Let’s look at the numbers: 300, 850, 697. Those aren’t batting averages or bowling scores — they’re the lowest and highest credit score ranges, along with the average credit score in America, respectively. But what are the credit score factors that determine a credit score? What factors have the biggest impact? And what does and doesn’t affect your credit score?
If you’re a parent of a teenage child, you might already be assigning them household chores or yard work in exchange for an allowance. And if you earned an allowance when you were a kid, you probably got paid by your parents in cold, hard cash. But for today’s teens, times have changed. Today, cash isn’t king — plastic is.
It’s never too early to teach your children self-sufficiency and appreciation for what they have, especially when it comes to finances. But where (and when) do you even start? To help you navigate the subject, we’ve put together these 7 tips to teach your kids about money.
According to the American Association of Retired Persons (
AARP), nearly 60% of all Americans are without a will or other essential legal documents. Many people think estate planning is reserved for the rich, but it’s in your best interest to plan for who you want to receive your stuff after you pass away. Without your own legal documents, most states will make that decision for you through their intestate laws. One of the easiest ways to make sure that all of your money goes where you want it to, is through current beneficiary designations on any account that allows this choice. Then a will can cover anything that you own that doesn’t have a beneficiary option.
You probably already know that one of the best ways to grow your money for the future is to invest it. The first place to start is with your employer’s 401(k) which allows you to contribute on a regular basis, and not worry about what the market is doing on a daily basis. Many 401(k) plans offer a company matching percentage, which is supplemented money. For example: your employer offers a 3% match, make sure that you’re contributing at least 3% of your income to receive the full match.
If the idea of where to invest your hard-earned money is intimidating, there are usually mutual fund choices in an employer plan that provide an easy start point. One type of diversified mutual fund will normally have a targeted year of retirement in the name, and this allows the mutual fund to manage your money for you. What other investment decisions are important to consider? Let’s explore how to start investing in a way that’s diversified with reasonable risk for your goals.
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