It is never too early for young people to improve their financially literacy and understand the importance of financial wellness. Although the 2007 recession negatively impacted many people's lives, this time of financial hardship seems to have helped young people recognize the importance of savings and financial literacy.
In a 2011 survey by Charles Schwab, 9 out of 10 teenagers say they have a greater appreciation for what they have and a better perspective on finances as a whole. Out of this sample, 86% also reported that they would like to learn about money management in a class (1). As poor financial choices can wreck anyone’s future financial wellness, it is imperative that young people learn about savings, credit, and investing. Continue reading "Our Sponsored School - Financial Wellness Month"→
As you might expect, the older people get, generally the more money they have saved. According to Fidelity Investments, by age 35, you should have saved an amount equal to your annual salary. By age 45, you should have saved three times your annual salary. At age 55, you should have five times your salary and when you retire at age 67, you should have eight times your annual pay (1).
While these guidelines don't guarantee any future financial wellness, it is sometimes helpful to have a savings goal for your future financial well-being.
As daunting as those guidelines may sound, we were wondering...
Accumulating financial wealth can be an overwhelming concept for someone just starting out. Do you have any words of wisdom or lessons you have learned that have made a difference in your own financial situation?
We'd love to read your thoughts and comments.
The INO.com Team
(1)Kadlec, Dan. "What You Should Save By 35, 45, and 55 To Be On Target." Time Business & Money. TIME.com. September 12, 2012. http://business.time.com/2012/09/21/what-you-should-save-by-35-45-and-55-to-be-on-target/
The new year invites the opportunity to commit to new resolutions. While we commonly resolve to get fit, eat healthier, and manage stress better, it can also be the perfect time to consider and analyze all areas of our financial well-being.
January is National Financial Wellness Month and in today's economy, it is more important than ever to pay close attention to our financial health. In this new year, many of us may also resolve to cut our spending, increase our savings, or be more disciplined with our trading plan. It is a great time to give our financial plan a fresh look and focus on making changes and improvements to our financial well-being.