How to Start Saving for Retirement in Your 20’s

You’ve just left university and a half just embarked on your [first] career, the last thing you want to do is think about retirement – after all, you’ll spend the next decade or so paying off your student loans.

But if you really want to pursue a sustainable life, then you’ll need to start thinking about important financial milestones including retirement. The reasons are simple, costs keep going up, careers are becoming shorter, and we are expected to live longer, more active lives. As such, here are some tips on how to start saving for retirement in your 20’s.

1. There is no Time Like the Present

You only live once but this also means that you only have one chance to be prepared for your golden years. While it is difficult to comprehend what your life will look like 50 years from now, the reality is that you need to prepare for the worst and hope for the best.

One way to be prepared is to start saving – now. It doesn’t matter if it is only $50 per week, every penny counts and over time that modest contribution will grow into a sum which will help secure your future.

Still not convinced? Think of it this way, if you started with zero today and were able to put away $50 per week for 35 years, you’d end up with close to $170,000 and that’s only at an interest rate of 3 percent. Now, imagine you were able to average 8 percent over the same period? Then, you’d end up with close to $600,000 – that is some serious money.

2.  Sign up for Your 401(k)

While the odds are that you won’t be working for the same company in 40 years that you are working for today, you should start participating in your 401(k) program at work. In fact, you shouldn’t just participate, you should maximize your employer’s matching contribution as this is free money.

If you are self-employed, then you should make the maximum contribution as this money will help to lower your tax bill and the contribution of the two will help your money to start working for you instead of the other way around. Beyond this, try to stay away from direct investments in stock, bonds, and mutual funds through your 401(k).

Instead, focus on putting your cash in an Exchange Traded Fund (ETF). Not only will the fees be lower, but your returns will be higher over the long run. Not convinced? Then check out this retirement advice from Warren Buffett.

One last thought, don’t turn your 401(k) investments into 40-years of torture as it shouldn’t be. Instead, try to find a balance between maximizing your savings and having enough money to live sustainably. Doing so will help you to reach your retirement savings goals while giving you the money you need for life.

3.  Set up an Emergency Fund

Into every life, some rain must fall and while this might be difficult to comprehend, just look at what your parents or grandparents had to do to survive previous economic downturns. Sure, the economy is strong, but it has also been growing for nearly 10 years and as such we are probably due for a recession – even though unemployment is at a 50-year low.

It might not even be a recession which pushes you over the edge, something as simple a major car repair could through a monkey wrench into your financial plans. As such, you also want to start setting up a separate account which will serve as your “Emergency Fund”.

While this account does not need to grow to $50,000, you might want to set a goal of having at least two-to-three month’s salary available as this will help to you to overcome any setbacks which might come your way over the years.

4.  Talk to Your Parent’s About Their Plans

This is something which none of us want to do, but the reality is that there will come a point in time when you will need to have this discussion with your parents. Given how important the topic is and the fact that they are already 20 or 30 years further down the road towards retirement, there is no time like the present.

If your parents aren’t completely prepared, then the key is not to panic. In fact, they still might have options including a reverse mortgage. Granted, your parents will need to be over 62, to begin with but they should also check the eligibility for seniors as required by reverse mortgage lenders.

Keep in mind, this is not the only option for the parents, but the key is to look at what they have done to this date and then find out what their long-term plans are. While you might face some pushback, keep in mind that you might end up having to take care of them down the road and this is all the more reason to make sure they are prepared.

If not, then you might have to adjust your retirement savings plan to for the possibility of caring for your parents in the future.

The Importance of a Vision and Strategy to Reach Your Goals

One of the most satisfying moments as a human being is when you have a clear vision and a goal, and you then achieve it. It is a wholesome, addictive experience, but remarkably few people actually complete what they want to achieve.

There can be a million excuses as to why people don’t reach their goals, but, essentially, there are three reasons why people miss out. The first is that the vision is not clear enough, which is a massive problem as it’s almost impossible to find your way somewhere if you don’t know where it is in the first place. The second problem is that they don’t have a clear strategy, they might know where the place is, but they don’t route there. And the third issue – and most common – is that they may be on there way, but they don’t have any definable targets to ensure that they keep up the pace and get to where they want before it’s too late.

