Financial Planning for the MTV Generation
(ARA) - So, you were born between 1965 and 1978. Are you tired of the Generation X label and being portrayed by the media as a cynical, Xtreme sports-loving, body-piercing slacker? If you're one of the 76 million Americans that are considered to be "Xers," you may see yourself more as an independent, career-minded, technologically savvy, young adult. As someone between the age of 22 and 35, "Xers" most likely tune out the thousands of marketers with retirement messages geared towards "boomers." Insurance providers, investment companies and financial planners are virtually ignoring the millions of Americans considered to be "Xers." Meanwhile this misunderstood group continues to buy homes and select mortgage companies and retirement plans with little attention and relevant advice.So, are boomers the only generation that should be concerned about their future? Absolutely not. Planning for your future can be tough for anyone, no matter what his or her age. But individuals between the ages of 22 and 35 need to recognize the important opportunity they have of starting early and understanding the basics, according to Randy Schuldt, vice president with IHateFinancialPlanning.com, a new Web site geared to the more than 75 percent of Americans who hate financial planning.Schuldt offers some additional financial planning tips for Generation Xers: Think RetirementAccording to the 1990 U.S.
census, the average American worker has only saved $1000 towards retirement. Pretty sad, isn't it? To make matters worse, the average monthly Social Security benefit for a retired worker in 2000 was $804 (Source: U.S. Social Security Administration). You've heard it before, the sooner you start saving for your future, the better. So where do you start? First of all, just start.
Consider putting away a little at a time
-- $25 or $50 a month - in a mutual fund or 401(K) account. If you're 25 years old and put $25 away each month into an account earning 8.0 percent, you will have saved $58,099 by retirement at age 60. Compare this amount to the $14,940 you would save by starting when you're 40. Develop a Financial PlanWhether you're graduating from college, getting married or having a baby, you need to set specific goals (home ownership, vacation property, college education, retirement, etc.) and develop a financial plan for the future. To get started, consider meeting with a financial professional.
A financial professional can help you get off on the right foot, by helping you develop a long-term financial plan that will make your hard earned money work harder for you.Explore Life InsuranceIf you're still living the "Friends" lifestyle and spend most of your time at coffee shops like Monica, Joey, Phoebe, Chandler, Ross and Rachel, you may not need to think about life insurance just yet. However, "Xers" do settle down, get married and start families. If you have dependents (a spouse, children or aging parents) you need life insurance. The good news is that many employers offer life insurance as an employee benefit. But this may not be enough.
First, talk to your benefits or human resources manager to learn more about their offerings and how to enroll. Then, see an insurance agent who offers insurance from major providers to determine if you may need more. Deal with Debt"Debt is one of the biggest financial problems facing young adults," says Chris Newell, principal of Newell Financial Corp. in Little Rock, Ark. When it comes to paying off debt, Newell says to start high.
Rather than concentrating on paying down a little of each credit card balance, find out the interest rate for each card -- it should say on the monthly statement -- and pay down the cards with the highest debt and interest rates. "First, make a pledge, 'no more additional credit card debt,'" Newell says. "Then, start paying off the highest debt cards. As soon as one card is eliminated, continue the same payments on the other cards. Never reduce this monthly debt payment amount until they are all paid off.
You will have to be disciplined and pay substantially more each month than the minimum balance."Contribute the Maximum401K plans and IRAs offer the best opportunities to take advantage of tax-deferred savings and contributions from your employer. If you're working, ideally you should contribute the full amount to your 401K plan that you can. But at the very least, contribute up to the match offered by your employer.
An IRA provides tax efficiency to set aside money for retirement. For example, by contributing to a Roth IRA (just one type of IRA), you don't pay income tax when you withdraw the money (including gains, dividends and interest) assuming you are age 59- and the account has been open for five years.
If your annual income is less than $95,000 for a single taxpayer or $150,000 for married couples filing jointly, you can contribute to a Roth IRA.Develop a Support NetworkThis is the age of information. Most likely, you may have a cell phone, voice mail, pager and a handheld computer. You prefer to learn through conversation and communities rather than reading text books and reports. The same goes for financial planning. "Xers" are much more willing to talk about their financial situation than their grandparents or even, parents.
Embrace this new freedom. Schuldt recommends creating a community, either online or an old-fashioned investment club, and learn from each other. Whether you pool your money and start investing in the stock market or share investment tips and advice, communities offer a fun, easy way to get interested in your financial future. Or go to IHateFinancialPlanning.com to plug into a growing community of people who share a similar hatred for financial planning.
