Their research shows that many younger people like researching what other people are doing financially through social media sites, and use this combined knowledge to make their own financial decisions. It’s no surprise than, that more blogs and finance-based websites are targeting this younger demographic with online financial tools and discussions.
“More financial advice is at your fingertips than every before,” says a qualified financial advisor at Apex Advice. “And young people are the ones tech-savvy enough to enjoy digging up the answers.” Young people aren’t just blindly guessing about their financial security, they’re comparing notes with each other via Twitter, Facebook, and investment forums. Some of them are even authoring their own financial blogs and websites.
“However, the problem with using the internet for financial advice is that anyone can set up a website or a Facebook page and call themselves an expert, when really, they’re know no more about finances than you do.
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A good retirement financial advice is to plan carefully when saving for a relaxing and peaceful retirement. This means setting aside hundreds of thousands of dollars so as to have the kind of lifestyle you are presently enjoying during your retirement years. There are many kinds of investment options that you can choose from. Because of the overwhelming number of such investments, it may be difficult to choose the right one. Read this retirement financial advice so that it would be easy for you to plan a good retirement.
Retirement Financial Advice: Identifying Free Cash Flow
It is important to identify your present free cash flow every month so as to save for your retirement. Free cash flow is the amount left from an income minus all the bills and expenses that need to be paid. To know what your free cash flow is, assess your pay stubs, banking statements and present investment paperwork. Once you know your free cash flow every month, you would be able to determine how much you can put up for your retirement according to a retirement financial advice.
There are different options set by the Internal Revenue Service so that people can save money for their retirement. These are the Individual Retirement Account (IRA), 401(k) and annuity plans. Of the three, the most vital is the 401(k) plan as it has tax incentives and an employer match. The company you work for would be able to match the deposits you provide into your 401(k) plan.
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That being said, it’s worthwhile knowing a little about the various types of advice available – and the pros and cons of each.
Individual Providers – If you are looking for a particular financial product (a loan or mortgage for example) the first stop for many people is their own bank, building society or a provider that they have seen advertised. In the case of approaching your own bank or building society you may benefit from your existing relationship or track record with them. If you’re lucky they may even know a little about your own circumstances that can help them suggest relevant products.
However, the major drawback of dealing with a single provider is that they can only advise you on the products they sell – and ultimately, it’s a sales pitch. In most cases there’s no way of knowing how their products and services truly stack up against those of the rest of the market.
Your Accountant – If you have an accountant, they may be able to help advise you matters relating to tax or inheritance. However, accountants are expensive and are unlikely to be in a position to recommend particular products that may be relevant to you. In other words, if you need a mortgage, loan, insurance product, pension or annuity, your accountant may not be the best person to help you find it.
Free Advice Services – If you run into financial difficulties, there are often free advice services like the Citizen’s Advice Bureau that you can call on for help. The benefit is that they are free, the negative is that unless you are struggling financially, they may not be the best port of call.
Financial Advisers – Financial advisers come in three basic flavours – independent financial advisers, tied agents and multi-tied agents. An independent financial adviser is required to act in their client’s best interests at all times, they are not tied to any particular product provider and so can offer recommendations on products from across the ‘whole of the market’.
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