Saving for the Future

Last Updated on Friday, 26 October 2012 13:07

Saving for the Future:

• Budget some of your savings for long-term investments – like Individual Retirement Accounts.
• Investments involve commitment over time to quality funds and vehicles over several years. A professional can help determine good vehicles for you, though there is always risk.
• If you have access to a matching employer sponsored 401 (k) or 403 (b), participate. It is the best return on your money you can achieve.
• Early withdrawal from retirement accounts can cost you dearly in penalty fees.
• Day trading on the stock market is more like gambling – not investing.

Financial Suggestions Provided By:

Consumer Credit Counseling Service of Central Oklahoma – CCCS is a non-profit agency committed to helping people help themselves become financially strong individuals and families through counseling, debt management and education. www.cccsok.org or 405-789-2227 or 800-364-2227

Web Links:

• FINRA Investor Education Foundation - www.saveandinvest.org- Unbiased financial tools and information for military families and all investors from the FINRA Foundation.
• Consumer Federation of America - www.americasaves.org - Financialtools, savings services, advice and resources that help Americans manage money more effectively.
• American Institute of CPAs - www.360financialliteracy.org- A Free Program of the nation’s certified public accountants to help Americans understand their personal finances through every stage of life.
• Feed the Pig - www.feedthepig.org- Fun tools and resources to  help you think through your spending and saving habits.
• Choose to Save - www.choosetosave.org/tips- User-friendly materials to help individuals plan and save for their financial future.

Suggested Reads:

7 Money Rules For Life: How to Take Control of Your Financial Future by Mary Hunt
Keys to getting your money under control and prepare financially for the rest of your life using simple, unchanging, basic rules work in every financial situation, for every income level, and for every stage of life.

Securing Your Financial Future: Complete Personal Finance for Beginners by Chris Smith
The basics of saving, investing, and financial planning in language that is clear and  accessible. Shows readers how to apply this knowledge, and to avoid the most common pitfalls, to insure the best possible outcome for long-term financial security.

Your Money: The Missing Manual by J.D. Roth
Practical tips for getting  (and keeping) one’s finances in order. Covers all the money-management bases, from saving and spending to getting out of debt to investing and planning for retirement.

Your Money Milestones: A Guide to Making the 9 Most Important Financial Decisions of Your Life by Moshe A. Milevsky
Helps you identify the true value all of your resources; budget for hidden liabilities in your future; plan to spend your total resources smoothly over time; and prepare for unexpected events that could upend even the most careful planning.

Ready for PREtirement:  Plan Retirement Early So Your Money is There When YOU Need It by Kris Miller
Comprehensive guide to everything you need to know about retirement planning. Easy-to-understand worksheets and tools readers can use, no matter their age, for writing a will or living trust .