Keep DreamingWhat is that you really want? Home ownership? Early retirement? Financial independence? It's important to understand your financial goals and to realize that your actions today either bring you one step closer to -- or pull you one step back from -- your goals.
If you plan to buy a home in five to ten years, are your actions today helping or damaging your credit rating? Not only do you need a down payment to buy a house, you need an established credit history and a record of on-time payments.
The bottom line for "Xers" is that you should ignore the marketing messages geared towards cynical, unmotivated slackers. It's not too early to start planning for your future and saving for retirement, says Schuldt. Consider the big picture. The decisions you make today about your career, education, debt and retirement will stick with you and shape your future.
So, invest in yourself. Start small. And ignore the stereotypes.
Securities available through PrimeVest Financial Services, Inc., an affiliated registered broker dealer, Member NASD/SIPC.
Call (320) 656-4300, ext.
64691, for a prospectus, which contains complete information on expenses and charges. Read it carefully before you send money or invest..
Courtesy ARA Content, www.ARAcontent.com; e-mail: info@ARAcontent.com EDITOR'S NOTE: IHateFinancialPlanning.com is part of the ING Group, a worldwide leader in the fields of insurance, banking and asset management, with more than 100,000 employees in 65 countries.Cash Now and Rainmaker Announce 401(k) or IRA Rollover Assets to Finance new Cash Now Licenses and Expansions
Cash Now Corporation, (CHNW) a pioneer and continuing leader in the payday loan industry, is now offering a way for investors to use their 401(k) or IRA rollover assets to finance new Cash Now licenses and expansions and as capital for other new businesses. Cash Now can make this offer now because it has established an exclusive agreement with a U.S. tax consulting firm specializing in 401(k), 403 (b), Pension, Profit Sharing, IRA rollover or other types of retirement plans. The result is that Cash Now can help entrepreneurs and investors use their 401(k), 403 (b), pension, profit sharing, IRA rollovers or other retirement plans to finance the purchase of a franchise. Cash Now can also advise entrepreneurs and investors on how to use these assets as startup capital for other businesses or to purchase business property with no taxes, no penalties and no loan repayment.
This can be done without distributions, taxes, penalties, or the use of loans. In many cases the money can be...
Cash Now and Rainmaker Announce 401(k) or IRA Rollover Assets to Finance new Cash Now Licenses and Expansions
Ira > Cash Now and Rainmaker Announce 401(k) or IRA Rollover Assets to Finance new Cash Now Licenses and Expansions
Budgeting For Prosperity
Budgeting For ProsperitySeven Steps to Follow To Achieve Financial FreedomWithout a sound financial plan, a business is doomed to failure - managing your personal finances is no different. A sound personal financial plan is crucial to both your financial and emotional well being.We have prepared a simple and easy to use budgeting process for you. This budgeting process will show you how to thoroughly develop a financial plan and lead you on the road to financial freedom.Make a complete list of your monthly income.The budgeting process always starts with a monthly income; one's income will show how much one has to spend each month.When developing your monthly income, make certain to include take home pay from your job, any bonuses that you receive, dividends and interest income from investments, tax refunds from the government, gifts from other family members, and any other type of income you may require during the particular month. If you would like a comprehensive income budgeting tool,...
Budgeting For Prosperity
Ira > Budgeting For Prosperity
Rolling your 401k: Contributory IRA vs. Rollover IRA
In an ideal world you would start your working career with a great company in your early 20s, steadily climb the corporate ladder, retire at age 65, and draw a sufficient income from your accumulated 401k account to live happily ever after.Unfortunately, that's not how the real world works. If you are like most people, you will change careers, or at least companies, several times. Each time, you'll be faced with the question of what to do with your accumulated 401k benefits.You will likely have a few choices: keep your 401k with your old employer (sometimes possible), roll the proceeds into your new employer's 401k plan, or put them directly into a self-directed IRA at a brokerage firm of your choice.Since leaving your 401k with your ex-employer has no benefits whatsoever and most employers will prefer you transfer out anyway, that leaves only the last two as viable options:1. Roll your 401k proceeds into the new employer's 401k plan of (if allowed)This is the most painless solution...
