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5 Budgeting Tips to Maximize Your Savings

Budgeting is a cornerstone of personal finance management. Knowing how to track your expenses and budget based on your income and goals is imperative for long-term financial success. Both veteran budgeters and people new to budgeting can always benefit from evaluating where their money is going. For example, magazine subscriptions may only cost $10 per year. But if you have five magazines coming in the mail each month, that is $50 per year. While $50 per year doesn’t sound like a lot, it doesn’t take long to add up to $100, $150, and more over the years. Read on for five tips to maximize your savings. Cut Recurring Expenses Subscriptions and other recurring expenses are some of the worst budget busters because they sneak in silently each month to drain your bank account. Like magazine subscriptions, even the smallest recurring expenses add up quickly over time to be a larger…

3 Online Tools to Automatically Track Finances

Most of us recognize the importance of financial planning, but we also understand that tracking money can take commitment and a lot of time and work. Good budgeting and investment software and online financial planning apps can help you significantly take charge of your finances. There are a number of new online tools that completely automate your budgeting, investment tracking, and much more! Each tool works a little differently and has its own unique focus – picking the right one for your needs can save you a ton of time when it comes to managing your money. Bonus: each one from the list below is completely free to use! Mint Mint is one of the original personal finance aggregators and offers a wide set of tools to help you manage your budget, income, expenses, and view every financial account in one handy dashboard. Founded in 2006 by Aaron Patzer, Mint…

6 Ideas on How to Invest Your First $1000

Saving up $1,000 on your first investment is a huge milestone! Rather than blow the $1,000 on a frivolous purchase, you have decided to invest the money for your future. That’s a big achievement, and one you should be proud of. If you are new to investing, you might not know what to do with that $1,000. One of the very best options to invest $1,000 is through a tax-advantaged retirement account, like an IRA or Roth IRA. Here are six additional investment option ideas for both new and seasoned investors. Invest for Retirement As stated earlier, probably one of the very best options to invest your $1,000 is through a tax-advantaged retirement account, such as an IRA or Roth IRA. A traditional IRA works similarly to an employer-sponsored 401(k) plan, where your contributions are made with pre-tax dollars. That means if you put $1,000 into your IRA, you will…

5 Ways to Prepare Financially for Your Passing

We will all leave this earth and die sometime. While inevitable, death can sometimes strike without warning, when it is least expected.  Prepare financially for your passing and protect so those you leave behind so they suffer less and can continue to dream fearlessly.  The peace of mind is simply priceless.  Here are 5 steps you need to take today to protect your family and the things you’ve worked your whole life to build, should the unthinkable happen to you. Protect Your Investments Contact an attorney to set up a living will or trust for all stocks, bonds, bank accounts, companies, insurance policies, investments, real estate, and anything considered an asset. Name an executor of your estate/assets, and identify who the beneficiaries are – along with what proportions of your assets each one should receive. It’s crucial to get this will or trust in place immediately. If you do not…

Top 10 Traits and Habits of Rich People

Have you ever found yourself daydreaming about what it must feel like to be rich? Believe it or not, most of the wealthy weren’t actually born that way; their fortune was largely self-made. A recent study by U.S. Trust found that 77 percent of people with $3 million or more in investable assets came from lower or middle-class backgrounds.[1] So even if you’re not swimming in money today, you too have a shot at achieving greater wealth in the future. What do the wealthy have in common? Let’s examine some prevalent traits and habits of rich people that you may want to incorporate into your lifestyle. Here are 10 of the most notable. Investment Savvy Hoarding cash may feel safe in a bear market, but it won’t help you fight inflation or preserve capital over the long-term. Smart investing is an important activity for the wealthy. You don’t have to…

The Three I’s of Financial Health: Insurance, Investments, Intelligence

shutterstock_157233458Monetary security for you and your family is about more than a decent-sized nest egg. It’s about comfortably affording your current bills, being able to save for the future, and making the most of what you have. Thinking of your financial picture in terms of the three I’s — insurance, investments, and intelligence — is one way of getting an accurate picture for sound financial planning.
The name says it all: a guard against life’s uncertainties. Health, disability, liability, auto, earthquake, homeowners—most people see having all or some combination of these types of insurance as necessary. Insurance means that an injury or illness, car accident, house fire or other disaster doesn’t entirely derail your finances. Here at SelectQuote, we believe the same should be said about term life insurance: it protects the family’s economic security if something happens to a major earner.