For this week’s Finance is Fun, Marion Syverson was in to talk about ideas for your tax refund.
Here are Marion’s suggestions for what you can do with your refund.
Because of the myriad of investment options, instruments and information, understanding yourself, knowing your risk tolerance creates a starting point to many of your investment decisions.
What is risk profile? – Your risk profile is a measure of one portion of determining investment suitability. Do you feel comfortable with small company investments in Emerging Markets? Do you prefer large firms based in the U.S.? Do you like money in gold or CD’s at the bank? How do you feel about stock market fluctuations and volatility? Do you feel comfortable with the level of risk that you may need to take to meet your goals? Risk profile analysis helps identify your comfort level in investing.
I’ve had a few folks in my office recently discussing their budgets and one of the common problems is debt, being overwhelmed about it, not knowing how to tackle it. Here are some tips if you are facing a similar thing.
Like many of us, I wish I had learned this or that when I was a kid. And often our sentiment is, ‘I wish I had learned more about money.’
You can’t know for sure what your federal taxes will be or if you are entitled to a refund, without actually filing your taxes. But if you are looking for a estimate here are a few calculators that may help.
Last week we discussed that there are 99.7 percent of businesses in the US are small business and they account for 64 percent of the new jobs in our country.
We’ve got tips.
Many of my clients and friends are business owners and I have a cozy place in my heart for those willing to take the risk and go forward with their vision to change their futures by stepping out in business. In fact, according to the Small Business Administration, 99.7 percent of US firms are small ones and they are responsible for 64 percent of all hiring. In times of changing employment markets, many folks begin their own business and make their dreams a reality.
Sometimes we use terms that must seem like lingo, unknown terminology, to folks who may not understand what is meant. We want everyone to feel included in this conversation so we will have back-to-basic sessions once in a while to explain concepts.
Valentine’s day is coming. It’s a day to let people you love know how special they are to you. Don’t mix love with money. But you don’t need to use buckets of cash to demonstrate your affection.
Several times a year I try to do a segment on terms that are used in investing. Even if you’ve invested for years, if no one has explained these terms, you might not know them. So today’s term mutual fund and key points to remember.
In this Finance is Fun, Marion Syversen joined Caitlin Burchill on TV5 News at Noon to talk about practicing charity.
Why – Why practice charity? Why give? From compassion. Imagining the difficulty that others feel and wanting to alleviate their suffering if only temporarily. At times of festivities, family gatherings, abundance and sharing we look at the meagerness of another’s cupboard. Why practice compassion? Because at this time of religious celebration we remember that true love sacrifices for others.
We’re coming up on Thanksgiving, a time for gratitude. Some of us are not happy. We think that ‘if only’ we had this or that, we could really enjoy life. Studies indicate that though your natural happiness ‘set point’ has genetic components, happiness is also a choice. Here are seven happy tips.
Review your mix – Have you looked at your investments at all since you initially chose them? I know you may feel confused about the holdings, but there will be fund information available that may tell you the mix of stocks and bonds in the account, if the fund is international or domestic, etc. use that and your risk and goals to help plan.
I love studies because I love seeing the numbers of how people behave. Here’s a study that compares Generation X/Y (average age 37, hereafter termed Gen x’ers) with Baby Boomers (average age 65, hereafter termed Boomers) and how they live with their money.
As part of my personal philosophy, I begin with the end in mind. Meaning, where am I hoping to be when things are over? What can I do to work towards that dream? What things work against me that I should try to avoid?
I recently had a chat with the daughter of a friend who just got a raise. But she cannot figure why she is now making double what she made two years ago and still has no money. Let’s talk about this very common dilemma, with a little help from a recent article.
Lifestyle creep – Things that you previously considered luxuries are not weekly necessities. Massages, spa treatments, work-out sessions with a trainer, upgrades on basic services can’t all be purchased on that little raise, bud. Going without is not my dream for you, but you likely can’t afford ALL this.
Too many dinners – According to an article, Americans ages 18-29 spent $173 PER WEEK on food and they eat out more than other age groups. If the purpose is social, I get it, but you can do this cheaper. About 15% of your income should be spent on food.
Monthly auto-pay – It was great idea to put bills on auto-pay until you failed to use those services. Time passes and your needs and interests change. Four years ago this monthly service seemed invaluable. Check your bank info or credit card statement and see what you are paying for every month. You may not use several of the services and might be able to save some real money.
You’re a generous pal- I know how happy it makes you to see your friends have fun and so maybe you are ‘lending’ money with more frequency than you realize. Start noticing how often you are paying $20 here and more there and come up with a way to change this. You don’t have to be confrontational. But you work hard for your money, so hard for it honey. So maybe you should start saving for your emergency fund instead of helping that friend so often it is almost expected.
Glamour October 2013
According to a recently published study, for 61% of workers surveyed said their 401(k) is their only savings for retirement and will be an important source of income along with Social Security. More than half have increased their contributions in the past couple of years and believe their investments have recovered since the crisis, and most realize the importance of a 401(k).
Track your budget – where is your money going? How is what you’re spending now helping you or your family have a future? Where’s it all going? If hardship or a life change has changed your nest egg, we need to hunker down and take control of our pennies so our dollars will take care of us. Don’t have a budget? Get thee to the library or search onling for sample and get a handle on your spending.
Things happen because life is full of surprises.
And some of them are hard.
No one can protect you from sudden loss, but here are some ideas to provide some guidance.
Don’t add new debt- It is important that you do EVERYTHING you can to not ADD any more debt. There really are very few emergencies that will come up that you absolutely MUST have money. Many have gone into debt for convenience. To have that thing now instead of when we’d saved up for it. Don’t add any new debt.Make a budget – I think it’s really important to know WHERE your spending occurs. What are you spending you money on? In the years that I’ve been in business, I’ve seen that we may have a hardship or a particular area of debt that is higher than might be best. But we tend to fritter our money away on stuff. We eat out or spend money of groceries that rot before we even cook them. We shop for the kids for way more than they need. We are bored so we amuse ourselves with pals at the mall and buy stuff we don’t ever wear. List your debts- List the total owed and the monthly amounts due and the interest rate. Pick a strategy for paying this off. I think that smaller debts once paid off, will do so much to boost your feelings of awesomeness that starting with the smallest card/debt is the way to start. But for some folks that just irks them as they really want to tackle the highest interest rate debt first. It’s your plan, so just decide on what you want to do.Pay off while saving- Once you have figured out how much you are spending on things by examining your budget and your expenditures, cut back on variable expenses. Variable expenses are those that are not set like food, Christmas shopping, clothing. Rent or mortgage is a fixed expense. Food shopping, etc., is a variable expense. Be sensible but strong with yourself. Use what money can be set aside on bill repayment at the same time you are making a little emergency account for life and all its surprises.Hopefully you will get so happy on the success that you wont want to live any other way., But getting started can seem daunting. I know you can do this, kids!Citations:http://www.stayoutofdebttips.com/http://www.getrichslowly.org/blog/2009/04/08/how-to-get-out-of-debt-stay-out-of-debt-and-live-prosperously/http://www.backwoodshome.com/articles2/campbell67.htmlMarion Syversen, MBANorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.comCheck out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Wall Street Financial Group, Inc. and Norumbega Financial are separate entities, independently owned and operated. CR9425