Rolling your 401k: Contributory IRA vs. Rollover IRA
Ira > Rolling your 401k: Contributory IRA vs. Rollover IRA
DNA Press Publishes 'The DNA of Marketing' by Ira Kalb, a Must-Have Text for Every Marketing and Sales Executive
(ContentDesk) June 29, 2005 -- Today, DNA Press announced the publishing of "The DNA of Marketing," by Ira Kalb CEO of Kalb & Associates in Los Angeles, Calif. This book offers a scientific approach to marketing, which is based on Seven Fundamental Building Blocks (the DNA of Marketing) combined with unique systems and structures invented by the author, such as Universal Marketing Structure?. DNA, the molecule that encodes information in all living organisms consists of two strands that form a double helix. Each strand is made of individual building blocks. The double helix is formed by links between the building blocks of the two strands.
A small change in a building block will result in a change of the link and this will cause a mistake in the information carried out by DNA. A mutation in DNA may lead to death of the organism.In this book, Kalb uses DNA as a metaphor for the basic building blocks of marketing. Each one needs to work together in coordinated harmony so that successful...
DNA Press Publishes 'The DNA of Marketing' by Ira Kalb, a Must-Have Text for Every Marketing and Sales Executive
Ira > DNA Press Publishes 'The DNA of Marketing' by Ira Kalb, a Must-Have Text for Every Marketing and Sales Executive
The Main Goals A Financial Plan Should Accomplish
This article is going to briefly touch on the main things a financial plan should accomplish. You don't need a professional to help you draw up your own financial plan, but you might need professional advice and help to put some of your plans into action. Such as advice on your insurance needs to make sure you, your family and your home are adequately covered, tax advice to make sure you are not paying too little or too much, investment advice to ensure that you can reach the amount you would like to retire with while still putting money aside for your children's education and advice about what to put or not to put in your will.Those are the things you should speak to a professional about, but you should have your financial plan worked out before you speak to one so that you can let them know exactly what you wish to accomplish with your plan. Your goal is financial success; your method for reaching that goal is your financial plan. After you have drawn up your plan is the best time...
The Main Goals A Financial Plan Should Accomplish
Ira > The Main Goals A Financial Plan Should Accomplish
Gershwin Heir's East Coast Premier of "Gershwin Sings Gershwin"
BOSTON, MA (ContentDesk) June 21, 2006 -- Alexis Gershwin has been singing the timeless classics of her uncles since she can remember, and while her shows have always incorporated her familys musical legacy, her newest creation, Gershwin Sings Gershwin, is a tribute of the most familial kind.
Gershwin Sings Gershwin starring Alexis Gershwin is a personal tribute to her uncles George and Ira Gershwin and celebrates their lives and their music.
The show features the Gershwin Singers and Orchestra and will premier on the East Coast at Stoneham Theatre July 27-30.
Stoneham Theatre is located at 395 Main Street in Stoneham, Massachusetts.???Ms. Gershwin has teamed with acclaimed musical director, Steven Applegate, producer/musical director for Shirley Jones, Lorna Luft, Maureen McGovern and many others.
The show includes all new arrangements of more than twenty Gershwin favorites.
Songs like A Foggy Day, Isnt it a Pity, They Cant Take...
Ira > Gershwin Heir's East Coast Premier of "Gershwin Sings Gershwin"
Financial Planning for the MTV Generation
Enjoy The Convenience of Scented Jar Candles ? Inexpensive And Useful
The convenience of scented jar candles cannot be underestimated. The candle is enclosed in the jar so you don't have to worry about wax dripping onto the table or your clothing. In addition, with a scented jar candle you don't have to bother with buying a candleholder because the jar serves this purpose. Scented jar candles come in all scents and colors allowing you to color coordinate every room of your home. They are inexpensive and the perfect ways to get the aromatherapy candles that you want....
Financial Planning for the MTV Generation
Ira > Enjoy The Convenience of Scented Jar Candles ? Inexpensive And Useful
Financial Planning for the MTV Generation nursing courses Ira
Mugillakuty Clothing Company to Release All-Star Collection on February 10th Collection Will Have Three Different Logos on Multicolored Shirts
Fremont, Calif. (ContentDesk) January 30, 2006 -- Mugillakuty Clothing Company introduces the release of The All-Star Collection. The company makes Long Sleeve, short sleeve shirts that range from small to size 6 extra large. Which will offer three different logos with a variety of colored shirts that will go with any attire? Also, the Mugillakuty clothing company will be coming out with matching hats and beanies. Mugillakuty the new company that makes extra large clothing has put their mark on...
clothes Financial Planning for the MTV Generation
Ira > Mugillakuty Clothing Company to Release All-Star Collection on February 10th Collection Will Have Three Different Logos on Multicolored Shirts
Financial Planning for the MTV Generation skirt Ira
purses Financial Planning for the MTV Generation Ira
life insurance Financial Planning for the MTV Generation Ira