Whether you started building a nest egg right after college or maxed out your credit cards for those swanky living quarters instead, it’s never too late to get your financial planning on track.
“People who missed the boat earlier may think they’ll never get back,” says Mary Claire Allvine, financial planner and principal at Brownson, Rehmus & Foxworth, Inc. “It’s great if you can say to a young woman, ‘Don’t get into credit card debt – use these years to save,'” she adds. But if you’re past your 20s and didn’t do that, Allvine suggests simply starting today.
Haven’t created that 401K? Allvine says now’s the time. “Learn as much as you can so when you go to a financial services provider, you can better discern advice.”
Ready to start?
The Women’s Institute of Financial Planning is a non-profit with tips for things like interest-only loans and how to ride out market storms by re-balancing your retirement portfolio often.
Ms. Money offers great tools including a financial health quiz and key questions to ask yourself when determining retirement goals, such as where you’d like to live and if you’ll own your own home.
Allvine’s book, The Family CFO: The Couple’s Business Plan for Love and Money, suggests households operate like corporations when it comes to finances to maintain a harmonious home.
Bonus PINK Link: Financial planning advice to curb your spending.
By Caroline Cox
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