Congratulations! You’ve worked hard all your life, and your savings are finally starting to show it. Now, ever so subtly, your priorities are beginning to shift from making money to making sure you’re not going to lose your money.
Here are a few things to think about. And the best part? Most of these ideas you can check out in about the time it takes to read them.
1. Get a second set of eyes
Obviously, you’re no fool when it comes to making money. If you were, you wouldn’t be reading this.
But there comes a time in life when it makes sense to get a second opinion. Sure, you’ve been successful at growing and managing your savings. But the more you have, the more attention your savings require and the greater the ramifications of screwing up.
A study by investment firm Vanguard found that, on average, a hypothetical self-managed $500,000 investment over 25 years would grow to $1.7 million if you manage it yourself, but more than $3.4 million if you work with a professional.
Obviously, there are no guarantees a professional will do better than you. But getting a second opinion from a pro certainly can’t hurt. Even if you don’t need help picking investments, they can help you create a plan, maximize your Social Security, protect your assets and offer you peace of mind by ensuring you’re on the right track.
They can also be there in case one day you’re not.
These days, there are no-cost online services that make it easier than ever to find vetted financial advisers in your area. For example, SmartAsset. You fill out a short questionnaire and are instantly matched with up to three local fiduciary financial advisers, all legally bound to work in your best interests.
The process only takes a few minutes, and in many cases you’ll be offered a free consultation.
Nothing to lose, lots to potentially gain: Take a minute and check it out right now.
(Please carefully review the methodologies employed in the Vanguard white paper, “Putting a Value on your Value: Quantifying Vanguard Advisor’s Alpha.”)
2. Hedge your bets
If a large part of your savings is in the stock market — as it should be — you’re well aware that what goes up can also go down; sometimes by a lot.
You can’t control the stock market or the world economy. But you can hedge against uncertainty by having other forms of wealth.
The oldest and most ubiquitous hedge is gold. It’s been used for thousands of years to protect against everything from inflation to currency devaluation to political risk.
Don’t go overboard; most pros advise putting only about 10% of your portfolio into the King Midas metal.
And keep in mind that not everyone in the gold business is on the up-and-up. Be careful whom you deal with.
Goldco is one company to consider. They offer just about everything, from precious metal IRAs to direct purchases of precious metal coins and bars.
Goldco has been around for more than a decade and has been recommended by celebrities like Fox News talk show host Sean Hannity, actor Chuck Norris and even former presidential candidate Ron Paul.
They have an A+ BBB Rating, AAA Rating from Business Consumers Alliance and 4.8 to 5 stars on Trustpilot, Trustlink, Google Reviews and Consumer Affairs. You’ll even receive up to $10,000 in free silver on qualified purchases.
Maybe gold is right for you; maybe it isn’t. But if you’ve ever wondered, why not take a quick look? Click here right now and get your free information kit.
3. Don’t be under (or over) insured
The guy in front of you stops short, and you hit him from behind. One of your friends slips and falls on your front porch. Happens every day.
That’s why we have insurance.
When you had nothing, you had nothing to lose. Now you do. This is why you should make sure you’re adequately insured, especially when it comes to liability. Make sure your coverage is high enough to prevent catastrophic damage to your retirement.
And while you’re at it, take a second to shop around to make sure you’re not paying more than necessary. Insurance companies know you hate shopping around, which leaves them free to jack up your premiums every year. And that’s exactly what they do. But you don’t have to let them get away with it.
These days, comparing insurance companies is a walk in the park, thanks to comparison sites like QuoteWizard. You answer a few questions, and seconds later you find out whether you’ve got the best deal.
If you’ve got adequate insurance, see if you can find it for less. If you’re underinsured, pay for that increased liability coverage by finding a less expensive policy.
Take a few minutes and check it out. You’ll likely find identical coverage for hundreds less than you’re paying now. Click here, and you'll see what I mean.
