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Financial Planning Tip of the Month

Monthly Financial
Planning Tips

2006 Financial Planning Tips Archive
December 2006 - Try a different gift idea this year
Are you searching for gift ideas for the holiday season? It’s never easy, especially for older children and teenagers. They’re too old for toys, but do they really need another sweater or computer game?

November 2006 - Retirement saving is more important than ever
It’s never been more important to save for retirement. Baby boomers are set to strain the social security system in the years ahead. Studies repeatedly show that we fail to save enough on our own for retirement. The earlier you start and the more you save, the more comfortable your later years can be.

October 2006 - There are new wrinkles on the Roth IRA
Roth IRAs have been around since 1997, but two recent changes may make them even more attractive. First, let’s recap why you might consider a Roth.

Septemer 2006 - Avoid these mistakes in your 401(k) plan
Participating in a 401(k) or similar retirement plan is a great way to save for retirement. And these tax-favored plans are likely to become even more commonplace as a result of the recent pension reform law. But surveys show that many employees fail to take full advantage of the saving opportunity. Here are five common mistakes to avoid.

Augusat 2006 - Preserve your 401(k) savings when you change jobs
Changing jobs can be a stressful event. A new boss, new co-workers, and new benefits to sign up for. These days you might well have one more decision to make — what to do with your 401(k) plan?

June/July 2006 - How to develop the saving habit
Do you save regularly? Developing a saving habit is one of the best things you can do for your financial health. Yet studies show that the savings rate today is lower than it’s been for generations.

May 2006 - Build a cash reserve for financial security
Many of us are living close to our financial limit these days. We pay our bills on time, but there’s not a lot left over. But that’s a dangerous situation. If things go wrong, your financial situation can change very quickly from adequate to critical. Without a cash reserve, you could find yourself in serious trouble.

April 2006 - Get the most out of your investment dollar
When making a major investment, get the best bang for your buck. Is the asking price firm? Will the seller negotiate? How about a reduced price if you pay cash?

March 2006 - Keep score of your finances with a personal balance sheet
Do you know how much your net worth is changing from year to year? We all want to enter retirement with a comfortable nest egg, owning more than we owe. A good way to chart your progress toward that goal is to prepare a personal balance sheet at least every year. That will give you a score card to measure how you’re doing.

February 2006 - Are your beneficiary designations up to date?
Who have you designated as beneficiaries for your insurance policies and retirement accounts? If you can’t remember, you’re not alone. But it’s worth checking. If you make the wrong decision, it could affect who inherits those assets. In some cases, it could also change the taxes your beneficiaries will pay and the value they’ll receive. Here are some key facts about beneficiary designations.

January 2006 - Diversify to reduce your investment risk
As you lay out your investment strategy for the year ahead, keep one important factor in mind. Make sure that you’ve diversified your investments. Diversification means not having everything invested in one stock, or one class of stock, or even one type of asset. It’s important because it reduces your risk of loss if disaster hits that one particular investment.
"Financial Planning Tips" are published monthly to provide useful financial information. Return to this site every month for helpful suggestions on how to reach your financial goals.

The information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.

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