Steps to Getting A Financial Advisor in your 20s

Getting a financial advisor in your 20s is a responsible thing to do. At the every least, it means that you are serious about your finances. Finding one in your local area is not hard, especially with SmartAsset free matching tool, which can match you up to 3 financial advisors in under 5 minutes. However, you must also remember that a quality financial advisor does not come free. So, before deciding whether getting a financial advisor in your 20s makes financial sense, you first have to decide the cost to see a financial advisor.

What can a financial advisor do for you?

A financial advisor can help you set financial goals, such as saving for a house, getting married, buying a car, or retirement. They can help you avoid making costly mistakes, protect your assets, grow your savings, make more money, and help you feel more in control of your finances. So to help you get started, here are some of the steps you need to take before hiring one.

Need help with your money? Find a financial advisor near you with SmartAsset’s free matching tool.

1. Financial advice cost

What is the cost to see a financial advisor? For a lot of us, when we hear “financial advisors,” we automatically think that they only work with wealthy people or people with substantial assets. But financial advisors work with people with different financial positions. Granted they are not cheap, but a fee-only advisor will only charge you by the hour at a reasonable price – as little as $75 an hour.

Indeed, a normal rate for a fee-only advisor can be anywhere from $75 an hour $150 per hour. So, if you’re seriously thinking about getting a financial advisor in your 20s, a fee-only advisor is strongly recommended.

Good financial advisors can help you with your finance and maximize your savings. Take some time to shop around and choose a financial advisor that meets your specific needs.

2. Where to get financial advice?

Choosing a financial advisor is much like choosing a lawyer or a tax accountant. The most important thing is to shop around. So where to find the best financial advisors?

Finding a financial advisor you can trust, however, can be difficult. Given that there is a lot of information out there, it can be hard to determine which one will work in your best interest. Luckily, SmartAsset’s free matching tool has done the heavy lifting for you. Each of the financial advisor there, you with up to 3 financial advisors in your local area in just under 5 minutes.

3. Check them out

Once you are matched with a financial advisor, the next step is to do your own background on them. Again, SmartAsset’s free matching tool has already done that for you. But it doesn’t hurt to do your own digging. After all, it’s your money that’s on the line. You can check to see if their license are current. Check where they have worked, their qualifications, and training. Do they belong in any professional organizations? Have they published any articles recently?

Related: 5 Mistakes People Make When Hiring a Financial Advisor

4. Questions to ask your financial advisor

After you’re matched up with 3 financial advisors through SmartAsset’s free matching tool, the next step is to contact all three of them to interview them:

  • Experience: getting a financial advisor in your 20s means that you’re serious about your finances. So, you have to make sure you’re dealing with an experienced advisor — someone with experience on the kind of advice you’re seeking. For example, if you’re looking for advice on buying a house, they need to have experience on advising others on how to buy a house. So some good questions to ask are: Do you have the right experience to help me with my specific needs? Do you regularly advise people with the same situations? If not, you will need to find someone else.

5 Reasons You Need to Hire A Financial Consultant

  • Fees – as mentioned earlier, if you don’t have a lot of money and just started out, it’s best to work with a fee-only advisor. However, not all fee-only advisors are created equal; some charges more than others hourly. So a good question to ask is: how much will you charge me hourly?
  • Qualifications – asking whether they are qualified to advise is just important when considering getting a financial advisor in your 20s. So ask find about their educational background. Find out where they went to school, and what was their major. Are they also certified? Did they complete additional education? if so, in what field? Do they belong to any professional association? How often do they attend seminars, conferences in their field.
  • Their availability – Are they available when you need to consult with them? Do they respond to emails and phone calls in a timely manner? Do they explain financial topics to you in an easy-to-understand language?

If you’re satisfied with the answers to all of your questions, then you will feel more confident working with a financial advisor.

In sum, the key to getting a financial advisor in your 20s is to do your research so you don’t end up paying money for the wrong advice. You can find financial advisors in your area through SmartAsset’s Free matching tool.

  • Find a financial advisor – Use SmartAsset’s free matching tool to find a financial advisor in your area in less than 5 minutes. With free tool, you will get matched up to 3 financial advisors. All you have to do is to answer a few questions. Get started now.
  • You can also ask your friends and family for recommendations.
  • Follow our tips to find the best financial advisor for your needs.

Articles related to “getting a financial advisor in your 20s:”

  • How to Choose A Financial Advisor
  • 5 Signs You Need A Financial Advisor
  • 5 Mistakes People Make When Hiring A Financial Advisor

Thinking of getting financial advice in your 20s? Talk to the Right Financial Advisor.

You can talk to a financial advisor who can review your finances and help you reach your saving goals and get your debt under control. Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

The post Steps to Getting A Financial Advisor in your 20s appeared first on GrowthRapidly.

