Having a baby comes with a lot of responsibility and a long to-do list. Here are the things you should do legally and financially to set yourself up for success once your little one arrives.
RELATED
Should I Invest My 403(b) (Or IRA) In A Target Date Fund?
This post mentions some specific investments. They are only examples and not an endorsement of those investments.
Perhaps the most difficult, or at least most intimidating, thing about saving for retirement isn’t finding money to set aside, but rather choosing how to invest that money. After all, 1 in 5 Americans who aren’t invested in the stock market says it’s because they “don’t know enough.”
What Is A Target Date Fund?
Because of this, in 1994, a new kind of mutual fund was created: the target date fund (TDF). It is a kind of investment designed so that you can just put your money in and forget about it until it’s time to take your money out. You will recognize them because they have a future date in their name, like LifePath Index 2040 Fund or T Rowe Price Retirement 2040 Fund.
RELATED
Are You Eligible To Make Extra 403(b) Contributions?
People over 50 are eligible to make extra contributions to their 403(b) plans. However, some plans even let younger people make extra contributions. Here is everything you need to know regarding eligibility, limits, etc. for making extra contributions to your 403(b).
RELATED
Aggressive Saving: Wisdom Or Lack Of Faith?
Back when people were still allowed to get together, I was at an event for professionals and business owners where we discussed generosity. We watched a video testimony of a woman who God had asked to make some specific changes in her life to set her free. She was a doctor, and she felt led to “work like a doctor and live like a nurse” to free up her income to be more generous. She also felt that God was telling her not to save so much for the future.
In discussing the video at our table, a lot of people were impacted by the very last part, about not working so hard to save. Common knowledge says you should save as much as you can for your future and retirement. Could it be that this isn’t what God wants?
RELATED
5 Things I’ve Learned About Pastors & Their Finances After Working With Them For 5 Years
This is a guest post by Ben Wacek, Certified Financial Planner® and founder of Guide Financial Planning, where he offers clients Bible-based financial guidance both in-person in Minnesota and virtually throughout the country.
RELATED
Should You Even Bother To Save For Your Kids’ College?
As more and more free higher education opportunities become available, does it make sense to save for your children’s college anymore? And if you do, what happens with the money if they don’t use it for college?
RELATED
What Should You Do With The Money For A 5-Year Savings Goal?
Are you saving up to buy a home? To go on the mission field? To buy into a business? There are a lot of different reasons behind mid-term savings goals, those goals that take 3-5 years to achieve. No matter the reason you’re saving, everyone always ends up asking: what do I do with the money in the meantime?
RELATED
The Archaic Practice That Will Get You Ahead Financially 100% Of The Time
Though it may seem old-fashioned, there is one thing you can do financially that is guaranteed to get you ahead, no matter your income, season of life, place of residence, or personal circumstances.
RELATED
Reader Story: A Millionaire After 30+ Years In The Ministry
Several weeks ago we discussed the characteristics common to those who are able to build wealth over time. Today, I’m going to introduce you to a real live example of a pastor who has done it.
RELATED
The Top Personal Finance Blog Posts For Pastors Of 2017
Merry Christmas! For the last post of the year, I thought I’d do a recap of the 10 most popular posts of 2017, in case you missed one of them. Here they are, in order of popularity:
RELATED