5 Must-Have Long-Term Goals for A Secure Future

Published on: 04 September 2018 Last Updated on: 12 November 2021

Most of us would agree that it’s vital to set goals and make plans to achieve them. People do it all the time. For instance:

Goal: ‘Lose 5kg’

Plan: ‘Eat less and exercise more’

But financial goals, which are the life-changing goals of all, are often put on the back burner. Retiring early, setting up a business, or building an investment portfolio worth millions can all seem a bit too hard. You should prepare long-term goals that can help you to achieve your objectives. However, it’s not! With a bit of understanding and help, financial goals can be set, plans can be put into place, and the desired nest egg can be achieved. Here are a few long-term goals worth setting:

1. Having an Emergency Fund for The Rainy Days :

Life can bring economic uncertainty to many, and even for the financially secure, life happens, in the form of domestic catastrophes, medical bills, and other unplanned expenses. Therefore, it’s vital to have an emergency fund that can offer peace of mind and financial relief in such untoward situations. As a general rule, it’s good to have an emergency fund that would cover three to six months of your living expenses. So, calculate and know how much you need and set aside a certain amount from your paycheck every month. Over the years, this fund will grow, which you can use in case of an unexpected event, or when you are in financial strain.

2. Ditching Debts and Dues for Good :

Being in debt can be a stressful experience for anyone, and no matter what your circumstance is, if you have a loan, you are obligated to pay it back. Even if you have life-altering experiences like getting into an accident, losing your job, or increased expenses due to having a child.

Hence, repaying the outstanding debt and clearing of all dues is important, especially to know where you stand with respect to money matters. A simple way to clear your debts is to develop a budget that tracks your income and expenses. This will help know whether you have money left over, called the surplus. The goal is to increase the surplus and use it to pay down your debt.

3. Building Your Retirement Fund :

Although retirement may feel like a million years away, it doesn’t matter – now is the time to plan for your retirement. Investing and saving is a critical part of leading a financially independent life post-retirement. The good news is, investing even a small amount each month will pay off later in life.

Along these lines, decide what you will need during your golden years – expenses like healthcare, household costs, and additional leisure expenses. Once you know your needs, find a suitable retirement plan which can cater to those. Put simply, save, invest, and ensure yourself as a fallback option for your future.

4. Funding Your Child’s Higher Education :

Your child’s dreams can become a reality when you support him or her, emotionally and financially. Quality education should be on your and your child’s wish list. Setting up an investment plan that can help with the higher education of your child is a good idea. To do so, find a reliable child education plan that can help you create a substantial corpus for your child’s education and future needs.

5. Expanding Assets for Your Family :

Other than making arrangements for expenses, it is essential to create a secure base of wealth for your loved ones so that you can support them and maintain the lifestyle you have now. Investment in unit-linked insurance plans (ULIPs)is a good way to achieve financial growth as well as protect your family’s future in your absence. ULIPs enable you to make significant returns with a relatively low investment every month, while also offering insurance protection to you. Other benefits of unit-linked insurance plans are:

Flexibility to choose your fund option- equity, debt or balanced
Encourages goal-based saving for child education, retirement etc.
The top-up facility gives the flexibility to change your premium amount
You can opt for riders like Critical Illness and Accidental Death benefit
You get ULIP tax benefits under Section 80C and Section 80D

It’s never too late to get started. Pick one or all the financial goals listed above and start setting yourself up for your secure future.

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7 TIPS TO REDUCE CREDIT CARD BILLS