Source: growthrapidly.com

How I Make Money On TikTok – How I Grew To 350,000 Followers and Made $60,000 In 6 Weeks

Do you want to learn how to make money on TikTok? Here’s how Tori grew from 0 to 350,000 TikTok followers and made $60,000 in just 6 weeks. 

how to make money on TikTokUnless you’ve been living under a rock, you have probably heard something about TikTok. TikTok is one of the most popular social media networks currently, and it is growing like crazy.

There are already over 500 million active monthly users on TikTok around the world.

So, you may be wondering if you can learn how to make money on TikTok, and any TikTok tips so that you can see success too.

That completely makes sense!

Today, I want to introduce you to Tori Dunlap.

Tori Dunlap is a nationally-recognized millennial money and career expert. After saving $100,000 at age 25, Tori quit her corporate job in marketing and founded Her First $100K. She has helped over 200,000 women negotiate salary, pay off debt, build savings, and invest.

I met her a couple of years ago in person, and she has built an amazingly successful business. I’m in awe of what she has done, and I enjoy her creative ways of helping people improve their money situation.

I asked Tori to take part in an interview on Making Sense of Cents about her explosive TikTok growth. She went from 0 to over 350,000 TikTok followers, and made $60,000 in just 6 weeks on TikTok.

In this interview, you’ll learn:

  • About Tori’s background and why she decided to start on TikTok
  • How she grew her TikTok to over 350,000 followers in 6 weeks
  • How she has made $60,000 just from TikTok in 6 weeks and how to earn money from TikTok
  • The tools needed to create TikTok videos
  • The length of time it takes to make each TikTok video
  • Whether there is room for new TikTok accounts
  • Her top TikTok tips for a newbie

And more! This interview is packed full of valuable information on how to earn money on TikTok.

I know so many people have questions about TikTok, such as how to grow on TikTok, how to make money from TikTok (including, how much money do TikTokers make?), and more, so hopefully you will find this interview both interesting and informative!

You can find Tori on TikTok here.

Related content that you may be interested in:

  • How Sailing SV Delos Makes Money on Youtube
  • How This 34 Year Old Owns 7 Rental Homes
  • How Amanda Paid Off $133,763 In Debt in 43 Months
  • How One Blogger Grew His Blog to Over 2 Million Visitors In A Year

Here’s how to make money on TikTok.

 

1. Tell me your story. Who are you and what do you do?

I’m nationally-recognized millennial money and career expert. After saving $100,000 at age 25, I quit my corporate job in marketing and founded Her First $100K to fight financial inequality by giving women actionable resources to better their money.

I’ve helped over 350,000 women negotiate salary, pay off debt, build savings, and invest — and I firmly believe that a financial education is a woman’s best form of protest.

A Plutus award winner, my work has been featured on Good Morning America, the Today Show, the New York Times, PEOPLE, TIME, New York Magazine, Forbes, CNBC, and more.

Before becoming a full-time entrepreneur, I led organic marketing strategy for Fortune 500 companies—with clients like Amazon, Apple, Facebook, Nike, the NFL, and the Academy Awards—and global financial technology start-ups. For almost five years, I specialized in social media, SEO, content, and influencer marketing to grow community and increase awareness.

I now travel the world writing, speaking, and coaching about personal finance, online businesses, side hustles, and confidence for millennial women.

 

2. How long have you been on TikTok? Why did you decide to start a TikTok account?

I only really started doing TikTok for my business in the last 6 weeks (and gained almost 350,000 followers in the process, which is wild.)

I knew that you could see accelerated growth on the platform — it’s the only main social platform that currently has more people consuming content than creating it — and it fit well with my brand.

I’m passionate about financial education as a form of protest, and making money conversations inclusive — meeting people where they are on TikTok seemed like a perfect way to do that.

To me, going viral and gaining 350,000 followers in such a short amount of time is proof that Gen Z is craving personal finance advice.

 

3. How did you get your TikTok account to explode?

I was shocked by the growth, and I’ve never seen a platform that is so creator-friendly (Facebook, for example, has become more and more business-focused.)

In terms of followers, it took me 3 days to do on TikTok what it took me 3 years to do on Instagram. But I was ready for it — I have an established, global business, credibility, and products to sell. As a former social media manager, it’s a reminder that consistency, credibility, and serving before selling are what grows your account — not paid ads or manufactured authenticity.

The big shift was a video that went viral (as of this writing, it has 3.5 million views and over 730K likes.) Having gone viral multiple times before, this was next level — I was getting 100 followers every 5 minutes.

It’s more than doubled my website traffic, increased my sales, and grown my credibility.

how to monetize tiktok

Tori’s TikTok

4. How do you make money on TikTok?

I make money through promoting my own products (like my resume template and side hustle courses) and my affiliate partners.

For example, I might talk about high yield savings accounts and send folks to the link to my affiliate bank partner.

In the last 6 weeks, I’ve made over $60,000 just from TikTok.

Now that I have a substantial following, I’m also monetizing my platform with brand partnerships, and showcasing products I believe in.

