literacy is key to staying on top of your finances and finding success later in life. Unfortunately, not everyone understands basic financial concepts and few are aware of how they can impact their life. Indeed, MarketWatch reports a clear decline in financial literacy all over the country, with only 34% of Americans able to answer questions about interest rates, inflation, bond prices...
