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- 9 Tips to Start Or Improve Your Retirement Savings Strategy
Photo by Marc Najera via Unsplash When considering retirement, it's easy to feel inundated by the details. Rest assured, you're not alone! Here, you'll discover valuable insights from financial experts ready to assist you in planning a secure retirement future. These straightforward strategies will guide you toward achieving the retirement you've always dreamed of. Let's embark on this journey together! Tips to Improve Your Retirement Savings Strategy Create a Balanced Long-Term Plan Automate Your Retirement Savings Increase Income to Save More Plan Conservatively and Review Regularly Automate Contributions and Use Index Funds Start Small and Think Long-Term Invest in Real Estate for Early Retirement Diversify with a Precious Metals IRA Use SEP-IRAs and Cash Balance Plans Create a Balanced Long-Term Plan When approaching retirement savings, I focus on creating a balanced, long-term plan. Life changes, and I need to stick to a savings plan that aligns with my financial goals and risk tolerance. When I worked for an employer, I took advantage of employer-matching contributions and made automatic contributions from each paycheck to make saving consistent and effortless. As an entrepreneur, I contribute to my Simplified Employee Pension (SEP) while staying mindful of my spending habits because it impacts a healthy savings rate. For someone just starting or looking to improve their retirement savings strategy, my top tip would be to start as early as possible, even if contributions are small. Time is one of the most powerful tools for growing wealth due to the compounding effect. Creating a clear vision of your retirement goals can help you stay motivated and make informed decisions. Educating yourself about different investment options and seeking professional advice to optimize your plan is also essential. Finally, consistently increasing contributions as your income grows can significantly boost your retirement nest egg. The combination of discipline, time, and smart investing is key. Simone Sloan , Executive Strategist, Your Choice Coach Automate Your Retirement Savings Saving for retirement is all about consistency and starting early. The earlier you begin, the more time your money has to grow through the power of compounding. Even small, regular contributions can make a big difference over time. One tip I'd give someone just starting out is automating your savings. Set up a monthly automatic transfer to a retirement account, like a 401(k) or IRA. Treat it like a non-negotiable expense, just like rent or utilities. If your employer offers a 401(k) match, prioritize contributing enough to get the full match—it's essentially free money. If you want to improve your strategy, revisit your investments regularly. Make sure your asset allocation aligns with your goals and risk tolerance, and adjust it as you approach retirement. By monitoring fees and ensuring your contributions increase as your income grows, you can maximize your savings over time. Matthew Odgers , Estate Planning Attorney, Opelon LLP See our feature in U.S. News & Worlds Report A Guide to 401(k) Vesting . Increase Income to Save More Pay yourself first by increasing your income, not just cutting expenses. Too many focus only on cutting costs, but you can't save your way to wealth. Instead, invest in developing skills, starting side hustles , or building a business. Invest in stocks, bonds, or commodities to maximize your retirement savings if you already have money saved. The more you grow your income, the more you can save and invest for retirement without feeling restricted. Johannes Larsson , Entrepreneur, Johannes Larsson Plan Conservatively and Review Regularly Planning is the cornerstone of retirement savings. A good plan is more than simply a set of numbers; it's a personalized roadmap that connects where you are now to where you want to go. The goal is to remain adaptable because life is full of twists and turns, and your strategy should adjust appropriately. Begin by identifying your retirement goals. What type of lifestyle do you envision? When would you like to retire? Once you have a vision, be conservative in your estimations. Overestimating your spending and underestimating your returns ensures you're ready for anything that comes your way. If you're just starting, my suggestion is simple: start small and build up gradually. Time is your greatest ally, and compounding can do wonders for your money. A few dollars saved now and invested consistently can compound into something large over time. For those trying to improve their approach, make it a habit to review your plan frequently. Life does not stand still; whether it's a new job, a financial windfall, or an unanticipated obstacle, your plan should adapt to match your present situation. Saving for retirement does not have to be difficult or flawless; it simply requires consistency and the willingness to adapt. You are laying the groundwork for a safe and rewarding future by taking deliberate steps today. Chad Harmer , Founder, CIO, and Financial Planner, Harmer Wealth Management Check out the