Related: 10 Easy Tips To Increase Your Affiliate Income Free Guide

 

5. How do you decide on your TikTok video ideas?

Just like the rest of my content, I focus on creating actionable resources for my followers.

Most of the questions I answer in my videos or advice I give comes from someone asking me about it, which guarantees I’ll have consumers of that content because I know it’s valuable for them.

Your audience will tell you what they want to see!

One of the smart things I did was waiting to become a creator. I was a consumer on TikTok first, sharing and enjoying videos before I started creating my own. Doing so helped me understand trends, what content well, the way the videos were shot. I got to know the landscape and followed creators doing good work.

So much of TikTok is collaborative creation, so I’ll often duet with another creator and offer my two-sense, or will be inspired by a trend or sound I see elsewhere.

 

6. What tools do you need for your videos? Is it simply your phone?

Your phone is the biggest thing you need. I also invested in a ring light/tripod to make it easier to shoot content, and to make sure the lightning was decent.

If you want to do more advanced videos, you might need editing software, a more professional camera, or props.

There is a learning curve with understanding how to shoot videos, and I was too intimidated to start for a while.

Don’t let that scare you: just like anything, it’s easy once you get the hang of it.

 

How do you get paid on TikTok?

Some of Tori’s TikTok videos.

7. How long does it take you to make each TikTok video?

Batching content has helped me save time, so I make about 5-7 videos in one session.

Because we’re still in quarantine, I often shoot without camera-ready makeup, which I think adds to the spontaneity and authenticity of the video.

I’ve also made the decision to not change clothes for every single video, it just seems like overkill.

My 15-second, talk-to-camera videos take about 10 minutes — 3 to shoot, 7 to add text and a caption.

More in-depth videos — with green screen effects or lots of text that moves — can take about a half hour.

I try to intersperse content — not only for variety’s sake, but also to keep myself sane.

 

8. What do you like about making TikTok videos? What do you not like?

Instagram has started to feel more and more like work, while TikTok allows me to be more creative.

As a theatre major, it’s a perfect platform for me to make weird faces, perform, and showcase my personality in addition to my advice.

I’ve also found TikTok a more welcoming environment. You’ll always have trolls and hateful comments, but I’ve found there’s more support and encouragement from people who aren’t following you on TikTok than on other platforms.

I really love and engage with Instagram Stories, and TikTok doesn’t have a feature like that (yet.) Stories are a good way for your audience to learn more about you and your business in a less polished way, so I think it’s harder for someone to get to know you on TikTok.

Captions are also WAY shorter, and you cannot post your hashtags in the first comment, so any explaining you need to do through text needs to be in the actual video.

 

9. Do you think there is room for new TikTokers?

YES!

More than any other social platform.

Instagram, for example, is very saturated. It’s almost impossible to discover a new account within the platform, unless a friend directly shares it with you. You’re really only seeing posts from people you already follow.

TikTok has a following tab, and also a “For You Page” tab, where they show videos they think you’ll like.

I’ve never seen an algorithm as responsive as TikTok’s, so you’ll find content that actually connects with you and your interests.

 

tiktok tips10. What tips do you have for someone wanting to start on TikTok?

Content that does well is at least one of the following: aspirational, educational, or entertaining.

You have travel vloggers showcasing their Airbnbs in Paris (aspirational), vegan chefs walking you through a recipe (educational), or a thrill-seeker trying a new stunt (entertaining.)

I found my niche between aspirational (talking about how I left my 9-5 job and built my business) and educational (how to pay off debt, invest, etc.)

Like any social platform, consistency is key. TikTok is like Twitter — you have the option of posting 7-10 times per day (and not being punished by the algorithm.) I usually try to put out 2-3 videos per day, some more complicated than others.

 

11. Are there any other TikTok tips you would like to share?

Don’t invest in TikTok unless you know your audience is there.

For example, if your potential customers are men in their 50s, they’re probably not on TikTok.

When I worked in marketing, it was easy to chase platforms or trends. It’s easy to feel like you need to be everywhere in order to make sure you’re relevant.

But if the audience you’re looking to target is largely not on a platform, don’t invest time and money in it.

Do you want to learn how to make money on TikTok and how to grow on TikTok?

The post How I Make Money On TikTok – How I Grew To 350,000 Followers and Made $60,000 In 6 Weeks appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com

How to Break Through and Overcome Financial Hardships

Your life and personal finances don’t always go the way you hope. We all have struggles and no one achieves success without their share of hurdles and challenges. However, there are tools that can help you break through financial hardships and live the life you want.

I interviewed AJ Gibson, author of Flipping the Script: Bouncing Back from Life’s Rock Bottom Moments, an Amazon #1 new release. We talk about the personal, professional, and financial challenges that he’s overcome.

