You don’t have to inherit a trust fund or run a business empire to become a millionaire. According to the 2014 Fidelity Millionaire Outlook Study, specific money-related behaviors can enable you to accumulate significant wealth, counted in the millions of dollars by the time you retire.
Thinking ahead about how investing can support financial goals is the purpose of planning. Naturally, there’s lots of talk about common planning targets: retirement and college. But there’s also consideration of how to achieve multiple goals at various stages of life — whether covering basic needs or leaving a legacy — and how taxes and tax planning could impact results. Articles in the planning category allow you to clarify how today’s decisions can impact efforts to grow, manage, and maintain wealth.
The Roth IRA has rules that benefit investors of all ages.
If you’re young and need extra cash, you may be able to extract Roth IRA contributions (tax- and penalty-free) to pay for a new house, car, or bicycle; if you’re retirement age, you may be able to withdraw money without paying taxes. Plus, there are beneficial rules for those who are between starting out and spending down assets.
Are you afraid of revealing your personal financial situation and being judged harshly by financial professionals, your parents, or other people in your social circle? If yes, then you are not alone.
According to a 2014 survey of 2,000+ U.S. adults commissioned by TradeKing Advisors, 57% of would-be investors say that the thought of speaking with a financial adviser in person (either in a face-to-face meeting or on the telephone) has stopped them from investing. Seventy-four percent of Millennials (ages 18-34) and 66% of Gen X (ages 35-44) have allowed fear to paralyze them.
Whether you are part of these generations or not, you don’t have to be afraid.