This one goes out to you. Don’t worry, this isn’t yet another article bashing your entire generation for “ruining” a chain restaurant or creating some new fad. This is simply a guide, which you can use to leverage a better future.
Interested? You should be. Because it’s all about the Benjamins (and the Grants, and the Jacksons, and Hamiltons, heck, even the Washingtons). That’s right, here in this blog, our high return investment experts are going to give you some tips for saving money in the Millennial Era, figuring out the best tactics and things to watch for in order to ensure you have a prosperous, secure financial future.
Here at Tactical Wealth, we always have the safety and security of people’s financial wellbeing in mind, after all. Our innovative high return investment strategy is designed to provide a stable, consistent stream of income to our clients. We do that by purchasing mortgage and trust deed loans throughout the country, all of which have favorable market conditions, loan-to-value ratios, and most importantly high interest rates that beats the payout from any other fixed annuity.
Our investment is for anyone, sure. But most likely, it will be at its most beneficial as you near retirement. Millennials, while you are getting older (no offense), are not quite there yet.
That’s why we put together this guide to help you save for the future, where you can then make a smart, safe, and reliable investment to carry you through with a stable stream of returns known as the Fixed Income Fund.
Without further ado, here are some money saving tips for Millennials.
Watch Those Credit Cards
This is the era of instant gratification. It’s not just Millennials who fall into that trap, it’s everyone. We are such an on-demand society, we have started figuring out how to watch TV without commercials, how to get groceries delivered straight to our door, and how to find a date simply by the swipe of a thumb. That’s why credit cards are so appealing, especially to the younger generation. With a credit card, you are able to make those “splurge” purchases now, and rationalize it by saying you’ll pay for it later. However, when it comes to money management, it’s important that you be wary of your credit card balance, the interest rates, and have a proper payoff schedule that you stick to. The last thing you want is to let credit card debt consume you and prevent you from adding money to your savings account.
Open A Savings Account
Oh, yeah. Do you even have a savings account yet? Because you should. Whether you’re still in school or you have one of your first career gigs, there are a wide variety of savings options out there for you. Among the best, risk averse, and safest savings vehicles are employer-sponsored 401K accounts. Make monthly, or even bi-monthly, contributions to your 401K to set aside some pre-tax dollars that you won’t even miss. This is especially important if your employer matches contributions. And, if you don’t have a 401K option available, look into an individual IRA (traditional or Roth). Again, you can set aside some pre-tax earnings into your IRA, which will build up and benefit you later in life.
The sooner you can start saving, the better off you will be. While it’s recommended that you save upwards of 15 percent of your income each year when you’re older, for now you can start out by just saving something — anything — each month. It could be as little as $100 a month. As long as you’re putting money aside for the future, you’re at least getting a head start. Then, as you grow in your career and begin to earn more, you can increase your contributions and reap the benefits in retirement.
Be Wary Of Subscriptions
Another byproduct of our instant gratification society are the amount of subscription-based services available out there. From monthly meal delivery to cable alternatives to life advice. It’s important that you limit yourself to only a few of these types of services. If you’re not taking full advantage of your subscriptions on a regular basis, say once or twice per week minimum, there’s a good chance you can cut it out of your life altogether. Then, you can take the monthly subscription fee and instead allocate it towards your savings account.
Don’t Do it For The ‘Gram
“Social media influencers” are everywhere. Yes, that’s a real thing, and they’re all over your favorite social media site or app flaunting the newest outfits, trends, cars, and more. Their entire job is to help brands reach a new, younger generation. Don’t fall for it! Just because it’s on social media, doesn’t necessarily mean it’s worth your money. Instead of buying those shoes, put $200 towards your retirement. Trust us, you will be happy you did after they fall out of style in about two weeks.
When the time comes for you to start planning for retirement, you want to make sure you’re fully prepared. Just as it’s never too soon to start saving, it’s also never too soon to start looking at the different retirement investments out there. Typically, people tend to learn towards fixed annuities to serve as income replacement after they hang up their work boots. However, it’s important to know that there are many different high return investment options available for you, whether you’re looking for a short-term investment or you want a stable, consistent, high return investment to provide you with income for the rest of your life.
When the time comes, make sure you contact us to learn more about the Tactical Wealth Fixed Income Fund. You can even utilize your 401K or IRA account in order to make your initial investment, and you can even let your interest compound month over month if you don’t need to start taking your dividends just yet. We’re here for you now, and we’ll be here for you then. Should you follow these tips, you’ll take one step closer toward peace of mind and financial security.