AJ is a Los-Angeles based TV host, public speaker, and coach who loves great people, food, fashion, entertainment, and travel. He’s been the host of the nationally syndicated daytime talk show, Hollywood Today Live, a co-host on Access Hollywood Live, and a frequent anchor on Good Day LA. You’ll see him on CBS’s The Talk and even on several episodes of The Wendy Williams Show.

His journey from being a closeted gay boy in Ohio to a host chatting with the some of the world’s most admired celebrities on Hollywood’s biggest red carpets is incredibly inspiring. He has a gift for busting through life’s roadblocks and persevering despite failure.

On the Money Girl podcast, AJ and I chatted about key lessons from his book. You’ll learn how to shift your perspective to find the beauty in life’s most challenging moments. We cover:

  • Overcoming the financial hurdles of becoming self-employed
  • Tips for reaching financial goals when you have big dreams
  • Why fear and shame may be causing you to ignore your financial situation
  • Leaning on professionals to help stay on top of your financial life
  • Tools for turning hopelessness into a positive, fresh outlook on your future
  • Using a focus wheel for daily motivation to achieve your dreams and goals

Listen to the interview using the audio player above, or check it out on Apple PodcastsSoundCloudStitcher, and Spotify

ABOUT THE AUTHOR

Laura Adams received an MBA from the University of Florida. She's an award-winning personal finance author, speaker, and consumer advocate who is a trusted and frequent source for the national media. Her book, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love was an Amazon #1 New Release. Do you have a money question? Call the Money Girl listener line at 302-364-0308. Your question could be featured on the show. Stay in the personal finance loop! Listen and subscribe to the Money Girl podcast on Apple, Spotify, or wherever you get your podcasts.

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Source: quickanddirtytips.com

Things Break. How to Make Sure Your Emergency Fund Can Cover Them

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Your washing machine. Your car. Your front tooth.

If any of those broke right now, would you be able to get it fixed immediately? Or would you have to walk around with a gap in your smile for months until you could get the money together?

If you can’t afford to pay to fix it today, you’re not alone. Most people don’t have $400 saved in case of an emergency either. So before your car breaks down on the side of the road on your way to an interview, make sure you have a solid emergency fund of at least $500.

Don’t know how to get there? Having a budget (that you actually stick to) can help you get there. Here’s one budgeting strategy we recommend, and four other tips that can help you keep your expenses in line.

1. The 50/30/20 Budgeting Rule

The 50/30/20 rule is one of the simplest budgeting methods out there, which is why you’ve probably heard us talk about it before if you’re a regular TPH reader. There are no fancy spreadsheets or pricy apps to download (unless you want to), and it’s very straightforward.

Here’s how it shakes out: 50% of your monthly take home income goes to your essentials — your rent, your groceries, your minimum debt payments, and other necessities. 30% of your cash goes to the fun stuff, and 20% is dedicated to your financial goals. That could be paying more than the minimum on your debts or adding to your investments. And it definitely includes building up your emergency fund!

If you take a look at your budget and realized you don’t have enough leftover to contribute to your emergency fund, here are a few ways to help balance your budget:

2. Cut More Than $500 From One Of Your Must-Have Bills

You’re probably overpaying the bills you have to pay each month. But you can cut those expenses down, without sacrificing anything. Maybe even enough to cover that window your kid just smashed with a ball. Definitely enough to grow your emergency fund a meaningful amount.

So, when’s the last time you checked car insurance prices?

You should shop your options every six months or so — it could save you some serious money. Let’s be real, though. It’s probably not the first thing you think about when you wake up. But it doesn’t have to be.

A website called Insure.com makes it super easy to compare car insurance prices. All you have to do is enter your ZIP code and your age, and it’ll show you your options.

Using Insure.com, people have saved an average of $540 a year.

Yup. That could be $500 back in your pocket just for taking a few minutes to look at your options.

3. Earn Up to $225 in Easy, Extra Cash

If we told you you could get free money just for watching videos on your computer, you’d probably laugh. It’s too good to be true, right? But we’re serious. You can really add up to a few hundred bucks to your emergency savings with some mindless entertainment.

A website called InboxDollars will pay you to watch short video clips online. One minute you might watch someone bake brownies and the next you might get the latest updates on Kardashian drama.

All you have to do is choose which videos you want to watch and answer a few quick questions about them afterward. Brands pay InboxDollars to get these videos in front of viewers, and it passes a cut onto you.

InboxDollars won’t make you rich, but it’s possible to get up to $225 per month watching these videos. It’s already paid its users more than $56 million.

It takes about one minute to sign up, and you’ll immediately earn a $5 bonus to get you started.

4. Ask This Website to Pay Your Credit Card Bill This Month

Just by paying the minimum amount on your credit cards, you are extending the life of your debt exponentially — not to mention the hundreds (or thousands) of dollars you’re wasting on interest payments. You could be using that money to beef up your emergency savings, instead.

The truth is, your credit card company is happy to let you pay just the minimum every month. It’s getting rich by ripping you off with high interest rates — some up to nearly 30%. But a website called AmOne wants to help.