MoneyRates Retirement Planning Guide . Automate Contributions and Use Index Funds After decades of handling retirement strategies, watching account balances grow through market cycles proves that compound returns dominate in the long run. Most successful retirement savers automate their monthly contributions and let the math work its magic. Leaving employer matching money on the table makes zero sense—that's instant free cash getting walked away from. Getting that match should come first. Then, the focus climbs up to saving around 15% between accounts. Overthinking investment choices tends to backfire. Solid index funds do the job without the drama. But retirement isn't just a math game. Some folks realize they want to consult part-time rather than quit cold turkey. Others dream about globetrotting or staying local with grandkids. Each path needs its own savings target. The best strategies transcend pure numbers. Start with whatever is doable, then bump it up as income rises. Savvy investors should funnel whatever feels comfortable and up to half of each raise straight into retirement before lifestyle creep sets in. Those early contributions pack an extra punch thanks to decades of growth potential. See our feature in Nasdaq: Retirement Savings: 5 Steps To Take Now If You Want a Comfortable Retirement . Look at retirement planning like building a dream house—lay the foundation first with steady savings, then adjust the blueprint as goals evolve. The beauty lies in letting compound interest do the heavy lifting while crafting a lifestyle that brings genuine satisfaction. Money stashed away today buys freedom tomorrow. That's the real power of retirement saving—creating options for whatever life phase comes next. Eric Grogan , Estate Planning Attorney, Grogan Law, PLLC Start Small and Think Long-Term Start small if you are just starting out or looking to improve your savings strategy. You won't double an account value overnight via returns, so manage expectations by thinking long-term. Yes, you may need money sooner and have other cash flow constraints, so think about a percentage of your income or salary deferral. Over time, inflows increase with more invested as a percentage of your cash flow, which adds up over time. Time matters the most. Kids can mess around with this at home as an experiment to get them interested in math and investing using an "exponential calculator" (if available, used in high school math, not a basic calculator). Performing various calculations on the calculator shows us that when using annualized returns as the variable (or unknown) and exponent = number of compounding periods, in our case, years, the largest factor to impact returns over time is a higher number of compounding periods. Though I am not an AP math student, the other factor that compounds over time when your accounts go up is CONFIDENCE, which helps you keep setting goals and improves your well-being. Stephen Roth , Founder Principal, Limestone Financial Group Invest in Real Estate for Early Retirement Thanks to real estate investing, I retired in my early thirties, and now I have a portfolio worth seven figures. Here's my take: Real estate is a powerful way to build wealth and retire early. If you can't afford to invest in a standalone rental property right now but own your home, my best tip is to rent out extra rooms. That way, you can start saving for retirement immediately without getting a second job. Ryan Chaw , Founder and Real Estate Investor, Newbie Real Estate Investing Diversify with a Precious Metals IRA I remember when I began thinking about saving for my retirement. Here is my biggest tip: approach retirement by prioritizing diversification in a precious metals IRA. For either someone just starting out or looking to improve their retirement savings strategy, open a precious metals IRA. The benefits of this type of IRA allow you to hedge against inflation, diversify your retirement savings, tax benefits, and more. Precious metals retain value, meaning precious metal investments can still be advantageous even during challenging economic times. Peter Reagan , Financial Market Strategist, Birch Gold Group Use SEP-IRAs and Cash Balance Plans As a sole proprietor, I was shocked to owe a $100,000 federal tax bill when my income increased.  I had a high income but was limited to retirement savings by the low limits on IRA contributions. I then discovered SEP-IRAs, which allow a self-employed person to put up to $69,000 per year into an IRA (up to 25% of their income). This allowed me to avoid astronomical federal taxes and build a nest egg. When my family income rose even more, I discovered "cash balance plans." In effect, an accountant sets up a defined benefit plan for you as a sole proprietor, which allows retirement contributions up to over $200,000 per year for several years. This "defined benefit" or "cash balance" plan is then rolled over into an IRA when you retire or no longer wish to fund it. For self-employed people with income over $200,000 per year, SEP-IRAs and cash balance plans let you save taxes and fund your retirement. Julia Rueschemeyer , Attorney, Attorney Julia Rueschemeyer Divorce Mediation
- Is A Vacation Loan a Good Idea?
