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Toll Free Number (877) 284-5006 |
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Toll Free Number (877) 284-5006 |
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In dealing with your money, keeping things simple is usually better. The more you have to keep track of, the more you are likely to forget or overlook. Even if you are extremely neat and tidy in your money matters, the more you have to watch over, the more of your time is required. As a result, finances can easily get out of hand. In order to help you get a handle on certain financial matters, we are providing a few hints and strategies that may help make your life a bit more simple. Establish mutual funds as the core of your investment portfolio. This reduces the time required to keep track of individual stocks and bonds. Instead of giving a little to every charity that approaches, determine to which ones you prefer to contribute and give them a significant amount. In doing this, you will be able to track your charitable contributions easier come tax time. Establish a relationship with one brokerage firm or mutual fund company. Do the same with your insurance agent and financial advisor. Try not to make nondeductible contributions to your individual retirement account. This will save you a great deal of paper work. Limit yourself to one money market, brokerage, checking and credit card account. Especially with credit cards, the more credit you have available, the easier it is to "just go ahead and buy it" and worry about paying for it later. This leads to trouble in a hurry. About every six months, jot down what are your investment goals and strategies. This keeps your focus sharp and simple. In order to make calculations of taxable gains or losses easy, sell shares as soon as possible when terminating a stock or mutual fund. Pay small bills such as gas cards in advance. Instead of paying $10 - $15 every month, send off $100 every 10 months or so. this saves on time and postage. Make sure to keep track of when the next payment would be due. If you have property in another state, put it in a revocable living trust. This will help avoid the possibility of the estate going through probate in two different states. In order to aid in an insurance claim, should the need arise, make an inventory of your household possessions. Take photographs or use a camcorder and keep the pictures or tape at the office or in a safe deposit box. Establish automatic withdrawals from your bank account for your mutual fund investments. You are more likely to make monthly investments if it is done automatically rather than having to write a check each month. Keep accurate financial records. Don't procrastinate about updating. Finally, no pun intended here, document your instructions for funeral arrangements, list where your will, tax returns, and other important papers are located. This won't simplify your life, but that of the people who are in need of these items after your death. Also, consider setting up a living will, a durable power of attorney so that someone will be able to make financial decisions on your behalf if you are unable, and a health-care power of attorney that will allow someone to make medical decisions as well. Consult with your financial advisor regarding these suggestions and feel free to contact PAI - Pension Services, Inc. if you have any questions regarding your retirement objectives.
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