Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.
Catch up on some of the latest posts with this week's roundup:
How to Save for Retirement as an Entrepreneur
by Cathy Derus, Brightwater Financial
Since there are no loans for retirement, let’s start with how much to save. When creating a budget, the “50/20/30 Plan” keeps things fairly simple: 50% Needs, 20% Savings, and 30% Wants. Your bare bones personal and business budgets are the 50% Needs. On the personal side, these are your non-negotiable expenses: rent/mortgage, utilities, insurance, groceries, etc.
The Nuts and Bolts of a Mortgage
by Sophia Bera, Gen Y Planning
If you’re considering buying a home for the first time, there are a lot of terms thrown around that make the process seem pretty daunting. The one you’ve probably heard of? The mortgage.
Much like rent, your mortgage payment is due monthly. But what does that payment cover? How do you get approved for one in the first place? And how do you even know what you can afford?
A Watched Pot Never Boils: A Lesson in Retirement Planning
by Pam Horack, Pathfinder Planning
In the past, people used to work until they died. That was when the average lifespan was about 55. Then, people worked for the same company until they retired, then collected a pension and social security, then died around the average age of 72. Now, many recommendations say to plan for a life expectancy to age 100. That’s a really long time!
How do we save enough money to help fund the period in our life where we end our working career and move into this new phase? Just thinking about it is stressful.
4 Mistakes to Avoid in Your Side Business
by Aaron Hatch, Woven Capital
As a side business owner, there are a lot of amazing moments like earning money for the first time outside of a job, scoring a big client, or hitting a revenue goal. But for every entrepreneurial success, there are plenty of mistakes to make, too. Side businesses can drain your time, energy, and money if you let them.
To enhance your chance at success, avoid these side business mistakes while building your business.