If you're putting money into an IRA, then you have to decide how to allocate it. You can be incredibly aggressive and put everything into speculative, small cap stocks. However, that can be disastrous if the market tanks. On the other hand, you can put every nickel into short-term bonds. The problem with that plan is that you will see very little asset growth. So, the solution is to choose a plan that is conservative, yet has room for growth.
Do you play the lottery, hoping to win the main amount and use the money to support your life? With the epic $1.5 billion Powerball jackpot now a thing of the past, you don't have to give up your dreams of one day having a lot of money and a comfortable lifestyle. While not as sudden as winning the lottery, there are ways in which you can make your money multiply relatively steadily.
When you are single, finances are generally a bit easier to handle than when you are married or otherwise trying to combine two incomes, bills, etc. Because of this, meeting with a financial advisor when you are single and figuring out exactly how you can best manage your finances is an excellent idea. It will not only help you to prepare for they day when you will need to combine your income and bills with someone else, but it will also help you to learn techniques that can create a more secure financial future for you.
You spend years saving up for retirement, but your retirement planning doesn't stop when you leave work. You'll still need to make sure your money lasts through your retirement by generating passive income so that you don't spend down your principal too quickly. Here are some of the investment vehicles you can use.
Dividend stocks are stocks that pay out a portion of the company's profits. Usually, this is done either quarterly or annually.