If you have a large amount of credit card debt and you are only making minimum payments every month, you are not going to pay it off any time soon. In fact, if you only make minimum payments, it could be decades before you find yourself debt-free again. It is extremely important to put yourself in a proper financial position, and a good way of doing that is by reducing your credit card bills. Tips to reduce Credit Card Bills: Here are a few tips on how to reduce your credit card bills that will help you pay off your debt: 1. Take Stock: Before you start to reduce your credit card bills make sure you know where you stand. By this, we mean know your target. You will never hit the target if you don’t know where it is, so be honest with yourself. 2. Pay more than the minimum: As discussed before, if you only make minimum payments each month, then it will take ages before you find yourself debt-free again. Thus, it is clear that paying more than the minimum due you can lower your monthly credit card bills, but still, so many customers struggle in making that the priority. Making a little more than the minimum payment every month will eventually help you in the long run. 3. Ask your credit card company for lower rates: A simple and quick way to lower your credit card bill is by negotiating a lower interest rate. Just by reducing the rate of interest by one or two percent, you can save hundreds of bucks. Try calling your creditors and ask them politely to lower your rates. If you have a good credit score and have been a loyal customer to them, then you can easily negotiate and get yourself a lower interest rate. 4. Target one card at a time: People often use multiple credit cards to buy stuff. More cards mean more accounts which eventually leads to more debts. If you are using multiple credit cards, then a good way to lower the bill is by targeting one card at a time. Focus on one account and try to clear that first. Get the minimum for each card, but pay as much as you can on the card you are targeting first. Usually, paying the card with the highest interest rate works. 5. Make a budget: Make yourself a budget every month and stick to it. It can be difficult to adjust your lifestyle too quick, so instead, try going for small adjustments. It can be as simple as cutting out one or two pizzas each week or by changing your thermostat by few degrees. Reducing your costs a little bit can help you out in the long run. Remember to save yourself a few extra bucks every month in case an unexpected bill pops up. 6. Make two minimum payments every month: A good way to lower your bill is by making two minimum payments. Since credit cards apply interest daily, cutting your balance during the month will reduce the minimum payment for the next month. 7. Transfer your balance: Another good way to reduce your monthly payments is by transferring the balance from a card with a high-interest rate to a card with a low-interest rate. If done properly, this can save you hundreds of bucks every year. Remember that credit cards with a low rate of interest are mostly introductory offers which last about a year and a half, so make sure pay off the debt before the rate of interest increases. Conclusion: We hope these tips can help you to reduce your credit card bills. If you know more tips on lowering the bill, post them in the comment sections below! hence if you want to make your choices in the right direction then the use if the credit card bills can make things work for you in all possible manners. Work out the best strategy that can help you to achieve your objectives in the best possible ways. Read Also : Are Debt Consolidation Loans Recommended For Credit Card Consolidation Credit Card Fraud The Holiday Season: Things To Consider For Next Year What Are The Important Parts Of A Free Business Credit Report?

Tips for Breaking Into Finance and Banking

Many people with an interest in money find it quite rewarding (and profitable) to pursue a career in finance and banking. But not everyone gets there on the same path. For one thing, there are many careers in the industry, such as management, financial advising, auditing, and lending. So, depending on what field you want to pursue and where you hope to work, your career path may look a lot different than someone else’s. With that in mind, there are a few tips you need to know to help you break into almost any field within this sector. Majors are less important than you think: Many college students get hung up on narrowing down their major in college to match the specific career they currently want. But the truth is that while you do need a degree, the major can vary quite a bit. In fact, many people start out with a major in accounting and end up with economics degree jobs. Or they might start with a major in finance and end up in economics. Some people even break into the field with unrelated degrees, like psychology or communication. The point is that most managers in the money field know that the skills and knowledge you obtain from any area in business can translate to the others. You might start at the bottom: Not all fields are the same, but certain ones (such as banking) rely more on seniority than your level of education. In fact, many people in the banking industry started out years ago with very little education and worked their way up. Other fields also require working your way up, but they may not require you to start in the lowest positions available. Some sectors in finance and banking will allow you to work your way up very quickly or even start out in management or mid-management positions. Just remember to stay humble, learn all you can, and work hard on even the small jobs you’re given. Your resume needs to stand out: While this is true in any industry, employers in the finance and banking industry are looking for specific skills. And depending on where you live and work, your resume could find itself at the bottom of a very big pile. Aside from a simple, professional format, you need to use the right lingo to get your resume seen. Each industry has its own set of particular skill sets that make someone a quality candidate. And banking and finance are no different. In fact, because the applicant pool is so educationally diverse, your skill set may be the only thing that matters. The ability to communicate well, for example, is at the top of the list. Hiring managers also look for analytical ability, problem-solving skills, and capacity for innovation. Networking should be your priority: Networking isn’t just for business professionals looking for more client leads. It’s also one of the most effective ways to land your first job. About 70 percent of job seekers are hired by companies with which they have connections. And networking doesn’t have to be as hard as it sounds: it’s simply connecting with people in the industry. You can do this by reaching out on social media to individuals or groups in the field you want to work in. You can amp up your LinkedIn profile to appear as an active job-seeker in the industry. You can take advantage of all the college events where professionals in your degree field will be meeting up. And you can simply ask people you know about their careers and connections in banking and finance. You’ll be surprised at how willing most people are to help you out. Read Also: 3 Must Know Accounting Tips To Help You Finance Correctly 8 Family Friendly Careers That Offer Great Pay And Work-Life Balance