Your Vision

Everybody has visions. It could be scoring the winning goal in the World Cup, wooing the person of your dreams, becoming a rockstar, getting fit, or creating your own business.

The trouble is, visions are often vague and, if no action is taken, they’re nothing more than a pipedream. But that’s not to say visions are bad. On the contrary, they’re invaluable. But the important thing isn’t to merely have a vision, it is to have clear vision. The clearer the vision, the more likely you are to make it a reality.

If you’re serious about your vision, you need to think about it in such detail that it is effectively reality. Nothing should be inexplicable in your vision. How did you reach your vision? What steps did you take get there?

Detail is key, and the best way to create detail is with numbers. How much, how many, when.

Your Strategy

If you have a clear, definable vision in place, you next need a strategy. How do you make your vision a reality?

 

Again, just as was the case with your vision, your strategy needs to have as much detail as possible. A strategy without detail just won’t succeed.
Say, for example, you want to buy your first house. Merely imagining the house won’t land you the house. But it’s a start, as you can picture what type of house you want. So, with this image in mind, you need to calculate how much this house will cost. Let’s say it costs 500,000. Now you know the cost, you need to figure out how to get the money. Let’s say you earn 50,000 per year and can save 10,000. That means it will take you 50 long years to pay off the house, forgetting the interest. So how can you gather the money you need? Maybe you get a second job, maybe you start a business on the side. But what is important is that you start thinking about the how – and exactly how – your strategy can make your vision a reality.

A vision, goal and a strategy is the key basis for achievement, but in order to make them a reality, you need clearly defined targets.

Your Targets

Once you have a vision, and strategy to achieve it, you need to set some targets in order to keep you on track.

One major mistake that people make when they set targets is that they are too big, too vague and too distant. Ideally, your targets should impact your daily life. You should wake up with them in your mind, ready to make happen, and go to bed thinking about how the next day can go another step to achieving your overall vision.

You should see your targets as a ladder, and the only way to reach your overall goal is to go up your ladder step-by-step. Make the steps to far apart or too high and you won’t reach them, so make sure you’re comfortable with every target you set and that you fully understand how you will reach that goal. Don’t overwhelm yourself.

Your targets are key to implementing your strategy, which, itself, is key to realising your goals.

How to make a sustainable income by trading on the financial market

“The world as we know it is changing fast and if we don’t move with the changes, we are left behind.” These were the opening words to the speech one of Jones Mutual’s top financial advisors gave at a recent seminar. The same words can be used when talking about the way individuals create sustainable income for themselves. Many feel that working at a 9 to 5 office job is the only way they can get ahead in life. However, the individuals who have already chosen to move with the changes of creating sustainable income are striking it lucky with trading on the financial market. With that said, how does one trade the financial market in order to make money? Here are some tips:

Find the right broker

The very first thing you need to do when wanting to engage in financial market trading is finding the perfect broker. A broker will be able to give you expert advice on what trading opportunities you will reap benefits from. You can also get untapped insight into what direction the market will move as well as when you should or should not trade. If you’d like, your broker can even trade on your behalf.

Start small and build capital

If you want to build a capital base that would be sustainable for your way of living, you need to know that it’s not going to happen overnight. Trading on the financial market to generate sustainable income takes time. The best way to do this, especially if you don’t have huge amounts of capital at your disposal, is to start with a small trading account. Once you make profit, reinvest it in order to grow your empire.

Develop a trading strategy

Becoming successful does not happen with a dream of becoming rich. It takes dedicated planning and a fool-proof strategy. When trading on the financial markets, a trading strategy is the only way you will find the recipe for success. Before you start trading, write down your own secret recipe. Some of the most important ingredients you need to include are risk management, enter and exit strategies, at what time will you be trading, what is the maximum amount of capital you are going to invest as well as what items will be included in your trading portfolio.

Make use of trading tools

Like in any profession, one needs a set of tools in order to reach success. For market traders, a large number of tools can help them form a clear picture of how, what and when to trade. For example, technical indicators can help a trader know when the best time is to open a trade. Stop loss tools can help a trader manage his or her risk of losing capital. Market signal apps can also be used to find the best opportunity to enter a specific trade. With these sets of tools at your disposal, trading on the financial market will be much easier and less stressful.

