There are many people who look for financial security especially when they are over 40. At this age, you should put a portion of your youth aside and start financial planning for the future. People in their 40’s generally are hands full with expenses. They are either putting in money for the education of their children, settling a mortgage or down payment, putting money into a retirement account or may be busy buying a new home. Such people require financial experts like Linda Foster Washington to help them out with their savings so that they face no hassles and tensions in the forthcoming years to come.
Linda says that the first thing that you should consider when you have started to plan financially in your 40’s is an emergency fund. She suggests that you should have at least three to six months of your normal income that is safe and liquid. This money should be tucked away in a savings account. The amount of savings you place there will depend upon you. However, during the times of emergency, you should replace the portion you take away from it immediately.
When you are working under an employer, you should check out the retirement plan that your office provides. Check it and start saving. Linda says in case, your employer does not have a retirement plan, it is important for you to check out options elsewhere. There are retirement plans available in the market, you should check them out. In case you need help, you should consult a financial expert.
With the aid of a retirement savings you can gear up for the future. Linda says that there are many people who start late but that does not matter. You should always increase the amount of savings in order to reap the maximum benefits.
If you have kids and they are studying in college, you can opt for some money saving college prepaid tuition plans that are offered by educational institutions. This will help you to lock in tuition money for the education of your child. Once you have kids, it is important for you to start saving as early as possible for them. This will alleviate much of the tensions after 40. You can pay off their college expenses without hassles.
Linda Foster Washington is known for her practical and easy financial planning advice tips. This is why she is popular and well-known in the state of Washington today. She not only helps people above 40 to plan securely for the future but she also helps people who have just began to save. First timers often do not know from where to begin as there are so many options available for them in the money. Linda steps in here to help. She will study their investment portfolio and determine the amount of risk they can take. In this manner, she chalks out an easy investment plan so that they face no hassles and tensions in the future!