Compounding offers the opportunity to help you build wealth, or, if you’re not careful, can lead to significant financial problems.
Pay Yourself Today and Start Planning for Tomorrow
According to one of John Lennon’s most famous lyrics, “Life is what happens to you while you’re busy making other plans.” Unfortunately, between our day-to-day chores and monthly bills, saving doesn’t always rank highly among them. Time is the one asset you can’t recover, and every dollar invested today puts you one step closer to your goals for tomorrow.
“Saving and investing need to become habits,” said Joe Correnti, senior vice president of brokerage product at Scottrade. “Adopting a ‘pay-yourself-first’ mentality isn’t just a saying, but a mindful preparation for the great milestones in our lives.”
Reaching Your Goals
Those milestones carry a price tag, and people finance their dreams in one of two ways:
- Creating and executing a disciplined financial plan.
- Wishing and hoping for the best.
The latter approach has left a majority of Baby Boomers appearing unprepared for retirement and many households with minimal savings. A survey from the Insured Retirement Institute, “Boomer Expectations for Retirement 2015” found that just 27% of Boomers were extremely or very confident that they had enough money to last through retirement.*
If you want to build a plan, then what’s next?
Tools, Services and Support
Retirement might be your ultimate financial objective, but you have several ways to get there. As you build your retirement portfolio, you also might look to save for a home, pay for tuition or take a dream vacation or two. At Scottrade, we have plenty of tools, as well as services and personal support from Investment Consultants at local branches, to help you reach your goals.
That’s why paying yourself first is so important. If you’re ready to get your money working for you, we can help in a variety of ways:
- For education, Coverdell accounts can help you save for a child’s tuition.
- For retirement, you can utilize potential tax advantages by choosing between Traditional and Roth IRAs.
- For short-term savings, we offer a variety of CDs.
Whether you want to build your own financial roadmap or require a helping hand, Scottrade has solutions for your needs.
If you need professional guidance, Scottrade Investment Management offers a variety of financial management solutions.**
All you have to do is get started with a plan, and then get back to living your life.
Question: What is your most immediate savings goal?
Next Step: Are you worried so much about a market decline that you’re afraid to invest? Check out our Investment Calculator, which can help you determine what it could cost you by investing later, rather than today.
*Boomer Expectations for Retirement 2015: Fifth Annual Update on the Retirement Preparedness of the Boomer Generation, by IRI.)
**Solutions offered through Scottrade Investment Management involve additional fees.
Guidance Solutions from Scottrade Investment Management™ and Advisor Access from Scottrade Investment Management™ are investment advisory services offered by Scottrade Investment Management, a registered investment advisor. Brokerage products and services are offered through Scottrade, Inc., member FINRA / SIPC, while advisory services are provided by Scottrade Investment Management. Scottrade Investment Management and Scottrade, Inc. are both wholly owned subsidiaries of Scottrade Financial Services, Inc. This is not an offer or solicitation in any jurisdiction where we are not authorized to do business.
The content provided is for informational and/or educational purposes only and should not be considered a recommendation or an endorsement of any specific investment strategy. Your choice to engage in a particular investment or investment strategy should be based solely on your own research and evaluation of the risks involved, your financial circumstances, and your investment objectives. You are fully responsible for your investment decisions.
Scottrade does not provide tax advice. Please consult your tax or legal advisor for questions concerning your personal tax or financial situation.
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