Trade diligently and learn from your mistakes

We all make mistakes. It is what we learn from these mistakes that truly make a difference, especially when trading on the financial markets. It is a known fact that not every trade you make will be profitable. It is, however, still necessary to learn something from your unprofitable trades. Ask yourself these questions: What can I change to make my next trade profitable? What lesson does this teach me and how can I use it to develop my trading strategy further?

Make the financial market your daily newspaper

If you truly want to make a living from your trades, you need to eat, sleep and breathe the financial markets. It is utterly important to stay up-to-date with financial news across the globe while keeping an eye on the impact it has on the current market prices. Don’t think that opening a trade makes you a trader. It’s the profit you see at the end of the trade that counts. Whether that trade is profitable or not; you still need to make the markets your daily newspaper if you want to continue making a sustainable income.

The Beginner’s Way into Forex Trading

If you are new to the online forex trading world, you might be feeling overwhelmed, confused and lost. A simple search online on how to trade forex will bombard you with loads of information and tips. If you want to trade forex successfully, the first step is to take it slow; take the time to learn about the forex market and how to trade, and then step into the trading arena with confidence and the right tools to succeed.

  1. Education is Key

Many new traders simply jump right in, and within a very short space of time, they have lost their trading capital and they then walk away feeling disappointed and disillusioned. As with anything in life, if you want to succeed, you need to educate yourself and understand how the forex market works and what factors impact price movements. To build a solid trading foundation, make time to follow the financial news and get a solid understanding of the trading terms as well as the tools that you have available to trade with.

  1. Choose a Reliable Broker

In order to trade online, you need to be able to access a trading platform. To find the best forex brokers in the industry, only look at regulated brokers. In this way, you can have peace of mind that they are operating within a regulated framework monitored by the necessary authorities. Ensure that the broker offers a platform that is easy to use and take the time to check their educational resources. The more knowledge and skills you have before you start trading, the more successful you are likely to be. Check the broker’s terms and conditions and test their customer support. Remember that a forex broker is your trading partner and it is important that they offer an all-inclusive trading platform that meets your trading needs and style.

  1. Demo Trading Account

As part of educating yourself and familiarizing yourself with the forex world, start your trading activities on a demo account. Not all brokers offer this service, so selecting one that does, is highly recommended. A demo account allows you to test the trading platform and its features as well as experience trading in a live setting without the risk of losing any money. Once you feel more comfortable with the trading process and the trading tools that can finetune your analysis, you can then move to a real trading account.

  1. Automate Your Trading

Some of the best forex brokers offer automated trading. This means that you can simply copy the trades of top traders on their platform. This is an excellent way to learn trading skills and strategies and to eliminate emotional trading. Auto trading may also involve setting specific parameters before a trade will be executed. You can use auto trading as you learn the ropes of forex trading.

The first step in forex trading is education. Once you understand the market you are trading and the price movements that always occur, you will be better positioned to make the right trading decisions. Keep records of your trades and make sure to record both your successes and your failures.

The Shocking Truth About Gift Cards

Everyone loves gift cards. They’ve rapidly become a favorite way to give presents; they’re classier than cash but offer the flexibility of letting recipients pick out their own gift. Sales via gift cards surge incredible around major holidays. Here are some gift card facts that may surprise you.

Gift Cards Aren’t Just for Enormous Chains

If you thought only international corporations had the ability to create their own gift cards, think again. With many cutting-edge payment systems – the Clover POS system for example – you can brand your own gift cards and even add funds to them with the touch of a button.

Gift Cards Are Inexpensive

If you’re already partnered with a merchant payments provider, there’s a good chance incorporating the equipment needed to offer gift cards either won’t cost you a dime or will be very price-friendly – expect around $1.00-$1.50 max per card.

Gift Cards Boost Your Brand Loyalty Significantly

Many POS providers, such as Revel Systems, allow you to create custom gift card designs that show off your brand name prominently. They also help you create everything from periodic sales to special promotions, point rewards and other exciting deals customers love.

