Cash maven, Mary Hunt, returns with a brand new publication,”The Smart Woman’s Guide to Planning for Retirement,” to help women prosper financially in the New Year beyond retirement financial advisor. While targeted toward females, men may also benefit from Hunt’s money understanding, honed after she gathered over $100,000 in debt earlier in life; and took 13 years to divert.
“Perhaps you have had a retirement wake-up telephone?” Hunt asks early in the book. “I will promise you they intensify with age.”
Personal Finance Book Review
Hunt sites a 2012 poll that found that 92 percent of girls of all ages do not feel knowledgeable enough to reach their retirement savings goals.
Saving for retirement demands dedication and hard work; and Hunt believes women can triumph. “If we lack confidence, it’s because we lack knowledge and desire, certainly not because we lack wisdom and skill,” Hunt says.
Time trumps all variables when saving for retirement. The earlier you start, the better. But, Hunt emphasizes, regardless of what stage you are in life, you must begin today. “It is just too late if you do not start today. Wherever you are or how small you believe you have, begin today. Today. Start. Saving.” Take baby steps to generate long-term results.
Hunt’s teachings feature:
Retirement Savings Plan.
Also Called a Contingency Fund. Save cash for life’s unexpected expenses (car repairs, home repairs, etc.) This money needs to be liquid (readily accessible within two or three days), protected from erosion (build in a secure savings account) and ready to fund at least six months of living costs should a job loss or other compromised income occasion happen.
Get out of debt. Hunt says they’re like cancer stealing your future. Contain Hunt’s Quick Debt-Repayment Plan (RDRP) to abolish your debt.
Own your house . Purchase half as much house since your mortgage approval. Make monthly mortgage payments equal to the entire approval sum to have your house in half the time.
Think about selecting a financial planner once debt is eradicated or controlled, a respectable sum in savings is amassed, retirement funds have been growing, or an IRA inheritance or other money windfall appears.
Hunt Describes three Types of Financial Partners:
Commission-based. This planner does not charge based on time, but by promoting products. He or she earns commissions on these sales. This planner works on a fixed fee or fees by the hour. Fees are stated upfront and the planner is a registered investment advisor (RIA).
They are required by law to fulfill fiduciary standards, making them accountable for putting the best interests of their customers first. This planner is a mix of their first two. Clients pay a fee, hourly or fixed and the planner earns commissions once the client buys financial products according to their recommendations.
Choose a financial planner with at least five years of experience Hunt suggests. Ensure they act in your best interests, and may explain financial concepts in your degree. Be wary of any planner that claims to have the ability to beat the market. Finally, collaborate using a planner; yet make your own investment choices. Hunt finds that “An adviser’s or planner’s primary loyalty will be to the hand that feeds her. That’s simply human nature.”
Hunt educates at a conversational tone, avoiding jargon, charts and mind-numbing information, which makes for an engaging read. A Christian, she teaches faith-based cash management. Hunt believes that God is the origin of life’s blessings, including money. An employer, partner, investments, trust account, parents or any other entity are the channels through which money flows, but not the ultimate origin. She is making reasonable preparations for retirement with no obsession; and trusting God for the outcome.
While having a retirement nest egg is important, Hunt reminds readers there is much more to life than just money. Health, spirituality, nurturing relationships, remaining busy, continual learning and wellness are some attributes of a well-balanced existence.
Decade-by-decade financial planning, the five crucial tools for a cash management system, investment principles (automate all obligations to prevent not making monthly gifts (out-of-sight, out-of-mind), reverse mortgages, and parents paying for their children’s school education (not mandatory ), are other money-saving/building topics addressed in the book.
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