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Common Personal Finance Questions You’ve Always Pondered

| May 14, 2019
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Few people are fortunate in life to never have to worry about money. Unfortunately, most people do have to consider how their finances are managed and while thinking about your financial assets, personal finance questions are bound to pop up.

While friends and family are quick to disperse their financial opinions, not all financial advice is created equal and finding the right sources for your personal finance questions will help set you down the correct financial path.

Personal finance questions come in many forms with most associated with saving, investing, and retiring matters.

How to Save Questions

Saving money is always a good idea when contemplating future finances. With your future financial success often determined by how much you’re currently saving, fielding questions about how to save more is a common personal financial question.

How to save money may be the most common savings question but they also extend to include:

  • How to save for a house?
  • How to save for a car?
  • How to save for retirement?
  • How to save for a wedding?
  • How to save for a vacation?

With any savings goal, budgeting properly will help ensure you can meet your financial objectives. A good rule of thumb to consider is the 50/30/20 budgeting rule to help you reach your savings goal.

The 50/30/20 savings rule is simple - you spend 50% of your budget on ‘needs’ like groceries and housing, while another 30% is used for ‘wants’ such as shopping and eating out. The final 20% is strictly for your savings which can be used to pay for your wedding, college or any major financial purchase.

Infographic Credit: TheBalance.com

Whether saving for a house, boat, anniversary or schooling, setting aside money strictly for savings is the initial step to achieving your financial goals.

Where to Invest

If everyone knew how to invest in stocks than seeking investment questions would be much less prevalent than they currently are. Investing in stocks can be intimidating and confusing which leads many to ask how to invest in stocks.

In addition to how to invest in stocks, other common investment questions include:

  • How to invest money?
  • How to invest in real estate?
  • How to invest in mutual funds?
  • How to invest in penny stocks?
  • How to invest in bitcoin?

As the curiosity behind bitcoin and other cryptocurrencies peak, the frequency to which people are asking how to invest into cryptocurrency is increasing.

How you invest in stocks, bonds, real estate and cryptocurrency will vary depending on your age and financial obligations, but a diverse set of investments is key to proper investment at any age.

Infographic Credit:NerdWallet

How to Reach Retirement Comfortably

Few people choose to work for their entire lives and starting the saving process before it’s too late is essential to building a comfortable retirement fund.

With retirement on the mind of most workers, the most common financial question about retirement is how much do I need to retire. The answer can vary depending on your lifestyle, age, budget and overall savings.

Along with how much do I need to retire, other retirement-related questions include:

  • How to retire early?
  • When can I retire?
  • What is the retirement age?
  • How to retire?
  • How much to save for retirement?

Whether on the verge of retiring or decades away, planning for your inevitable exit from the work force will help guide you to a comfortable retirement.

Answering Your Financial Questions

No matter what financial question you wish to have answered, seeking a qualified financial planner provides a reliable and proven source to steer your financial success.

Discussing your saving, investing, and retirement goals with a financial planner can not only set you on the correct financial path, but also provide you with a peace of mind knowing your financial questions have been answered.

Don’t wait to become financial literate and start asking your financial advisor the right questions to direct your finances in a better direction today.

Matt Logan is a Representative with Matt Logan Inc and Summit Brokerage and may be reached at https://www.mattloganinc.com/, 336-540-9700 or [email protected].  

Matt Logan Inc. is an independent firm with Securities offered through Summit Brokerage Services, Inc., Member FINRASIPC. Advisory services offered through Summit Financial Group Inc., a Registered Investment Advisor. Summit Brokerage Services, Inc., its affiliates and Matt Logan Inc. do not give tax or legal advice. You should consult an experienced professional regarding the tax consequences of a specific transaction. These are the views of Matt Logan Inc, and not necessarily those of Summit Brokerage Services, Inc. and any of its affiliates and should not be construed as investment advice.

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