Clients Spend More When Paying With Gift Cards

Gifts stimulate people psychologically to want to spend. They willingly reach towards big ticket items. It’s rare that customers will find an item matching their card’s value perfectly, so most overspend. They don’t feel guilty about going $15-$20 or more over the limit because they view it as free money.

You Can Accept Gift Card Payments Online

Some POS systems come integrated with mobile payment options that allow you to handle all types of e-commerce and even set up your own website. When customers can shop your store without leaving the house, and pay with a gift card, it’s win-win for them and you.

Take the plunge into setting up your own gift card rewards system. Gift cards make customers happy and deliver free advertising – not to mention word-of-mouth promotion from those happy customers. The best part is that there’s only one place they can spend it: that’s right, your store.

After Calling Crypto a Bubble, George Soros is Investing in Cryptocurrency

There are hardly any cryptocurrency reports that don’t mention price volatility. In fact, this quality is what the industry has come to be known for over the years. Cryptocurrencies on their own have no intrinsic value and present so much risk of loss. For this reason, huge corporations and big Wall Street players like George Soros, Warren Buffet, and Jamie Dimon have always been openly skeptical about all coins, the major ones in particular like bitcoin, litecoin, and ethereum. While there are differing opinions that dispute the criticism meted out by these senior investors, their words are backed by years of accumulated knowledge and experience in the finance industry.

However, despite its volatility, the cryptomarket is very similar to the stock market. This means that technical knowledge of blockchain is not necessarily a prerequisite for investing in the industry. All that is needed is a fundamental understanding of supply, demand and other economic factors that drive the market. Keeping this in mind, George Soros is set to invest in cryptocurrency despite his earlier criticism.

The 87-year-old tycoon has racked up a sizeable investment portfolio over the years, and while his peak days may be behind him, he has made it clear that he’s not done yet. His perception of Bitcoin was especially negative, and he considered it a confusing form of investment that is completely based on a misunderstanding. For someone who lambasted the whole idea of crypto assets, it’s easy to wonder why Soros has suddenly had a change of heart.

Soros Prepares to Invest in the Cryptocurrency Market

According to Soros, Bitcoin fluctuates in value by at least 25% each day, making it impossible for the currency to be used to pay wages and other compensations. In January 2018, Soros openly stated that Bitcoin is a bubble, saying that it cannot be called a currency because it has no stability as a store of value.

The Soros Fund Management has assets worth $26 billion and part of it has been set aside as capital for cryptocurrency investments. Bloomberg reported that Adam Fisher, head of macro investing at Soros Fund Management has received internal approval to carry on with the trade of digital assets. Although he has indeed received the approval, he has not personally made any bets on digital assets yet

George Soros is not the first Bitcoin critic to change his stance. The history of Bitcoin has seen many public figures who openly show skepticism and disinterest in the cryptocurrency, only to change their minds later and invest in it. Jamie Dimon, CEO of J.P. Morgan who called Bitcoin a fraud in October 2017, has also changed his mind. Older, more traditional firms are also taking an interest in the industry, with venture capitalists like the Rockefellers making moves to enter it. Despite his next foray into the crypto markets, George Soros believes that Bitcoin is mainly used by individuals for tax evasion and by dictators as a way to build nest eggs in other countries.

The Cryptocurrency Investment Decision

The decision of the Soros Management Fund to consider cryptocurrency trading is a result of the falling price of Bitcoin in 2018. Since its peak of $20,000 in December 2017, the price of BTC has dropped to almost $6,000 in a devastating market correction. Bitcoin volatility has surpassed expectations several times. Its performance in 2018 has been no different, with the continuous fluctuations on the 24-hour market chart.

Since early 2018, BTC has seen bearish movements where it continues to lose support. Between January and March, invested cryptocurrency funds generally declined by an average of 52% in value. Hedge funds, on the other hand, appreciated by an average of 0.4%. George Soros sees this negative volatility as one of the pitfalls of investing in Bitcoin, and it is no surprise that other Wall Street players agree. However, compared to the price of BTC in January 2017, there has been an upside bullish movement. The average return of funds invested in cryptocurrency in 2017 was 1,522% which is massive, compared to the average return on hedge funds which was 7.2%.