If you owe your credit card companies $50,000 or less, AmOne will match you with a low-interest loan you can use to pay off every single one of your balances.

The benefit? You’ll be left with one bill to pay each month. And because personal loans have lower interest rates (AmOne rates start at 3.49% APR), you’ll get out of debt that much faster. Plus: No credit card payment this month.

AmOne keeps your information confidential and secure, which is probably why after 20 years in business, it still has an A+ rating with the Better Business Bureau.

It takes two minutes to see if you qualify for up to $50,000 online. You do need to give AmOne a real phone number in order to qualify, but don’t worry — they won’t spam you with phone calls.

5. Get a Side Gig And Make More Money

Let’s face it — if your monthly income is less than what your monthly expenses are (and you’ve run out of things to cut), you need more money.

Well, we all could use more money. And by earning a little bit extra each month, we could make sure we’re never taken by surprise when an ER visit tries to drain our savings.

Luckily, earning money has never been easier with the rise of the “Gig Economy”. Here are 31 simple ways to make money online. Which one could you do to pad your emergency savings?

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Source: thepennyhoarder.com

How To Retire At 50: 10 Easy Steps To Consider

Can you retire at 50? On average, people usually retire at 65. But what if you want to retire 15 years earlier than that like  at 50? Is it doable? Below are 10 easy steps to take to retire at 50.  Retiring early can be challenging. Therefore, SmartAsset’s free tool can match you with  a financial advisor who can help to work out and implement a retirement income strategy for you to maximize your money.

10 Easy & Simple Steps to Retire at 50:

1. How much you will need in retirement.

The first thing to consider is to determine how much you will need to retire at 50. This will vary depending on the lifestyle you want to have during retirement. If you desire a lavish one, you will certainly need a lot.

But according to a study by SmartAsset, 500k was found to be enough money to retire comfortably. But again that will depends on several factor.

For example, you will need to take into account where you want to live, the cost of living, how long you expect to live, etc.

Read: Can I Retire at 60 With 500k? Is It Enough?

A good way to know if 500k is possible to retire on is to consider the 4% rule. This rule is used to figure out how much a retiree should withdraw from his or her retirement account.

The 4% rule states that the money in your retirement savings account should last you through 30 years of retirement if you take out 4% of your retirement portfolio annually and then adjust each year thereafter for inflation.

So, if you plan on retiring at 50 with 500k for 30 years, using the 4% rule you will need to live on $20,000 a year. 

Again, this is just an estimation out there. You may need less or more depending on the factors mentioned above. For example, if you’re in good health and expect to live 40+ years after retiring at 50, $500,000 may not be enough to retire on. That’s why it’s crucial to work with a financial advisor.

Get Matched With 3 Fiduciary Financial Advisors
Managing your finances can be overwhelming. We recommend speaking with a financial advisor. The SmartAsset’s free matching tool will pair you with up to 3 financial advisors in your area.

Here’s how it works:

1. Answer these few easy questions about your current financial situation

2. In just under one minute, the tool will match you with up to three financial advisors based on your need.

3. Review the financial advisors profiles, interview them either by phone or in person, and choose the one that suits your’ needs.

Get Started Now>>>

2. Maximize your tax-advantaged retirement accounts.

Once you have an idea of how much you need in order to retire at 50, your next step is to save as much as possible at a faster rate. If you are employed and you have a 401k plan available to you, you should definitely participate in it. Nothing can grow your retirement savings account faster than a 401k account.

See: How to Become a 401k Millionaire.

That means, you will need to maximize your 401k contributions, for example. In 2020, and for people under 50, the 401k contribution limit is $19,500.  Also, take advantage of your company match if your employee offers a match.

In addition to the maximum contribution of $19,500, your employer also contributes. Sometimes, they match dollar for dollar or 50 cents for each dollar the worker pays in.

In addition to a 401k plan, open or maximize your Roth or traditional IRA. For an IRA, it is $6,000. So, by maximizing your retirement accounts every year, your money will grow faster.

3. Invest in mutual or index funds. Apart from your retirement accounts (401k, Roth or Traditional IRA, SEP IRA, etc), you should invest in individual stocks or preferably in mutual funds. 

4. Cut out unnecessary expenses.

Someone with the goal of retiring at 50 needs to keep an eye on their spending and keep them as low as possible. We all know the phrase, “the best way to save money is to spend less.”

Well, this is true when it comes to retiring 15 years early than the average.  So, if you don’t watch TV, cancel Netflix or cable TV. If your cell phone bill is high, change plans or switch to another carrier. Don’t go to lavish vacations.

5. Keep an eye on taxes.

Taxes can eat away your profit. The more you can save from taxes, the more money you will have. Retirement accounts are a good way to save on taxes. Besides your company 401k plan, open a Roth or Traditional IRA.

