Harsh but true: If you’re not doing certain specific things, you may as well be lighting some of your money on fire.
Sure, we all try to be smart and savvy with our money. We try to make the most effective financial moves. And if you’re reading this, that means you’re interested in your finances, so odds are that you’re doing a good job overall.
But if you’re not using some of the clever financial strategies you’re about to learn, you may as well get out some hundred-dollar bills and a lighter.
Here are some shrewd financial tactics that you’re not using yet, but should. Not all these tips may apply to you, but some will, so be sure to read them all.
1. You’re not getting professional help
To properly manage your money, work with a professional — it’s totally worth it. If you’re not doing this, you could be missing out on some serious financial gains.
A Vanguard study found that, on average, a hypothetical $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 financial adviser. That’s twice as much!
If you’ve got at least $100,000 in investments, check out a free service called SmartAsset. You fill out a short questionnaire and instantly get matched with up to three vetted financial advisers in your area, all legally bound to work in your best interests.
Even if you don’t want help picking investments, an adviser can help lower your tax burden, create a comprehensive financial plan for you, maximize your Social Security, and serve as a second pair of eyes to make sure you’re on the right track.
Using SmartAsset only takes a few minutes, and in many cases you’ll be offered a free consultation.
Please carefully review the methodologies employed in the Vanguard white paper, “Putting a value on your value: Quantifying Vanguard Advisor’s Alpha.”
2. You’re not diversifying your wealth
Putting all your money in one place — stocks, bonds, crypto, whatever — is a recipe for losing wealth, not building it. Diversification is key to financial security. Here’s an easy way to start: Buy gold and/or other precious metals. Those investments typically do well when the stock market decides to tumble.
Be careful who you deal with, though. Not all gold dealers are on the up-and-up, and some of them are only too happy to sell you gold and silver at vastly inflated prices.
Oxford Gold Group, on the other hand, has a 4.7-star rating (out of five stars) on Trustpilot, where 96% of reviewers call the company “excellent” and 4% call it “great.” It also has an AA rating with the Business Consumer Alliance and an A+ rating with the Better Business Bureau.
They’ll allow you to invest in a gold IRA that adheres to IRS regulations. They also offer gold bars and coins, as well as silver (including silver IRAs), platinum and palladium.
If you’ve ever thought of investing in gold, give Oxford Gold a try.
3. You’re not protecting your family
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 nice, fat bank account, there’s really no 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 ares no medical exams, no blood tests. You can get term life insurance ranging from $20,000 to $2 million. And it may cost as little as $7 a month: less than you might be spending now on coffee.
Simply answer a few online health questions and get a personalized quote in less than five 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 provided more than $34 billion in coverage. So, why not check it out? Click here right now for a quick, free quote from Ethos.
4. You’re not planning ahead for healthcare costs
Here’s hoping your retirement years are active, healthy and vibrant and that you’re able to function as you always have, right up to the time you shuffle off this mortal coil.
But don’t bet on it. According to the U.S. Department of Health and Human Services, 7 in 10 people who turn 65 today will probably need some kind of long-term care.
“But won’t Medicare take care of all that?” Nope. Medicare doesn’t cover long-term custodial care — and paying for it out of pocket could take a huge chunk of your retirement savings. That, plus inflation, could mean near or total depletion of your nest egg.
Without long-term care insurance, your options aren’t great: running through savings, borrowing money, burdening your family with your care, and possibly losing independence because you can’t live on your own.
One place to find long-term care insurance is GoldenCare (Unless you live in the four states where GoldenCare doesn’t operate: Alaska, Florida, Hawaii and Washington.)
At least check it out and see if it’s a fit. Because planning now could mean a more secure tomorrow.
5. You’re not protecting your home from costly repairs
Home repairs aren’t cheap. Whether it’s a leaky roof or a broken appliance, your home can quickly become a nightmare and cost you hundreds or even thousands of dollars to keep up.
But you don’t have to worry. Luckily, with a home warranty company called American Home Shield, you can safeguard yourself against giant repair bills. From home appliances to electrical, plumbing, heating and cooling systems, it can all be protected.
AHS protects your stuff no matter the age. Their plans cover up to 23 appliances and systems, and if they can’t repair it, they’ll replace it. That’s why American Home Shield is America’s top home warranty company with more than 17,000 contractors and 2 million members.
All over America, homeowners are choosing AHS for the savings, service and peace of mind that it delivers.
6. You’re not earning enough money on your savings
What’s the difference between 0.5% and 4% interest?
If you’re like a lot of savers, you’ll say, “Who cares? Neither one amounts to much.” But that’s a mistake, and the longer you make it, the more it will cost you.
Example: Put aside $500 a month for 30 years at 0.5% interest, and you’ll end up with $195,000. Nice!
But if you can raise that rate to 4%, you’ll end up with more like $350,000. Nicer!
Doesn’t it make sense to earn an extra $155,000 with no additional effort and with no additional risk? That’s exactly why it pays to shop your savings and find the highest-paying FDIC-insured savings account.
Especially when it’s so simple. There are tons of free online comparison sites that can help you find top rates on insured savings in seconds. So take a few seconds and check it out.
7. You’re not dealing with your debt
Worrying about debt is probably the worst way you can spend your time, and paying interest and late fees is the worst way you can spend your money.
If you’ve got a problem, the sooner you deal with it, the better.
National Debt Relief is one of the most respected providers of debt relief in the U.S.
They’ve helped more than 500,000 people, are A+ rated by the Better Business Bureau and also are top-rated by Top Consumer Reviews, Top Ten Reviews, ConsumersAdvocate.org and ConsumerAffairs.
You simply fill out a form on the company website, then a debt coach will call you to learn more about your situation. If they can help you, they’ll set you up with an affordable plan that works for you — and give you an estimate of when you can expect to be debt-free. There’s no upfront fee and no obligation to get started.
National Debt Relief can help you with almost any unsecured debt, like credit cards, personal loans, medical bills, repossessions … even some student loan debt. Ready to start a new, happier chapter of your life?
8. You’re not protecting your pets for less
But what about your pets? They’re a member of your family, too. And just as with human healthcare, vet costs are also skyrocketing.
Why gamble your savings on your pet’s health? Click here right now and see if there’s an affordable solution for your four-legged family members.
9. You’re not shielding yourself against costly auto repairs
The cost of car repairs is skyrocketing. One shop told Consumer Reports that a decade ago, their average repair was $1,600. These days, the average bill is $4,000.
Typically, a vehicle manufacturer warranty lasts three years. Yet the average driver will hang on to a car for about a dozen years. If you’re concerned about coming up with thousands of dollars for a repair bill, protect your investment with Endurance Warranty Services.
The company provides extended warranty plans of up to 36 months. Choose from six different plans, to get only the coverage you actually need, for cars up to 20 years old.
All their 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 $1,000 payment if your car is determined to be a total loss.
Endurance has a network of thousands of ASE-certified repair shops. More important: Endurance pays the repair bill upfront. All you need to cover is the deductible.
ConsumerAffairs calls it “a solid choice” for drivers of any age, and “particularly appealing” for those with older vehicles.
Bonus: Get free, expert advice on everything money-related
What’s free and gives you tips to spend less, make more and avoid rip-offs? The Money Talks Newsletter. Every day we provide free tips and tricks that will make you richer. And it doesn’t cost a dime.
Our more than 1 million subscribers report saving an average of $941 per year per person with our simple, direct advice.
Click here to sign up. It only takes two seconds. And if you don’t like it, it only takes two seconds to unsubscribe. Don’t worry about spam: We never share your email address.
Try it. You’ll be glad you did!
Add a Comment
Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.