5 Financial Goals You Should Hit By 50 скачать в хорошем качестве

5 Financial Goals You Should Hit By 50

Ryan explores five key financial goals to aim for before you hit 50. First, establish an emergency fund in a high-yield savings account for quick access in emergencies. Many make the mistake of investing in CD’s instead of a high yield savings account. However CDs are not as liquid as a HYSA. The most important thing is setting those funds aside in a place where you can access it within one or two days. Secondly, avoid carrying any credit card or consumer debt to build true financial wealth. There’s a common misconception that you should hold onto credit card debt and make monthly payments to improve your credit score. This is wildly untrue: the best way to improve your credit score is to pay off your entire credit card debt each month. Next you’ll want to make sure you develop a robust investment strategy focusing on low-cost, tax-efficient diversified index funds rather than speculative investments. You should not be buying random stocks or high flying tech stocks just because you think they’re going to do well. At this stage of the game, you should be investing in low tax efficient diversified index funds. Meet savings targets by setting aside seven times your annual income in investable assets. Investable assets do not include home equity or your emergency fund. Sitting assets are not going to grow over time. At this point, you should have enough invested assets where you can see compound interest doing its thing. Protect your assets by updating your estate plan and having adequate insurance. One of the biggest mistakes people make is establishing a trust and never looking at it again. But things change over time, so make sure your successor trustee, your beneficiaries, and your trust are up to date. Bonus Tips: -Automating savings contributions - this is one of the best ways to ensure you’re prioritizing your savings. -Don’t hold onto credit card debt for more than 30 days. -Follow the data when it comes to investing. ================ We help high-income earners capitalize on their accomplishments with pragmatic, data-driven financial advice. Learn more about Bull Oak → bulloak.com 🔔 Subscribe to be notified of future videos:    / @financialplanner   Timestamps: 0:00 - Emergency fund and brokerage account 2:02 - No CC debt; robust investment strategy 4:43 - Hit your savings targets 6:50 - Protect your assets