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ACA Supporters Worry About Implementation.

ACA Supporters Worry About Implementation

EPPS FINANCIAL SERVICES

30 things to know by the time you are 30

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30 THINGS TO KNOW BY THE TIME YOU ARE 30! 

1. Don't hide from your money - Know your full financial picture (make smart financial decisions) 

2. You MUST have a budget - Make sure you pay your financial obligations first THEN see how much money you have left over to play with

3. Stay out of Debt - Not having debt over your head allows you to make decisions based on your own best interest not in the best interest of those you owe

4. Let compound interest help you - If you put $1000 into an account and accrue 5% on that money in 1 year it becomes $1050. Now you are gaining 5% on $1050 and so on and so on. IT ADDS UP!!

5. Say NO to lenders - Just because some one offers your credit does not mean you have to take it

6. Know your FICO (credit) score - This 3 digit # is the key to being approved for credit cards, mortgages, student loans

7. Ask for FICO score before getting serious - This will let you know what the person you are dating can bring to the table in a union. 

8. Understand the benefits of the Service Civil Relied Act - Active Military have special perks when it comes to their finances, including caps on interest rates

9. Don't pass up making 10% on your investments - Deployed service members deployed to certain combat zones can take advantage of great perks

10. Know how credit cards really work - Myth- One late payment wont hurt my credit (Truth- YES IT CAN) Myth- Closing Credit cards increases my credit score (Truth- WRONG) Myth- Keeping my spending low is good for my credit (Truth- sort of, but increasing your credit limit or paying your balance is a much faster way to increase a credit score

11. Calculate your spending power - cut 35%-40% right off your salary. That's how much money you have to spend

12. BUILD UP AN EMERGENCY STASH!! - You should have 3 - 6 months of expenses saved up for emergencies

13. If you have a spouse LEARN TO TALK ABOUT MONEY WITHOUT FIGHTING - Never point fingers about who spends more. The goal is to find a consensus as opposed to convicting your spouse

14. Split house hold bills equitably - In a two income house hold not everything should be split down the middle. Yet look at both incomes over all and come up with a figure that both can afford evenly

15. Don't forbear student loans - They may have the lowest interest rate out there but it still adds up

16. Beware of prices - There is SERIOUS money to be saved couponing. Save money every where you can it's in your best interest

17. Investing does not have to be hard - It seems scary, but it does not have to be. That's what financial advisors are for! Epps Financial Services happens to be full service Financial Advisors :)-

18. Start saving for retirement NOW - TIME is the MOST important ingredient in any financial recipe 

19. Prioritize your retirement - Saving for college is a noble thought, however make sure you can fund your own retirement funds first

20. Window shopping is VERY dangerous - The logic is that if you try something on you actually take possession of it 

21. Financial autonomy is imperative - Even if you have joint accounts you need a credit card in you OWN name

22. You need MORE than car insurance - Like health, life, disability, long term care

23. Don't compare yourself to others financially - There's no way to tell what others people financial situation is. They might seem wealthy but be living off of credit and can barley pay their bills. They could live frugally and tons of money in the bank. YOU NEVER KNOW!

24. Understand the retirement alphabet soup - Know what your retirement options are. You can't be comfortable with your approach if you don't know how retirement plans work

25. You may have to support your parents when they get older - Make sure your parents have long term care insurance!! Due to the disappearance of wealth in 2008, 2009 you need to speak with you parents and find our where they sit on there retirement goals. If they are not riding ok, talk to them about the next step to fixing it

26. You parents may know less about money than you think - Ideas often get passed down generation to generation when it comes to finances. Things have changed dramatically, do not take any old advice for its face value. RESEARCH IT

27. Grad school is not a solution to unemployment!! - You ONLY go to grad school if it makes sense for your current CAREER. It's not the answer to not know what to do with you life!!

28. Your BEST investment is in YOURSELF!! - Your earning power is your financial security to a great extent. Take the opportunity to learn new skills or enroll in continuing education classes. 

29. Pay more than you owe on your mortgage each month - If your lender allows and you can afford pay your mortgage every 2 weeks instead of once a month. by doing so you will pay your house of up to 10 years faster!

30. THINGS SHOULD GET EASIER - It may seem impossible to save as you face big life moves in your 20s (buying a car, house, getting married, etc) but with these steps I have given you today things will get easier

 If you like any of the information in our blogs make sure to share it so everyone else can see!