Managing your money is hands-down one of the most important choices you make. Sadly, financial education is not taught in most schools. This leaves a lot of Americans, especially young adults, without the information they need.
This article is going to look at some of the most important financial decisions you can make today. Don't worry, there won't be any complex algorithms or confusing jargon.
Open an IRA (Company 401K)
You should always be planning for the future. It doesn't matter how old you are, you should start saving for retirement.
There are two separate investments you should make depending on your situation. If your employer has a 401k matching program, then you need to put as much money in the account as possible. Some companies match up to 5% or more. Make sure you're maxing out the program.
If your employer doesn't have one of these, then you should open up a separate IRA. IRAs are the next best option if you don't have the 401k matching opportunity. There are hundreds of brokerages where you can open an account and start investing.
In fact, there are some brokerages which will handle all of the investing for you. There are robo-advisors which allow you to kick back and watch your money.
Buy Life Insurance
When was the last time you thought about dying? Hopefully, it's been a while. We don't want you contemplating dying, but we do want you to plan for it.
Life insurance is the financial safety net your family needs. If you don't want to take the time and trouble to go through the traditional life insurance process, you don't have to. One quick way to get insurance is to buy a no exam insurance policy.
Thanks to the Internet, you can get no exam life insurance faster than ever before. There are companies, like Haven Life, who specialize in selling no exam life insurance online.
If you want to invest in life insurance as quickly as possible, then a plan from Haven Life is the best choice. You can be approved in no time.
Unlike other companies out there, you won’t be limited to only $250,000 worth of coverage.
Stock Market Alternatives
When you think of investing, you probably think about the stock market numbers. Thankfully, for people who are terrified of the stock market, there are plenty of other investment options.
One of the popular choices for new investors is peer-to-peer lending. You can probably guess from the name, but these are investments made to other people. They need money, and you can lend them money.
Sites like Lending Club makes it extremely simple to get started in peer-to-peer lending. You can search through the hundreds of investment options and get started with as little as $25.
What better way to invest than to invest in yourself? What does it mean to invest in yourself?
It can mean a lot of different things. Maybe you've wanted to go back to school and further your education. Maybe you have wanted to start a side-business.
If you're looking for a way to start investing, maybe the person in the mirror is the best option. Each person is different, which means everybody has different opportunities for investing in themselves.
College Savings Account
If you have kids, hopefully, they are going to go to college one day. You want your kids to go to further their education, but college is expensive.
It's never too early to start saving for those tuition costs. Sure, you could keep all of your savings under your mattress, but the best way to save for your kid's college is to open up a college savings account.
529 plans are a savings account which gives you some taxes advantages you won't have with a traditional savings account. With 529 plans, the money grows federal tax-free, and it's not taxed until you take it out.
Start Investing Today
All of these investments are simple to get started. With most of them, like buying life insurance or opening an IRA, you can check it off of your list in a matter of hours.
Your finances are one of the most important things in your life. Don't wait any longer to make some of the best choices for your money and your family.