Can You Be Evicted If You Pay Partial Rent

Times are tough. When you find yourself struggling to scrape together enough money to pay rent, what are your options? Will you face eviction if you can’t pay all of your rent on time? While rules vary from state to state, learn what commonly happens and what landlords can and can’t do when you can […]

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5 Reasons You Need To Hire A Financial Consultant

If you’re a busy individual and have no time for the day-to-day management of your money, you may need to consult a financial consultant.

Beyond being busy, however, there are major turning points in your life where working with a financial consultant is absolutely necessary.

For instance, if you’re approaching retirement, you’ll have to figure out how much money you need to live during your non-working years.

So what is a financial consultant? And what do financial consultants do? In this article, we’ll run you through situations where financial consulting makes sense.

We’ll show you where you can get a financial consultant that is ethical and who will act in your best interest, etc.

Of note, hiring a financial consultant is not cheap. A fee-only financial advisor can charge you anywhere from $75 to $300 per hour. If your situation is simple, you may not need to hire one.

However, hiring a financial consultant in the situations discussed below is worth the cost.

Related: 5 Mistakes People Make When Hiring A Financial Advisor

What is a financial consultant?

A financial consultant is another name for financial advisor. They can advise you on a variety of money subjects.

They can help you make informed decisions about managing your investments and help you navigate complex money situations.

Moreover, a financial consultant can help you come up with financial goals such as saving for retirement, property investing and help you achieve those goals.

To get you started, here’s how to choose a financial advisor.

5 Reasons You Need To Hire A Financial Consultant:

1. You have a lot of credit card debt.

Having a lot of credit card debt not only can cause you severe emotional distress, it can also negatively impact your ability to get a loan (personal loan or home loan).

For instance, if you see 50 percent of your income is going towards paying your credit card debt, then you need professional help to manage debt. Your best option is to find a financial consultant.

Luckily, the SmartAsset’s matching tool is free and it helps you find a financial consultant in your area in just under 5 minutes. Get started now.

2. You are on the verge of bankruptcy.

If you have way too much debt and can’t seem to pay it off within a reasonable time, another option for you is to file for bankruptcy.

Although bankruptcy will free you from most of your debts, avoid that option if you can.

One reason is because it can have a long, negative impact on your credit file. Once you go bankrupt, the bankruptcy will be on your credit report for a long time.

Working with a financial consultant can help you come up with different strategies. They may advise you to consider debt consolidation, which can significantly lower interest rates.


Speak with the Right Financial Advisor

You can talk to a financial advisor who can review your finances and help you reach your goals. Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.


3. You’re ready to invest in the stock market.

If you’re thinking about investing in the stock market, then the need for a financial consultant is greater. Investing in the stock market has the potential of making you wealthy.

But with great returns come great risks. The stock market is volatile. The price of stock can be $55 today, and drops to $5 the next day.

So, investing in the stock market can be very intimidating. And if you’re a beginner investor and unsure about the process, it is wise to chat with a financial advisor to see if they can benefit you.

A financial consultant can help build an investment portfolio and help manage your investments.

4. You’re starting a family.

If you’re just got married seeking a financial consultant is very important. A financial advisor can help you figure out whether you should combine your finances, file taxes jointly or separately.

You also need to think about life insurance as well, in case of death of one spouse. And if you’re thinking of having kids, you need to think about saving for college to ensure the kids’ future.

Turning the job over to a financial consultant can save you a lot of money in the long wrong and is worth the cost.

Related: Do I Need A Financial Advisor?

5. You’re just irresponsible with money.

If you make emotionally based financial decisions all of the time, you’re buying things without planning for them, you may be irresponsible financially and therefore need professional advice.

If you’re spending money on expensive items when you could be planning and saving for retirement, then you may need a financial consultant.

You may find yourself having trouble saving money. Then it may make sense to speak with a financial advisor.

Speak with the Right Financial Advisor For You

You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc). Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

 

The post 5 Reasons You Need To Hire A Financial Consultant appeared first on GrowthRapidly.

Source: growthrapidly.com

How Much Is Enough For Retirement?

If you’re thinking about how much is enough for retirement, you’re probably contemplating a retirement and need to know how to pay for it. If you are, that’s good because one of the challenges we face is how we’re going to fund our retirement.

Determining then how much retirement savings is enough depends on a number of factors, including your lifestyle and your current income. Either way, you want to make sure that you have plenty of money in your retirement savings so you don’t work too hard, or work at all, during your golden years.