There is speculation that the negative comments by Soros played a part in the BTC price drop. His knowledge of macroeconomics has set him apart as a person who influences the investment scene. Since Soros made his comments, the markets have seen a 41% decline. If indeed he ends up investing in crypto assets, the markets may see a short-term boost. This doesn’t matter to big investors like George Soros who are more focused on the long-term rewards in the industry. Whether he has an agenda or not, one thing is certain: profit is a major driver in his decision.

There is no doubt that the best time to invest in cryptocurrency is now because the price of Bitcoin has dropped considerably. Although there have been predictions by notable experts like CNBC’s Brian Kelly and John McAfee that the cryptocurrency will recover, it may take a while for that to happen. George Soros knows this and plans to capitalize on it.

John McAfee has predicted that Bitcoin will hit $1 million in 2020 and if its price is anywhere near that figure, then putting funds in the market when it is worth $6,000 is a great investment. However, people like Jordan Belfort have also predicted that Bitcoin will crash. Recently, there has also been tension and new unfavorable regulatory developments in the space. Investors are discouraged by the continuous regulatory scrutiny and hacks that plague the entire industry. This has led to a general decrease in the interest and buzz around Bitcoin.

Final Thoughts

George Soros is a Hungarian-based American billionaire who is considered a tycoon in the world of business. He has proven himself time and again as a true macroeconomic guru. His predictions and statements are regarded in high esteem and trust, globally.

George Soros might be seen as a controversial person for several reasons, but where investments are concerned, he’s hardly wrong. So when he came out to say that Bitcoin cannot function as an actual currency, it caused a buzz. However, he failed to predict Bitcoin’s hard tumble which he now finds favorable.

Soros’ family office has a stake in Overstock.com and is currently the company’s third-largest shareholder. The retail giant was one of the first companies in its industry to fully embraced the use of cryptocurrency. In fact, it planned to launch its own cryptocurrency exchange. So in some ways, this is not his first encounter with crypto investments. Unfortunately, the company has come under the scrutiny of the SEC for its planned Initial Coin Offering (ICO). This has led to a whopping 43% year-to-date decline in the company’s shares.

Although Soros has expressed his intentions to move into the industry, the specifics are still unclear. There is still a lot of speculation about what his exact motives are. For now, he seems to be fine with the performance of Bitcoin because the current decline may signal a price growth in the near future. Wall Street moguls like the Rothschild family and Alan Howard are following in Soros footsteps as well. Clearly, cryptocurrency is becoming increasingly popular in the traditional finance industry. At this pace, mainstream adoption may not be as far off as it seems.

What Is the Easiest Way to Speak With a Beacon Resources Recruiter?

If you’re on the hunt for great accounting jobs, Los Angeles is a great destination city to pursue those dreams in. Not only does the economy support a diverse range of industries that all require the help of financial professionals, it also has a bustling financial services sector of its own. Whether you’re looking to provide in-house services as a CPA in a company’s accounting department or you’re looking to rise in the financial world as a top professional in a company that specializes in financial services for others, Beacon Resources is going to be one of the best accounting recruiters you can talk to.

Opening the Conversation

There are two easy ways to get in touch with a recruiter from this agency. The first one is direct and simple, and that’s to submit an application through their regular process. Upload a resume, and find out which jobs you’re matched for once it’s been processed. From there, you’ll talk to a recruiter about the possibilities that might fit your needs and goals. This is a great way to find yourself matched with a contract position quickly, especially if you are fairly new to the workforce.

The other way is by getting in touch with the agency through the website’s contact information. This is a good way to find out basic answers to common questions before you submit a resume, and that can be a big help if you’re not sure about the organization’s preferences for presentation or their mission emphasis. It’s also a great way to open the conversation powerfully if you’re experienced and you’re prepared to seek out the perfect position to advance your career.

Get in Touch Today

If you’re ready to talk to a Beacon Resources representative, get in touch today. Contact us online through the website and let us know how we can help you advance your career. If you’re new to the area and looking for accounting jobs Los Angeles has plenty of opportunities.