Are you considering taking out a vacation loan to fund your next trip? Vacation loans can provide financial assistance to cover the costs of special trips with family or friends, such as cruises, international travel, tours, or all-inclusive resorts. However, before you make a decision, it's important to carefully consider the pros and cons of vacation loans and explore alternative options to ensure that you make the best choice for your financial well-being. Let's take a closer look at the aspects of vacation loans, their advantages and disadvantages, and potential alternatives to help you make an informed decision. What is a Vacation Loan? Getting a vacation loan can cover the costs if you cannot afford a special trip with family or friends. Vacation loans are designed to finance expenses related to cruises, international travel, tours, or all-inclusive resorts. Unlike a personal loan, you can choose the repayment term, such as six months, twelve months, or longer. Unlike personal loans, which can be used for various purposes like purchasing a vehicle, consolidating debt, or making home improvements, vacation loans are used for vacation expenses. Is a Vacation Loan a Good Idea? Taking out a loan to fund travel has both pros and cons. On the one hand, " travel can offer enriching experiences and potential personal and professional growth experiences, making it a wise investment in certain circumstances. However, taking on debt for leisure travel without a clear financial plan could lead to unnecessary financial strain in the long run " . On the other hand, loans for non-essential items like vacations can result in financial risk and potentially limit future opportunities due to ongoing debt obligations. For example, if you seek to purchase a vehicle or home in the near future, a vacation loan can significantly impact your ability to obtain credit when your finances are stretched thin. This can lead to denials of credit and lenders questioning the validity of your financial decisions. How Does A Vacation Loan Work? Vacation loans are based on how much you want to borrow, how long you have to pay it back, and your credit score. The interest rate and monthly payment may increase if you borrow a lot. If you take longer to repay the loan, your interest rate and monthly payment will also increase significantly. For example, you could get a $20,000 vacation loan with a three-year repayment term and have to repay a little over $22,000. However, if you have the same loan with a five-year repayment term, you could pay over $27,000. And this is if you have a good credit score, your interest rate and monthly payment could be higher with a lower credit score. A Debt-Free Trip to Antigua & Barbuda Are There Any Disadvantages to a Vacation Loan? A disadvantage of vacation loans is that they have a very high origination rate, do not allow cosigners, and may require origination fees to begin the loan. On the other hand, you can get approved in minutes. The quick approval process for vacation loans can be advantageous as it allows borrowers to access funds quickly. On the other hand, the rapid approval process may lead to impulsive borrowing decisions without thoroughly considering the loan terms and conditions. What's An Alternative To A Vacation Loan? An alternative to a vacation loan is to add the cost of the travel to your future budget. If you have a trip planned within the next year, determine how you can cut back on costs to save to fund the trip, eliminating the need to pay high interest rates on travel for which you will not have a tangible asset at the end of the vacation. You can repay the loan in installments. Most resorts or cruises allow you to pay for your vacation expenses up to 90 days before your planned travel. Paying monthly for your trip at an interest-free rate provides additional funds to use during and after your travel venture is over. You could also forgo the vacation and save the money you would have used for the vacation loan on current debt and expenses. Travel will always be available, and determining your current and future priorities can help you realize the cost-benefit analysis of obtaining a vacation loan versus achieving your financial goals. Are you interested in vacationing on a budget? As a travel expert, I can provide you with tips and tricks to help you maximize your hard-earned money. Let's chat to see how you can travel without breaking the bank.
