It turns out that there are obviously more people worrying about the future of their children.
Yes it is. According to a survey conducted by the financial consulting website WalletHub, compared with last year, approximately 13 million Americans are worried about their children’s financial future.
Of course, this makes sense, for the COVID-19 pandemic and unstable economy, etc. Nevertheless, this statistic still impressed us. Therefore, if you find yourself worrying about your financial future and your child’s financial future, you can take the following seven practical steps to improve the situation:
1. Optimize your retirement savings
If your employer offers a 401(k) plan, then contributing to it is effortless. It reduces your taxable income, so you have less money in your pocket and Uncle Sam’s money. If you can support yourself after retirement, this will ultimately mean that your child has a better financial future.
“Make the most of the advantages of company matching,” said Jeff Dixson, a financial adviser in Vancouver, Washington, who hosted a radio show called “Retired Coaches.” “If they match 3%, then contribute 3%. If they match 6%, try to reach 6%. That is free money. There is no other place where you will get free money.”
If you are self-employed or cannot get a 401(k) plan through your employer, try to automatically deduct some savings from your salary and remit it to a tax-free or tax-deferred retirement fund, such as an IRA. It works basically the same.
2. Start investing today-yes, today
If you want to accumulate wealth for your family’s future, start now. Less than a year from now. Start today-even if you have to start small!
Looking at the Forbes rich list, you will find that all billionaires have one thing in common-they all own a company or part of a company. But if you live by work, it sounds completely out of reach.
This is why so many people use the app Tibetan. For just $1*, it allows you to be part of something unique to the rich-buying part of the company
That’s right-you can invest in well-known companies such as Amazon, Google or Apple for as little as $1.Takes two minutes Sign upIn addition, once you deposit $5 into your account, Stash will provide you with a $5 registration bonus. Subscription plans start at $1 per month. **
3. Give your family up to $1 million
Speaking of the future of your family, have you ever thought about how they lived without your income after you left? Your checking account balance may not last forever.
Here’s the thing: you should keep healthy savings in the bank, but if you want to give your family up to $1 million in the worst case scenario, you need life insurance.
You may be thinking: I don’t have the time or money to do this. However, if you choose an online insurance company like this, it only takes a few minutes give. We heard that people only pay $8 a month. (But you wait every year, it will become more expensive.)
Super fast Get a free quote See how much life insurance you can leave for your loved ones-even if you don’t have seven digits in your bank account.
4. Manage your credit like a boss
Your credit score is important. The higher your score, the better your transactions on mortgages, auto loans, or credit cards. The ability to buy a house for your family and other things will have a huge impact on your child’s long-term financial future.
Even if you will not buy a house in the short term, a poor credit score means that you will receive a high security deposit when you rent a car or move into a new apartment, so it is now worth monitoring.
But do you know that your credit score may be inaccurate? According to a study by the Federal Trade Commission, one-fifth of credit reports have errors.
To keep an eye on your credit, get your credit score and Credit Sesame Free “Credit Report Card”. It accurately breaks down the content of your credit report in a layman’s way, how it affects your score and how to resolve it.
In this way, motivational speaker James Cooper increased his credit score by 277 points. Like him, 60% of Sesame Credit members saw an increase in their credit score; 50% thought it had increased by at least 10 points, and 20% thought it had increased by at least 50 points after 180 days. ***
5. Stop making payments to your credit card company
Credit card debt is an important factor in our positive or negative view of the future. If you have credit card debt, then you will know anxiety, interest rates, and fears that you can never escape. In addition, your credit card company is just getting rich by blackmailing you at high interest rates.But there is a website called slim Shady Want to help.
If you owe your credit card company $50,000 or less, AmOne will match you with a low-interest loan, which you can use to repay every balance you have.
benefit? You will need to pay a bill every month.And because the personal loan interest rate is low (AmOne interest rate starts at 3.99% APR), you will get out of debt that Much faster. Also: No credit card payment this month.
AmOne ensures the confidentiality and security of your information, which may be why after 20 years of operation, it still receives an A+ rating from the Better Business Bureau.
Takes two minutes See if you are eligible for up to $50,000 onlineYou do need to give AmOne a real phone number to qualify, but don’t worry-they will not send you spam over the phone.
6. Reduce this huge monthly bill
Experts will tell you to reduce all unnecessary purchases in your life so that you can pay off your debts. Fancy coffee. Avocado toast. Dinner came out. They may even make you feel guilty about it.
Of course it Yes The important thing is to limit your entertainment spending. But the truth is, you have bigger fish to fry in terms of cutting expenses—just like your car insurance.
In the past few years, you may have paid thousands of dollars more for your name-brand insurance.A company called Gaby Want to solve this problem by contacting 40 different companies on your behalf.
Gabi has established relationships with insurance companies to ensure that they do not deceive you. In fact, you can keep your existing insurance coverage-an average of $961 will be returned in your bank account this year.
You don’t need to make any phone calls or fill out any forms.Takes two minutes See how much Gabi is You can put it back in your pocket. The best part? You never have to think about this problem again. Gabi will continue to do this for you-free of charge.
7. Increase your funds at a rate of 16 times-without taking any risks
You may have heard that the best way to increase funds is to deposit it in a savings account and then stay there forever. This is bad advice.
But maybe you just want to find a place to hide it safely-but still make money. You can get nothing under your mattress or in the safe. A typical savings account will not benefit you much. (Ahem, now 0.06% is nothing.)
But the debit card is called desire Allows you to earn up to 5% cash back and up to 16 times the average interest on funds in your account.
Not too shabby!
Enter your email address here Get a free Aspiration Spend and Save account. After you confirm your email, securely link your bank account so they can start helping you get extra cash. Your money is FDIC insured, they use military-grade encryption, which is a nerd talk of “it’s completely safe”.
Nowadays, more and more people worry about their children’s future, which is understandable.
In addition to finding that compared with last year, there are 13 million more people worrying about their children’s financial future. WalletHub’s survey also found that compared with last year, about 22 million Americans have nightmares due to financial problems.
Don’t let the nightmare win! Taking some practical actions can make you feel better.
*For securities with a price of more than $1,000, the starting price to purchase fractional stocks is $0.05.
**You will also bear the standard fees and expenses reflected in the ETF pricing in your account, as well as various ancillary service fees charged by Stash and the custodian.
***Credit Sesame does not guarantee any of these results, and some people may even see their credit score drop. Any increase in score is the result of many factors, including paying bills on time, maintaining a low credit balance, avoiding unnecessary queries, proper financial planning, and developing better credit habits.