6. Make more money.

Spending less is a great way to save money. But increasing your income is even better. If you need to retire at 50, you’ll need to be more aggressive. And the more money you earn, the more you will be able to save. And the faster you can reach your early retirement goal.

7. Speak with a financial advisor

Consulting with a financial advisor can help you create a plan to. More specifically, a financial advisor specializing in retirement planning can help you achieve your goals of retiring at 50. They can help put in a place an investment strategy to put you in the right track to retire at 50. You can easily find one in your local area by using SmartAsset’s free tool. It matches users with financial advisors in just under 5 minutes.  

8. Decide how you will spend your time in retirement.

If you will spend a lot of time travelling during retirement, then make sure you do research. Some countries like the Dominican Republic, Mexico, Panama, the Philippines, and so many others are good places to travel to in retirement because the cost of living is relatively cheap.

While other countries in Europe can be very expensive to travel to, which can eat away your retirement money.  If you decide to downsize or sell your home, you can free up more money to spend.

9. Financing the first 10 years.

There is a penalty of 10% if you cash out your retirement accounts before you reach the age of 59 1/2. Therefore, if you retire at 50, you’ll need to use money in other accounts like traditional savings or brokerage accounts. 

10. Put your Bonus, Raise, & Tax Refunds towards your retirement savings. 

If retiring at 50 years old is really your goal, then you should put all extra money towards your retirement savings. That means, if you receive a raise at work, put some of it towards your savings account.

If you get a tax refund or a bonus, use some of that money towards your retirement savings account. They can add up quickly and make retiring at 50 more of a reality than a dream.

Retiring at 50: The Bottom Line: 

So can I retire at 50? Retiring at 50 is possible. However, it’s not easy. After all, you’re trying to grow more money in less time. So, it will be challenging and will involve years of sacrifices, years living below your means and making tough financial decisions. However, it will be worth it in the long run. 

Read More:

  • How Much Is Enough For Retirement
  • How to Grow Your 401k Account
  • People Who Retire Comfortably Avoid These Financial Advisor Mistakes
  • 5 Simple Warning Signs You’re Definitely Not Ready for Retirement

Speak with the Right Financial Advisor

You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning to retire at 50, saving, etc). Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

The post How To Retire At 50: 10 Easy Steps To Consider appeared first on GrowthRapidly.

Source: growthrapidly.com

How to Make a Great Impression in a Virtual Interview

Global pandemic got you thinking this is no time for a job change? Think again! Unemployment did soar to alarming rates in the early days of Covid. According to the Harvard Business Review, U.S. unemployment jumped from 3.5% in February of 2020 to 14.7% in April. But as of November 2020, it’s back down to 6.7%.
 
There is a job market, and it’s yours to partake in if you so choose. But the search is likely to be virtual.
 
So whether you’re out of a job or just looking for a change, let’s talk about strategies that will help you shine on screen and land your dream job.

1. Polish that profile

Keeping your online presence current and polished is a good idea in any moment or market. But according to Fast Company, there’s a particular urgency to sprucing it up right now. 
 
“Because many HR professionals are relying on video interviews, they’re also looking for ways to get a better feel for who the candidates are… [so] many are turning to social media profiles and looking for evidence of the candidate’s work online.”
 
This is a moment to assess your professional online presence. Personally, I focus on LinkedIn.
 
What’s your headline? What achievements are you highlighting? Do you have links in your profile to samples of your work?  Can you ask for testimonials or endorsements from people in your network? Ask a few friends to check out your LinkedIn profile as if they were looking to hire. Get their feedback and make adjustments. 
 
This is your moment to use LinkedIn like a Rockstar.

2. Set the scene for success

My family has this little holiday tradition. Every year we watch the 1989 classic National Lampoon’s Christmas Vacation. It gets worse every year, but you don’t mess with tradition. This year, my 13-year-old was savvy enough to recognize that no one in Clark Griswold’s office had a computer on their desk. She simply couldn’t fathom the idea of work getting done in a pre-technology world. I can barely believe it myself.
 
Technology has evolved in ways the workforce of 1989 could never have imagined. It’s amazing what we can do today. But while videoconferencing technology has technically enabled amazing things, we all know it can be clunky and awkward by 2020 standards. So do your best to make your virtual interview as smooth as possible.
 
Here’s a quick checklist:
 
  • Check your tech. Internet connection, microphone, webcam—are they all working? If not, make sure you troubleshoot ahead of time.
     
  • Create a professional setting. Your background—real or virtual—should be as professional as possible.
     
  • Test the platform in advance. Make sure that wherever you’re meeting (Zoom, Teams, etc.) you have everything downloaded or updated, and you'll be able to get into the virtual interview without a hitch. Do a practice run with a friend if you’re anxious.
     
  • Strip out distractions where you can. Kids, dogs, landscapers, snowblowers—they're all noisemakers of the highest order! Be aware, and do your best to minimize.
     
