April 15th is quickly approaching. Many people are panicking to assure they get their taxes done before being penalized by the Internal Revenue Service (IRS). Some are fortunate enough to actually receive a return this year. Unfortunately, no matter how hefty the sum of return, a lot of families will frivolously blow through whatever monies owed them by the state and federal government on material things that can be done without (i.e., designer shoes, name brand clothes, flat screen televisions, etc). Now…I’m not saying having nice things is all bad but sadly, investing is the last thing on the minds of some. People often times feels as if they “have time” and can therefore wait to begin securing their families financial future. How wrong is this theory?!
For those who are considering using their returns wisely, here are some suggestions to get the ball rolling on some much needed savings.
- Create a “wealth building” account. This is money specifically for retirement. Many jobs don’t offer “pensions” any longer and often times those who work for corporate America are left to religiously spend their money on low performing 401K plans. With any long term account, you want to make sure that you have access to the highest rate of return possible.
- Establish a “short term” savings vehicle up to six months of income. This type of investment will allow you to save for unforeseen events, loss of job, disabilities, vacations, a new car…those short term horizon goals, usually 3-5 years. This is a great way to alleviate the possibility of you dipping into credit cards and creating unnecessary bills that you have to figure out how to pay off next tax season.
- Open an “emergency fund”. You always want to have at least 3 months of income in this reserve account. Purchases that you will make in 0-2 years, vacations and other emergencies can be funded with this type of account.
You should also consider setting up college funds for your children. Whatever it is that you do, just make sure that you save. Life will not always be as it is today.
Originally seen on Elev8.com
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This Week’s Celebrity Instagrams (6/18-6/24)
25 photos Launch gallery
1. Me & the homie @jaleelwhite #RujohnFoundation Happy to be in Jamaica! Good times
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5. Good Morning. Early day in Detroit! Making press rounds for @thebossnetwork's Ladies That Lead Tour. Thank you @traycemadre and @colourbynumbr for my glam.
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6. POWER the best show on TV @djenvy, Queens we so big out here. #EFFENVODKA #FRIGO
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7. They said u lost a step, wasn't explosive as once was, the best days was in the real view, questioned your drive, your leadership, your commitment, you don't have killer instinct, going back home is the worst mistake in your career, he got the coach fired, players traded, won't work between him and Kyrie, Him and Kev won't work, love your teammates to much, there's no way he can deliver a championship in his hometown, etc etc etc.... But guess what THATS NONE OF MY BUSINESS #StriveForGreatness #ThisOneIsForTheLand #PutSomeRespeckOnMyName Hahahaha!!! Yes sir
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8. Oooooh weeee this man right here is responsible for at least three of our four babies!! #JOE ❤❤❤🎤 #rnb #king #voicelikebutter #ForPeetesSake
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9. Hanging with my @abcnetwork family! @abcunclebuck tonite y'all check us out ! @anthonyanderson @traceeellisross
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10. My broski ( @sayeedshahidi ) and I are on Top 5 Live on @go90 at 5 (which is super duper close)! Make sure to tune in :) #UncleBuck #Blackish
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11. Lights out💤 #GoodNight
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12. Late nights mornings
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13. Ran into the lovely talented @siedahgarrett on this brutiful favvuz deh!
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14. #halal #love #thedargans #kattwilliamsSHOW #mashallah when that Jennah piece HIT!! @sweetjennahcollection glasses by @baddieglamaccessories LIZ 😍 @dynamiteko top @dazzledmv and jeans @thevision414 and shoes: @louboutinworld
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15. Big Hair and Optical Illusions #OceanDrive #MiamiLiving #coverparty
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16. MAMA and THE SAVAGES ... ⚓️ #supportyourlocalgirlgang
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17. From the bottom of my ❤️, thank you new followers & old! & hello fellow night owls! #grateful #racheltrue #naturalhair #curlyhair #curlygirl #healthyhair
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18. I feel so grateful because I met these amazing young minds, visiting from Houston TX, during their college tour stop today at #usc.These students are ALL extraordinary and embody academic excellence so I'm humbled to have shared a few moments with them to applaud and celebrate their bright futures ahead! Thank you @EmergeFellows for inviting me to speak and blessing me with your love and attention this afternoon!
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19. Happy Fathers Day Pops. U taught me how to be a man. Lessons of love, hard work & gratefulness. Sorry the fishing didn't stick. LOL. I Love U!
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20. Sky Zone and Ice Cream! Best Fathers Day Ever!! Photo credit @mariahcarey
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21. Look what finally came in the mail 😎 #mtvmovieawards2016 💥+🌽! #straightouttacompton
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22. Claudia Jordan: ....
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23. 'Member that time I almost knocked a bajillion dollar camera off the car? Really? Yeah, me neither! #Greenleaf Episode 2 comin atcha!
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24. Full of love. #birthday #Cabo
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25. Oh hey! Look who just joined Snapchat
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