If you’re already thinking about retirement and you’re not sure whether your savings is in good shape, it may make sense to speak with a financial advisor to help you set up a savings plan.

Check Out Now

  • 5 Tips to Optimize Your Retirement Account Withdrawals Read Now
  • People Who Retire Comfortably Avoid These Financial Advisor Mistakes

How Much Is Enough For Retirement?

Your needs and expectations might be different in retirement than others. Because of that, there’s no magic number out there. In other words, how much is enough for retirement depends on a myriad of personal factors.

However, the conventional wisdom out there is that you should have $1 million to $1.5 million, or that your retirement savings should be 10 to 12 times your current income.

Even $1 million may not be enough to retire comfortably. According to a report from a major personal finance website, GoBankingRates, you could easily blow $1 million in as little as 12 years.

GoBankingRates concludes that a better way to figure out how long $1 million will last you largely depends on your state. For example, if you live in California, the report found, “$1 Million will last you 14 years, 3 months, 7 days.” Whereas if you live in Mississippi, “$1 Million will last you 23 years, 2 months, 2 days.” In other words, how much is enough for retirement largely depends on the state you reside.

For some, coming up with that much money to retire comfortably can be scary, especially if you haven’t saved any money for retirement, or, if your savings is not where it’s supposed to be.

Related topics:

How to Become a 401(k) Millionaire

Early Retirement: 7 Steps to Retire Early

5 Reasons Why You Will Retire Broke

Your current lifestyle and expected lifestyle?

What is your current lifestyle? To determine how much you need to save for retirement, you should determine how much your expenses are currently now and whether you intend to keep the current lifestyle during retirement.

So, if you’re making $110,000 and live off of $90,000, then multiply $90,000 by 20 ($1,800,000). With that number in mind, start working toward a retirement saving goals. However, if you intend to eat and spend lavishly during retirement, then you’ll obviously have to save more. And the same is true if you intend to reduce your expenses during retirement: you can save less money now.

The best way to start saving for retirement is to contribute to a tax-advantaged retirement account. It can be a Roth IRA, a traditional IRA or a 401(k) account. A 401k account should be your best choice, because the amount you can contribute every year is much more than a Roth IRA and traditional IRA.

1. See if you can max out your 401k. If you’re lucky enough to have a 401k plan at your job, you should contribute to it or max it out if you’re able to. The contribution limit for a 401k plan if you’re under 50 years old is $19,000 in 2019. If you’re funding a Roth IRA or a traditional IRA, the limit is $6,000. For more information, see How to Become a 401(k) Millionaire.

2. Automate your retirement savings. If you’re contributing to an employer 401k plan, that money automatically gets deducted from your paycheck. But if you’re funding a Roth IRA or a traditional IRA, you have to do it yourself. So set up an automatic deposit for your retirement account from a savings account. If your employer offers direct deposit, you can have a portion of your paycheck deposited directly into that savings account.

Related: The Best 5 Places For Your Savings Account.

Life expectancy

How long do you expect to live? Have your parents or grandparents lived through 80’s or 90’s or 100’s? If so, there is a chance you might live longer in retirement if you’re in good health. Therefore, you need to adjust your savings goal higher.

Consider seeking financial advice.

Saving money for retirement may not be your strong suit. Therefore, you may need to work with a financial advisor to boost your retirement income. For example, if you have a lot of money sitting in your retirement savings account, a financial advisor can help with investment options.

Bottom Line:

Figuring out how much is enough for retirement depends on how much retirement will cost you and what lifestyle you intend to have. Once you know the answer to these two questions, you can start working towards your savings goal.

How much money you will need in retirement? Use this retirement calculator below to determine whether you are on tract and determine how much you’ll need to save a month.

More on retirement:

  • Find Out Now 7 Questions People Forget to Ask Their Financial Advisors
  • 7 Mistakes Everyone Makes When Hiring a Financial Advisor
  • Compare Fiduciary Financial Advisors — Start Here for Free.
  • 7 Situations When You Need a Financial Advisor – Plus How to Find One Read More
  • 5 Tips to Optimize Your Retirement Account Withdrawals Read Now
  • People Who Retire Comfortably Avoid These Financial Advisor Mistakes

Working With The Right Financial Advisor

You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is paying off debt, investing, buying a house, planning for retirement, saving, etc). Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

The post How Much Is Enough For Retirement? appeared first on GrowthRapidly.

Source: growthrapidly.com