- 3 Creative Ways to Save for Your Child’s College Education
Are you looking for creative ways to secure your child's financial future? Three innovative saving strategies can help. Imagine a round-up savings system that effortlessly converts everyday purchases into contributions for a 529 plan. You could also consider employing your child in your family business, transforming their early work experiences into a thriving Roth IRA. For the bold, explore the exciting potential of investing in Bitcoin, a digital asset that has outperformed traditional investments. Each method teaches valuable financial lessons and paves the way for substantial savings. Discover how to build a strong foundation for your child's future while making saving engaging and rewarding! Creative Ways to Save for Your Child's Education Implement Round-Up Savings System I started saving for my child's college by creating a "round-up" savings system tied to everyday purchases. Every time I made a purchase, I set up an app to round up to the nearest dollar and automatically transfer that difference to a 529 plan. On average, this added $40 to $60 each month to the account without any major budgeting changes. Over 15 years, those small amounts can add up to more than $10,000, and the total can significantly increase with investment growth. I believe this approach worked because it was seamless and required little effort, making it easier to stick with the plan long-term. For parents just beginning, I'd suggest finding a system that integrates easily with their daily routine, like using cashback from credit cards or apps to funnel additional savings. Automating contributions, even small ones, removes the mental barrier of remembering each month. In my case, tracking progress annually helped keep the momentum going, making the goal more achievable. Setting aside a portion of peak-season earnings or bonuses can make a big difference for parents who are contractors or small business owners, such as those we work with, to provide contractor bonds and insurance. Michael Benoit , Founder and Insurance Expert, ContractorBond Employ Child in Family Business A great way to start saving money for your child's education and retirement is to use a family business to employ them and contribute their income to an IRA. There is a caveat that the employment must be real and performed by the child. A great example of this is when my son started to help with direct mail campaigns in kindergarten. He loved helping out, and applying stamps to the envelopes was almost fun. As he aged, he graduated to sealing the envelopes, stuffing them, and folding the letters. The key consideration is that you must limit the activities to what your child can and does perform. The rate paid must be commensurate with a normal and reasonable rate. Direct mail labor was paid at the applicable minimum wage in this case. The biggest bang for your buck is to open a Roth IRA. Yes, you'll pay the "kiddie tax" at your applicable rate, but the "extra" compounding over the 10 years between the age of 6 and the normal working age of 16 will more than make up for the tax paid. Brian Seelinger , Attorney, Knox McLaughlin Gornall & Sennett, P.C. Invest in Bitcoin for College Savings Becoming a new parent can be daunting. Along with new and unfamiliar responsibilities comes an array of new "big" purchases. Our family found it hard to save, especially at the beginning. But once the initial dust settled, I found it easier to budget and save. In terms of saving for college, I researched several different investment vehicles and unique accounts. Accounts set up specifically for children, perhaps that they cannot touch until a certain age or can only use towards college tuition—all well and good and all serving a purpose, but one creative asset I would highly recommend putting at least a sliver into is Bitcoin. As I was unfamiliar with investing in digital assets, dedicating just a small amount of capital towards Bitcoin forced me to learn how to buy and safely store the asset. Watching it grow has opened a whole new world of opportunities for other investments my husband and I now make. It's a great way to learn about this new asset class, and I can attest that it has outperformed every other investment I have used for our two young children. Amy Johnson , Founder and Blogger, AmyBabys.com Get started on enhancing the financial outlook of your child's college education today! If you're ready to get started, click the image below.
