FLASHBACK FRIDAY: RELEARNING THE BASICS
Investors tend to forget what they have learned from their experiences and financial guru. That’s normal (unless done intentionally). You can always pick up the pieces and avoid committing the same mistakes.
Anyhow, let’s revisit one of the most followed advices when it comes to achieving investing goals: taking little and manageable steps.
Secure College Costs
Between 2014 and 2015, the average total cost of a four-year education is $170,000, and it is projected to escalate. However, this expense can be mitigated by getting a 529 college savings plan. This plan allows a holder to catch up by allowing the money to grow tax-deferred. Some of its benefits include having no age limit in utilizing the funds, the opportunity to increase contribution limits, and qualifying for a financial assistance.
Work on Retirement Fund
Granted, you are contributing to a 401(k). But if you do not maximize your contributions, you are not doing enough. You are not maximizing the free money coming from your employer, taking advantage of pre-tax savings, and the opportunity to compound your contributions over time.
Aside from the 401(k), you can open (or add to) an Individual Retirement Account or a Roth IRA. Contributions to a conventional IRA are tax-deferred and can be deductible depending on the allowable limits. Roth IRA payments are not tax-deductible but withdrawals can be done tax-free for eligible distributions.
Invest on Healthcare
If you have a health insurance, that’s good. Still, it pays to obtain a healthcare savings account provided by your company. This account enables holders to use pretax dollars to pay for costs a policy cannot cover such as prescriptions. Normally, there are two kinds of accounts: flexible spending accounts and health savings accounts.
The rules and contribution limits vary but both FSAs and HSAs help a person save money on ensuring his and his family’s health. But if the employer does not offer such accounts, you can begin opening an account by looking for a qualified HSA trustee.
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