  • Acknowledge distractions you can’t control. In a tiny apartment or homeschooling kids solo? Don't stress! Just call this out as the meeting begins so no one is caught off guard. Any interviewer with a shred of humanity will offer you some grace.

If the interviewer isn't willing to cut you some slack, pay attention to that vibe! I mean, is a workplace that can't roll with real-world challenges graciously really where you want to be?

3. Account for the floating head syndrome

Videoconferencing is the best we’ve got, but it’s not perfect. There is so much about in-person interaction that we didn’t appreciate until we lost it! We’re now trading in floating heads. We’ve lost our access to body language which helped us read the room or sense how we were being received by our conversation partner.
 

In the absence of body language, you’ve got only your voice, so check in with the interviewer.

 
In a pre-pandemic world, the savvy among us might read subtle cues from the interviewer indicating we’ve gone off-topic, or we’re going into too much detail. But in the absence of body language, you’ve got only your voice.
 
So check in—not constantly, but periodically. Ask the interviewer “Am I answering the question you asked?” or “How’s this level of detail? I can provide more or less if that would be helpful.” 
 
The interviewer will appreciate your checking in. It demonstrates an emotional intelligence many of your competitors may not show.

4. Keep that energy soaring

We all know Zoom-fatigue is real. Energy tends to be lower on video, so find ways to express enthusiasm that the interviewer can’t help but experience.

Focus on being fully present.

This isn’t about singing and dancing (though some solid choreography would certainly make you memorable!) Focus instead on being fully present. Close all of your tabs or windows besides the videoconference. The temptation to multi-task or be distracted by an email is dangerous. This will help you stay focused on the conversation at hand.
 
Be prepared to share stories or examples about projects you were really excited about being a part of. Oh, and find moments to just smile! Let your interviewer know, visually, you’re just happy to be there. Your enthusiasm will shine through.

5. Ask questions of the moment 

It’s good practice in any climate to ask thoughtful questions in an interview. Hiring leaders respond well to curiosity. Especially the kind that shows you did some prep work.
 
In this particular climate, be sure you ask a question or two that is relevant to the experience we're all having. You might ask how they’ve shifted their strategy or service delivery or what they’ve learned about their customers during Covid.
 
This line of questioning shows not only a spirit of curiosity, but that you’re thinking about the need to redirect, be agile, and consider the context when engaging with their products or customers.

6. Put your resilience on display

The great buzzword of 2020 will surely carry into 2021. You may have skills, experience, and connections, but every company wants to know: Are you resilient?
 
Buzzy though it may be, companies want, now more than ever, to recruit people who know how to deal with setbacks, handle rejection, learn from failure, and keep on truckin'!

Every company wants to know: Are you resilient?

So as you move through your conversation, find spots to highlight moments of failure that taught you something new; challenges you overcame; or difficult feedback you used to improve yourself. You can even talk about how you transitioned to working while homeschooling, nursing, and doing whatever else the pandemic has demanded of you.
 
These are the rules of the road when it comes to virtual interviewing. And of course, it goes without saying that what mattered in traditional interviewing—being on time, being professional, doing your research, sending a thank you note—all still applies.
 
Now go get ‘em, tiger!
 

Source: quickanddirtytips.com

Expert Interview with Tiffany Aliche of The Budgetnista on Financial Planning

Financial Eduation is important for everybody regardless of their demographic, and yet it is frequently overlooked by both the young and those who are just trying to get get by.

Tiffany Aliche is passionate about financial planning, and shares that passion, as well as a lifetime of information and practice, on her blog, The Budgetnista.

Tiffany took a moment to tell us about The Budgetnista, how anyone can benefit from sound financial education, and how that education can enrich your life.

Can you briefly describe The Budgetnista for people who aren’t familiar with the site? How did you get started? What differentiates you from the other financial blogs out there?

The Budgetnista is an award-winning financial education firm established in 2008. We specialize in the delivery of financial literacy through seminars, workshops, curricula and trainings. The Budgetnista has been a brand ambassador and spokesperson for a number of organizations, and has served as the personal finance education expert for City National Bank.

I’m happy to say that I’m quickly becoming America’s favorite financial educator. I authored the #1 Amazon bestseller, The One Week Budget and created the LIVE RICHER Challenge.

My love for financial education began at at home. I grew up in a financially-literate household, receiving weekly financial lessons from my CFO father. These lessons paired with my fun personality helped me create a fun, financial blog that resonates with thousands of women.

Who is your regular audience? What are some specific challenges they face, and how do they inform the things that you write about?

The Budgetnista’s audience is women aged 25-45. Their biggest financial issues are debt management, credit, and budgeting. When writing my blog, I focus on offering step-by-step guidance for these specific financial issues. In addition to women needing assistance, they also need encouragement. I try to not only be a source of information, but a source of inspiration as well.

What are some of the financial services The Budgetnista offers? Who is likely to utilize your services?

