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Once you’ve created a comfortable emergency savings funds, you should begin to move your focus to long-term savings and investments. All investments, by their very nature, carry some element of risk, so make sure you understand where your money is going and what may happen to it once it’s there.
The earlier you can begin to start saving for retirement the better off you’ll be when it comes time to say goodbye to work forever.
Read: Just for You: Seniors – Last Minute Retirement Strategies for ways to make up the gap if you haven’t started saving until late in the game.
Read: Glossary of Personal Savings Terms for the definition of a few crucial savings terms.
Read: Planning for Your Long-term Future – Retirement Savings for information on some basic investment strategies.
Read: How To: Transfer or Rollover Your Retirement Savings Account to see how to go about moving your retirement funds to a higher yielding option.
Read: Cashing Out and Borrowing from Retirement Accounts for some guidelines to follow if you are considering borrowing against your retirement savings.
If you haven’t saved or invested enough for a comfortable retirement, but you do have equity in your home, you may want to consider a reverse mortgage, which converts part of that equity into tax-free income.
Read: How to Determine if a Reverse Mortgage is Right for You to find out if a home equity conversion mortgage is a good idea for your situation.
Read: Reverse Mortgage Resources for a list of further resources to consult if you are considering a reverse mortgage.
One of the best tools for assessing your financial well-being is a net worth statement. This is a list of all of your assets (what you own) and all of your liabilities (what you owe). A net worth statement provides a snapshot of your financial well-being by recording the value on that one day of all your assets and liabilities. You can compare today’s statement against future net worth statements to see how you’re progressing towards your goals.
Download: Calculating Your Net Worth worksheet to help track your progress on the path towards creating wealth.
View: How to Calculate your Net Worth for instructions on listing out all of your assets and liabilities:
As your wealth grows you may decide that professional advice would be useful to help guide your investment choices. There are many kinds of financial professionals that can offer advice and sell you investment products. It’s your responsibility to make informed decisions about the kind of advice you need and the professionals who can best help you.
Read: Evaluating and Choosing Financial Advisors for information on the types of professional assistance you may want to enlist to help you manage your money.
If you've assessed your financial plan and find you need assistance achieving your financial goals, MMI's certified counselors are here to help. Take the next step toward financial freedom today and schedule a free counseling session: Fill out a counseling form online or call 866.515.2227.
Interested in learning more about debt repayment? Listen to successful MMI clients, Sharon and Craig, as they share their stories about overcoming debt and achieving financial freedom.
The National Council of Higher Education Resources (NCHER) is the nation’s oldest and largest higher education finance trade association. NCHER’s membership includes state, nonprofit, and for-profit higher education service organizations, including lenders, servicers, guaranty agencies, collection agencies, financial literacy providers, and schools, interested and involved in increasing college access and success. It assists its members in shaping policies governing federal and private student loan and state grant programs on behalf of students, parents, borrowers, and families.
Since 2007, the Homeownership Preservation Foundation (HPF) has served as a trusted, neutral source of information for more than eight million homeowners. They are partnered with, and endorsed by, numerous major government agencies, including the U.S. Department of Housing and Urban Development and the Department of the Treasury.
The mission of the U.S. Department of Housing and Urban Development (HUD) is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD works to strengthen the housing market in order to bolster the economy and protect consumers; meet the need for quality affordable rental homes; utilize housing as a platform for improving quality of life; and build inclusive and sustainable communities free from discrimination.
The Council on Accreditation (COA) is an international, independent, nonprofit, human service accrediting organization. Their mission is to partner with human service organizations worldwide to improve service delivery outcomes by developing, applying, and promoting accreditation standards.
The National Foundation for Credit Counseling® (NFCC®), founded in 1951, is the nation’s largest and longest-serving nonprofit financial counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to deliver the highest-quality financial education and counseling services.