Savings

There are additional ways to save for one’s retirement when creating a financial portfolio. Oftentimes, you employer will give you the option to begin saving for your retirement. You can diversify your financial portfolio by investing in an Traditional IRA, ROTH IRA, Rollover IRA and or if one is self employed, SEP IRA.

 

What is an IRA?

 

IRA An IRA is an account set up at a financial institution that allows an individual to save for one’s retirement with tax-free growth or on a tax-deferred basis.

Savings

In our previous illustration we discussed savings and budgeting and the importance of creating short and long term goals. You  can utilize these resources in order to begin saving for your retirement, mutual fund, 401k, safety net and or college education.

 

•  Betterment
•  Gerber Life Insurance
•  Fidelity Life Insurance
•  Merrill Lynch Wealth Management
•  Treasury Direct

Savings

In our previous illustration we discussed savings and budgeting and financial resources that one can utilize to ensure your savings yield a return. Before we continue, let’s reiterate a few key elements that are essential. Once one begins implementing these strategies one will begin to see increases of $500.00 or more.

 

1. Establish a budget.

2. Build a financial plan for short and long term goals.

3. Maximize your savings by opening an additional savings account that yields interest.

Savings

In our previous illustration we discussed savings and budgeting and the importance of developing a strategy to maximize your resources. In order to save an additional $3,000.00 – $5000.00 monthly, you must invest in resources that yield a return.

It may take some time to develop a strategy, but no matter where one begins, one can overcome any financial circumstance through faith.

 

• Sallie Mae High Yield Savings
• American Express Personal Savings
• Fidelity Cash Management
• Capital One 360

Savings

In our previous illustration we discussed budgeting and saving for short and long term goals. When you develop budgeting techniques you will be able to plan for vacations as well as any other goals you would like to achieve. You can began saving $100.00 bi-weekly immediately, which will gradually increase over time.

 

1. Pay yourself first when you receive your pay statement (10%-20%).

2. Set aside a specific amount per pay period for savings.

3. Open a secondary savings account that yields interest.

Savings

In our previous illustration we discussed budgeting and how to itemize one’s resources into specific categories using one’s MINT (Personal Finance) application. I hope that you have been able to capitalize on these unique savings resources. Once you begin implementing these strategies you will start to experience an increase in cash flow.

 

Key Elements:

 

1. Allocate one’s resources in specific categories.

2. Ensure one’s resources are budgeted for both short and long term goals.

3. Open a separate savings account for an emergency fund.

Savings

In our previous illustration we discussed budgeting and choosing a financial management application to manage your resources. It is important to keep a duplicate copy of  your budget on an excel spreadsheet so you can refer back to your data.

 

We now have our MINT (Personal Finance) application, and an excel spreadsheet.

 

1. Monthly coffee expense.

2. Monthly gas expense.

3. Car payment.

4. Rental and or mortgage payment.

Savings

In our previous illustration we discussed building a financial portfolio. I hope that you were able to purchase the resource “Think and Grow Rich,” by Napoleon Hill.

Did you know you that you can begin increasing your savings to $300.00 a month just by reallocating your resources? It does not matter if you save $300.00 a month or $150.00 bi-weekly,  a small savings overtime can help you start building your financial plan.

 

1.Download your financial application on one’s IPHONE (Mint Personal Finance).

2. Develop an excel spreadsheet.

 

What is a budget?

A budget is an itemized summary of likely income and expenses for a specific period of time. One can create a budget using a spreadsheet in order to itemize the money coming in and out of one’s household. Planning and monitoring one’s budget can help one identify wasteful expenditures in order to maximize one’s resources in order to achieve one’s financial goals.

Savings

In our previous illustration we discussed the importance of vision. Once you have established a vision for your future, faith is key. Lastly, once you have identified your vision for your life, moving forward by faith will lead you towards your purpose.

It is essential to understand your God given purpose in order to maximize your strengths as you move forward in life.

God has established a unique purpose and plan for everyone’s life and your gifts and talents are tailored made and designed for you. These three elements are essential to understand and identify prior to creating a financial plan.

These are two helpful resources that will help one begin planning for one’s future.

 

Think and Grow Rich, Napoleon Hill

The Purpose Driven Life, Rick Warren

1. Have a vision.
2. Identify one’s God given purpose.
3. Have faith.

 

Savings

In our previous illustration we discussed financial planning and the tools you will need before you begin creating a financial plan.

In order to create a financial plan, you must first have a clear vision. What is vision and how can I incorporate vision into my  finances?

 

Vision  A vision simply defined; is the act or power of sensing with the eyes; sight. It is anticipating that which will or may come to be. It is important not only to have a clear vision for one’s live, but faith is necessary in order to cause those things that one envisions to become a reality.