The financial services offered by The Budgetnista are keynotes, workshops and seminars on the following personal finance topics: money mindset, budgeting, savings, debt and credit. Many colleges, non-profits, and corporate entities utilize these services.

Each year, The Budgetnista also offers the LIVE RICHER Challenge; a FREE, online financial challenge created by The Budgetnista to help 10,000 women achieve seven specific financial goals in 36 days.

Your motto is “Live richer. To create a measurable lifestyle shift, through financial education.” First of all, can you briefly define financial education, and relate why it is so important? Secondly, how much of a noticeable shift has there been in your own lifestyle since you implemented this education?

Financial education through The Budgetnista provides participants with the tools they need to make sound financial decisions. It is essential because it grants people the power of choice, not just with their finances, but in other aspects of their lives as well.

In my own life, I’ve seen the power of financial education first hand. After a devastating job loss during the recession, I was able to create a business (The Budgetnista) and design the life I always dreamed of.

In the long version of your bio, you’ve written, “By beginning to educate yourself, you’ve taken the first step towards financial empowerment.” How does that information translate into daily life? If this is the first step, what’s the next?

Education is the first step on your financial journey. The next step is to take action. Once you know how to manage your money – budget, save, reduce debt, and fix credit – you can use these skills to navigate your daily life.

One of the goals of The Budgetnista is to give someone a clearer understanding of how to more skillfully manage their money. What are a few basic tips people can use to get started?

Here are The Budgetnista’s top 3 tips to get started on managing your money.

  • 3) Open a Bills Account: This is a FREE checking account (if possible), where you allocate your bill money each month. Separating your funds will help you to avoid “accidentally” spending money designated for bills.
  • 2) Give and get an allowance: I bet you never thought you’d get one again. After creating your budget, decide which items you can pay for with cash each month and add the amounts up; then divide the total by four. That’s how much your new weekly allowance is. If you take weekly cash allowances, it will help to curb your spending. Also, give yourself a CASH allowance when shopping and leave the cards at home. This way when the cash is done, so are you.
  • 1) Automate: By taking out the “flawed” human element (aka you), you’re more likely to stick to your budget. I’ve automated EVERYTHING; payments, bills, saving, investing, even giving to charity.

You recently wrote a blog post about how to start planning for retirement now. First of all, why is this important? Secondly, does it seem like this is something that young adults are neglecting?

Retirement is critical for anyone who wants to maintain their lifestyle after they stop working. Many young adults neglect this because there is a disconnect between their present self and their future self.

You also recently wrote about a budget trip to Jamaica you get to take. What are some fun things that you’ve gotten to do simply by getting your finances in order?

My favorite thing to do, as a result of getting my finances in order, is travel. In the past few years, I’ve been to 16 different countries. Learning to master my money has given me the freedom to actively design and live my life.

You’ve talked about how to make a budget for people who don’t have a regular paycheck. What were some of the basics of that article, and do you feel this is a reflection of the changing economy we’re living in, and if so, how?

Budgeting on an irregular income can be difficult. Here are some tricks to help you.

  • Calculate your Financial Baseline: Your financial baseline is how much your life costs you each month without the bells and whistles.
  • Be Like the Squirrel: Squirrels are super-smart savers. When acorns are plentiful, they work their hardest and gather as many as possible. Squirrel away your money when times are good, and live off of your stash when things aren’t.
  • Pay Yourself: Once you identify how much you spend each month, pay it to yourself from your business/savings account. Your clients/income provider should “pay” your savings account, then you pay yourself a regular income from the money that sits in that account.
  • Live by Percentages: Those that receive a regular paycheck can live by exact amounts; but for those of us with irregular incomes, we have to live by percentages. Allocate a percentage of your income to different categories: bills, savings, investing, spending, etc.
  • Separate to See: The best way to gauge how close you are to achieving your financial goals is to house your money in different bank accounts.
  • Systemize: Automate everything: transfers, bills, saving, giving and investing.

You’ve also offered some travel tips for traveling on a budget. What are some ways people can save while they’re traveling? How possible is it to have fun on the cheap?

My top 3 Budgetnista travel tips are:

  • Be flexible: Sometimes travel deals spring up on sites. The more flexible you are about your travel destination and timeframe, the more likely you’ll be able to take advantage of those deals.
  • The right sites: My favorite deal sites are: theflightdeal.com, jetradar.com, europeandestinations.com and airfarwatchdog.com
  • When to book: The best day to book a domestic flight is Tuesday at 3pm (this is when the sales hit). The cheapest day to fly domestically is Wednesday.

Financial education is not a one-off event; it is an ongoing process that requires practice to perfect. For more education and inspiration, like The Budgetnista on Facebook , connect on LinkedIn, follow her on Twitter, and subscribe to The Budgetnista YouTube Channel.

The post Expert Interview with Tiffany Aliche of The Budgetnista on Financial Planning appeared first on MintLife Blog.

Source: mint.intuit.com