U.S. Money Reserve: Natural North American Coinage

In times of economic uncertainty, gold and other precious metals have often functioned as safe-haven assets that can help protect an individual’s wealth. This has led many to make a purchase of gold coins as a means of diversifying their financial holdings. To explore this idea further, we turned to information from the U.S. Money Reserve, a distributor of government-issued gold coins. The company’s many coin offerings, including the Gold Maple Leaf coin, have opened up an area of opportunity for individuals concerned about their wealth during trying economic times. U.S. Money Reserve: Natural North American Coinage Coin History Before looking at some of the offerings from the U.S. Money Reserve, let us first examine the unique societal role that gold coins have played throughout history. The tradition of minting such coins goes all the way back to the 6th century BCE in the Kingdom of Lydia. Even at this time, coin minting was directly connected to images and symbolism found in nature. Those first coins featured a lion on their face; the image symbolized power in that culture. Since that time, minted coins have featured a wide range of images on their faces, but nature and animals still play a large part in coin symbology to this day. These symbols have helped cement the stability and price of gold coins and establish them as safe-haven assets. By producing images on coins that can be used as currency, governments have made it easier to identify authentic pieces that have been minted by the state. This allows people to identify coins that are backed by the full weight of a particular government and even identify the metallic content of a particular coin, which contributes to the coins’ ability to serve as financial assets. North American Coins The tradition of natural imagery on gold coins is alive and well in present-day North America, as evidenced by the diverse range of coins on offer from the U.S. Money Reserve. The Gold Maple Leaf coin is one such offering that has garnered interest for years. The coin, which is minted by the Royal Canadian Mint, has been in circulation since 1979 and originally began as a trial project to transform Canadian gold. Since its introduction, the coin has become a highly sought-after item. Another item offered by U.S. Money Reserve is the American Eagle coin. The bird featured on the coin is one of the main pieces of symbology associated with the U.S. government, a fact underscored by its inclusion in the country’s national seal. The coin, which is authorized as legal tender by the U.S. Congress, also features on its obverse a depiction of Lady Liberty, another enduring symbol of the country. Taken together, these images contribute to the long legacy of natural imagery that is still being displayed on many coins produced throughout North America. Portfolio Diversification The purchase of gold coins has long served as a means for individuals and organizations to safeguard against instability in financial markets. During times of economic downturn, stocks and other assets have often seen sharp declines in price, leading to large-scale losses of wealth. Conversely, gold has often served as a safe-haven asset, retaining its price and even appreciating in value during times of uncertainty. In fact, gold was a top pick as a long-term asset by Americans in the years following the 2008 financial crisis. Beyond its status as a safe-haven asset, gold provides many individuals and organizations with the ability to diversify their holdings, no matter what the economy may bring. This is partly because of the metal’s ability to balance a portfolio and create a range of holdings that are not directly tied to one another. From this perspective, one of gold’s strengths is its ability to retain or increase its price while other commodities are floundering. Gold coins have long been prized for their ability to help individuals weather economic storms. The production of such coins goes back more than 2,600 years and is also intricately tied to the symbology present on the coins themselves. The diverse nature-themed gold coins available from U.S. Money Reserve bring these two long-held traditions together in an offering that is both visually stunning and able to serve as an important piece in any financial portfolio. About the Company U.S. Money Reserve is an Austin-based company that offers a wide range of gold coins. The company has been repeatedly singled out for its excellent customer service that stems from the ability of Account Executives to tailor customer purchases to their existing portfolio needs. This service benefits from the guidance of the company president, Philip N. Diehl, who is a former director of the U.S. Mint. Thanks in part to Diehl’s experience with public policy and personal financial security, the company has been awarded an AAA rating from the Business Consumer Alliance. Read Also: The End of an Era: Is It Time to Call the End of the TSM Dynasty? Exciting Facts About Cryptocurrency And Crypto Wallets

5 Must-Have Long-Term Goals for A Secure Future