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- Wealth Building Coach | Harris Financial Coaching | Jacksonville
Harris Financial Coaching empowers you to achieve financial freedom and independence. Let's join forces to grow your savings, eliminate debt, and take charge of your life. Harris Financial Coaching Your Path to Financial Freedom Helping you take control of your finances and achieve your goals. Learn how we can help you achieve your financial goals and embark on your financial independence and success journey. Let's Chat! Start Your Journey Set Your Goals Create a Financial Roadmap Plan for the Future As Featured In Our Services Military Benefits As a military veteran, I understand the challenges of retirement, disability, and transitioning to civilian life. Let's work together to ensure you're prepared and can make informed decisions. Retirement How will you spend your retirement? Do you value tranquility, adventure, culture, or community? Let's envision your retirement together. Budgeting Managing a family budget can be stressful and overwhelming. Learn how to alleviate money-related anxiety and improve your family's financial well-being. Credit Management Let's talk about how to reduce your credit card spending. If you're constantly maxed out and using credit to pay for groceries, it's time to take control of the situation. Wealth Building Focusing on the positive aspects of your life and your future aspirations is important. Have you considered tracking your monthly expenses and creating a financial plan for the future? Imagine the possibilities of achieving financial independence together. Courses Whether you're looking to enhance your financial literacy, start a business, or seek guidance as an aspiring or established author, one-on-one and group courses are available to meet your needs. Look no further; you've found the guidance you need! Unlock Your Future Check out the Blog Financial strategies, resources, and tactics for success. Read More Annette Harris Travel Is A Vacation Loan a Good Idea? Are you considering taking out a vacation loan to fund your next trip? Vacation loans can provide financial assistance to cover travel costs 0 views Annette Harris College 3 Creative Ways to Save for Your Child’s College Education Are you looking for creative ways to secure your child's financial future? Three innovative saving strategies can help. 17 views Annette Harris Military New GI Bill Benefits for Veterans: Up to 12 Additional Months of Education The Department of Veterans Affairs (VA) has exciting news for veterans who served before or after 9/11! You may be eligible. 3 views Read More
- Press | Harris Financial Coaching
Annette is an experienced financial coach, speaker, and writer with a proven track record of success, having worked with groups of all sizes and partnered with other organizations to promote financial literacy. Why Should You Work With Annette? Annette has been lucky enough to be featured as an authority in various publications and invited to discuss coaching and training techniques in the greater community. Take a look below at the latest articles that I have been featured in, as well as tips and tricks about getting the most out of your life. For a complete list of features and collaborations, click here . Download Annette's Media Kit Harris Financial Coaching: Dr. Phil Approved Bookin g Request Form Complete the form below, and we'll g et back to you within 1-2 business days. First name Last name Email How Can I Help You? Please tell us more about your inquiry. Submit Thanks for submitting! Veterans Build Debt-Free Life After the Military
- Mission & Values | Harris Financial Coaching
The mission of Harris Financial Coaching is to educate and empower individuals to achieve financial stability that will allow them to reduce debt and build wealth through education and goal setting. We value family, service, integrity, respect, and confidentiality overall. Mission & Values To improve financial literacy, foster financial stability, and empower individuals. To educate and empower individuals to achieve financial stability that will allow them to reduce debt and build wealth through education and goal setting. At Harris Financial Coaching, we want to be the leading resource for financial education by fostering economic stability and sound financial decision-making. My Values I value family overall. I believe that family relationships should be honest, courageous, model patience, add value to the world, and focus on never giving up. I find fulfillment in sharing my talents and abilities with others. Through volunteer efforts and by providing knowledge on topics that may be vague is an overall goal that I strive for while working together. Making and keeping promises to one's self and others develops trustworthy and caring relationships. I am consistent with my actions and evaluate choices of greater value in relationship building or the greater good. Relationships are built on mutual respect for others' thoughts and feelings. I am committed to respecting the point of view of others and their belief systems. We all have different values that make us unique, and that should be celebrated. Find out more about Annette Rest assured that all conversations are strictly confidential and will not be disclosed to anyone. I will maintain the highest level of confidentiality in all our interactions.