Who says you can't build wealth, Capital Region? Working Americans have the power to build savings and investments. And it doesn't mean winning lotto.
By freeing up $500 or more each month--by not overpaying taxes, by reducing debt, by rescuing cash in life insurance--individuals and families can get ahead of the game.
- Just by NOT getting an income tax refund, New Yorkers can start to get ahead. Freeing up to $250 and not giving an interest-free loan to the government--paying yourself first--is major step to wealth creation.
- Unlocking cash savings from a cash value or whole life savings account should be step number two. Depending on the length of the policy (its age), there may be thousands of dollars that you can claim, before the insurance company takes it -- all.
- Reducing debt, increasingly a crushing burden on Capital Region families, can free up considerably more money.
- Attacking the monthly bills--gas and electric, cell, and cable/dish and you're on your way to freeing up to $500-$700 per month.
Here's where your money could go:
- Emergency Fund: This is your reserve fund in the event of an unforeseen emergency, job loss or an unexpected expense.
- Short-Term Savings: This account is for money that you set aside for expenses like a new computer or perhaps a vacation.
- Long-Term Savings/Investments: This is where your retirement savings, college fund and other long-range savings will go. Because these savings have more of a long-term time horizon, you can use investment vehicles with potential for a higher rate of return, such as equity mutual funds.
Let's get financially well. Join us at our final July Money Fair this Wednesday, July 30, 6:00 pm--7:30 pm. Come for refreshments, great information, and a 20-minute motivational presentation. Plus a free e-copy of How Money Works: A Common Sense Guide to Financial Success. Get information by clicking here. Or call 952-1257.
Dave Balog teaches financial essentials to individuals and families. firstname.lastname@example.org. 952-1257.