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Home / Business / According to reports, Intel CEO Bob Swan (Bob Swan) will leave in February and will be replaced by VMWare’s Pat Gelsinger

According to reports, Intel CEO Bob Swan (Bob Swan) will leave in February and will be replaced by VMWare’s Pat Gelsinger



Ben Singa

This is how to help my millennial colleague plan her million dollar reserve

I am a nosy person, so I elbow my millennial colleague Jessa on the next cube and ask her: “Pssst…how much do you save for retirement each year?” She secretly relaxed, instead of ignoring I. I have all her financial details (like a giant ice cream sundae for a financial nerd): *28-year-old Jessa still owes $1

5,000 in student loans, while her 30-year-old husband still owes $20,000. *They owe a car loan of $12,000. Jesa and her husband have a $200,000 mortgage. *She currently saves $0 for her retirement plan. (Sorry, not enough, friend.) *She and her husband need the help of Facet Wealth-Facet Wealth, which is a virtual full-service financial planning service with specialized certified financial planners. According to a survey conducted by the Bank of America, it is surprising that 16% of millennials aged between 24 and 38 can save at least $100,000 in retirement funds. That is a cause for celebration. But what about Jesha? What does she need to get out of debt and save enough for retirement? Why do millennials work hard to save for retirement? Why do millennials like Jesha struggle for retirement? 1. Housing costs: According to the retirement pulse survey, the first reaction of millennials (37%) is housing costs. 2. Financially support family members: Millennials often use income to support extended family members. This doesn’t even involve the savings needed to get your child into college-remember, financial aid cannot cover everything. 3. Insufficient income: “Our financial situation” shows that more than half of millennials (55%) do not have retirement savings accounts, such as 401(k) or IRA. Approximately 46% believe that unemployment is the culprit. 4. Student loan debt: According to Student Loan Hero data, as of September 2017, the average debt owed by the class of 2016 was more than $37,000. “Yes, yes, yes.” She said when I showed these numbers to her. “We came across three of these four categories. I can’t afford to deposit money in my retirement account now.” What my millennial colleagues need to do-this is what you can do! Feel that percentage is bad for you? Next step: Tip 1: Analyze interest rates. When I said the word “interest rate”, Jesse turned over and sat in a chair, pretending to be asleep. I know that when Jesse and her husband refinanced their house last fall, I asked her about interest rates. She only paid 3% for their housing and student loans. I suggest asking Facet Wealth whether they should invest more actively in retirement rather than repaying loan debts. (This is the result of my vote!) On the other hand, if your own student loan interest rate is high, I suggest you ask Facet Wealth whether to pay off your debt, if your loan interest rate is higher than the pre-tax investment income. Tip 2: Consolidate these student loans-but there is a catch. Consolidating student loan amounts should only be considered if the payment can be reduced without extending the loan period. Take Jesha as an example. She can use this extra money to start increasing her retirement savings. Tip 3: Crack the retirement plan. Jesha must save at least 10% of her income. This is the rule of thumb cited by most financial advisers and other financial experts. If Jessa does not want to struggle to live on the water after retirement, she needs to invest 10% of her income every year. Moreover, these “investment is not enough to match employers” nonsense. In most cases, this is not enough for most people to save pensions, and it will not scratch the surface in creating huge reserves. Tip 4: To get rich, you must invest at least 15%. If Jesha wants to truly become a passive investor, she will invest at least 15% of her income. Of course, she won’t make Warren Buffett rich, but if she wants to get at least $1 million in current assets that exceed the value of the house, she will work towards the goal of saving 15%, which is very important for any investment in retirement. Everyone applies. Tip 5: Never borrow money from a retirement plan. You can borrow money from your retirement account, but this is not a good idea. Jessa’s retirement plan is out of scope, and so is your retirement plan. Assume that the funds are locked. period. why? *Your income has lost compound growth. *You repaid the loan with money after tax, which means that the interest you paid will be taxed again when you withdraw your money in retirement (unless you borrowed from a Ross 401(k).) *If you resign, you will have the usual Repay the loan within 60 days after leaving; otherwise, you will owe tax on the balance, and if you are under 55, you will also have to pay a 10% fine. Tip 5: Take a moment to review the options that are best for you. Once you have control over your retirement savings, you may want to look at other potential opportunities, maybe Jesha and her husband want to get involved in real estate investment or whatever it is, she needs to make sure that she is worth the time and energy and can set her long-term goals Contribution Tip 6: Do your own research Jessa proudly graduated from the College of Arts and Sciences, which means she is a lifelong learner, and this is another thing she has to do to maximize her success : She can read everything she can get. r hands-on. She will study funds and options in 401(k), read investment books, real estate books, articles on debt destruction, and more. She will absorb blog posts, listen to podcasts and develop her own investment philosophy. She will become her champion in terms of meeting her needs and risk tolerance. You can too. How much pension do you plan to save? Jessa is 28 years old, but the millennial generation is between 24 and 38 years old. Please review the rules of thumb to understand the savings of each age group. Savings goals for your twenties By your twenties, your total salary will accumulate to 25%. If you have accumulated a large amount of student loan debt, you may need to reduce this amount. The 30-something savings goal is to save at least one year’s salary by the age of 30. If Jessa made $100,000, she should be able to save $100,000. Savings goals for the 35 to 40 age group Millennials those in the mid-1930s should double their annual salary. If you are 40, you should save four times your annual salary. Steps to get there If she is serious about getting out of debt and saving enough for retirement, Jessa must do these three things. Step 1: Start. This article will not help-if she (or you) can’t do anything about it. If you really want to save enough money and get out of debt, you must take action. It takes time and discipline, and it doesn’t even cost much per month (depending on your age). Step 2: Make active investments automatically. Two facts: *If you start at the age of 24, you can have $1 million by the age of 69. All you have to do is save $35 per month-and get a 10% return on investment. Save more and you will become a millionaire faster. *If you start at age 40, assuming a return rate of 10%, you can save $1 million by saving $561 per month. I told Jessa that since she saved $0 for retirement at this time, she can save at least $158.15 per month for 40 months, get a 10% return, and still be a millionaire. $158.15-this is a couple I tell her the number of new shoes every month. No one would say “be your own doctor” in terms of wealth. So, why assume that you should be your own financial advisor (unless you are a financial analyst or consultant)? You need Facet Wealth, which can help you achieve a more prosperous life by helping you use a dedicated CFP® at an affordable price for professionals. Jesha told me that she has signed our company’s retirement plan and made a plan to get rid of debt the next day. I bought a piece of cake and put it on the table. This is a cause for celebration. Please refer to Benzinga for more information * Click here to view Benzinga’s option trading * 8 must-know tips for background checks for employees working from home * 2021 cryptocurrency preview: this is the next step (2021) Benzinga. com. Benzinga does not provide investment advice. all rights reserved.


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