4. Help Protect Your Family By Leaving Them Up To $2,000,000
There’s nothing you wouldn’t do for your family, right? Well, if something happens to you, who’s going to pay the mortgage, or college bills? This is why life insurance is so important.
Not everybody needs insurance. If your kids are grown, and you have a sizable bank account, there might be less of a need. But if your family would have a hard time getting along without you, life insurance is definitely something you should look into. Just don’t pay too much for it by buying the wrong kind, or buying from a commissioned salesperson.
Shopping for life insurance used to be a long, complicated process. Now? Not so much. For example, Ethos is a company that lets you apply online in minutes without getting off the couch. There’s no medical exams, no blood tests, and you can get term life insurance ranging from $100,000 – $2,000,000. And for around $1/day you can get $250,000 in term coverage: less than you might be spending now on coffee.*
Simply answer a few online health questions and get a personalized quote in less than 5 minutes. This could be the most important thing you ever do for the people you love.
And Ethos is rock solid: They’ve protected more than 100,000 families and have provided over $34 billion in coverage. So, why not check it out?
*Sample quote based on 20 yr term for 40 year old non-smoking male
5. Shield yourself against unexpected expenses
Your house and car are full of complex systems that can (and will!) break. Finding a reputable repair company on short notice can be challenging, and the costs can put a serious dent in your savings.
Don’t raid your savings to pay for repairs. Protect yourself against them.
When it comes to your home, check out Select Home Warranty. The company offers three levels of coverage for your appliances and heating/cooling, plumbing and electrical systems.
When something goes wrong due to normal wear and tear, you just call Select Home Warranty, day or night. The company has a wide network of reputable repair folks who will fix what’s wrong.
And if they can’t fix it? Select Home Warranty will replace it. All you pay is a service fee.
If nothing else, at least see what it would cost. Get a free quote in 30 seconds.
The same thing applies when it comes to your wheels.
As with homes, car repairs are also in the stratosphere. One shop told Consumer Reports that a decade ago their average repair was $1,600. These days the average bill is $4,000.
If you’re concerned about coming up with thousands of dollars for a repair bill, protect your investment with Endurance.
Endurance provides extended warranty plans of up to 36 months. These aren’t auto warranties, but they’re auto-warranty adjacent. Choose from among three types of plans, to get only the coverage you actually need, for cars up to 20 years old.
All warranties include 24/7 roadside assistance plus rental car benefits while your vehicle is being repaired. For the first year, you’ll get the Elite Benefits program for free; this includes complete tire coverage, key fob replacement, a collision discount and a payment of up to $1,000 if your car is determined to be a total loss.
Endurance has a network of more than 350,000 ASE-certified repair shops. More importantly, Endurance pays the repair bill upfront. All you need to cover is the deductible.
I know. Extended car warranties are the poster child of rip-offs. But Endurance is the real deal. They have a 4.2-star rating with Trustpilot. ConsumerAffairs.com calls it “a solid choice” for drivers of any age and “particularly appealing” for those with older vehicles.
Hey, if you’re handy and like to repair stuff yourself, or don’t mind the risk, these things aren’t for you. But if you’ve got the resources to remove a little more uncertainty from your life, at least see how much it would set you back, then make an informed decision.
6. Earn monthly income with real estate
Real estate has long been a path to wealth. But you need to be wealthy to get started, right?
Wrong. For as little as $10, Fundrise can get you started on that path to potential riches. In the way that stockholders buy pieces of a company, Fundrise lets you buy into real estate properties.
On average, Fundrise investors earned 22.99% in 2021 (of course, past returns are no guarantee of future results). In effect, you’re a landlord without having to do things like run background checks or serve eviction notices.
People are always going to need a place to live – and recent rent jumps make real estate investing much more profitable. Apartment prices went up almost 18% in 2021, according to data from Harvard’s Joint Center for Housing Studies.
Take two minutes, sign up with Fundrise, and watch your money grow.
Note: This is a testimonial in partnership with Fundrise. We earn a commission from partner links on moneytalksnews.com. All opinions are our own.
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