Thursday, August 25, 2016

Top 5 Mistakes People Make With Their Money

 There are a number of money mistakes people make when handling their finances. Preparing yourself as you have an income stream coming in, can help create a solid base for your financial stability. Your trusted financial advisors in St. Louis can help you establishing a plan to work toward achieving your financial goals. Bogetto & Associates have compiled a list of mistakes people make with their money, so you can work to avoid similar financial mistakes.


1. No Emergency Savings Fund


It is recommended that a person have six months’ worth of income in an emergency savings fund. The key to an emergency account, is to only use it for a true emergency. This money should not be used for a spur of the moment shopping trip or a weekend getaway. An emergency fund can help ease the financial burden if you lose an income source or have a sudden change in finances. Keep in mind, if you experience a significant change in income, adjust your emergency savings fund appropriately.

2. Dismiss the Importance of Credit Score


Your credit score and credit report reflects your ability to handle finances over time. These reports can impact purchases in your future, such as a car or house loan. To keep a good handle on your credit score, consistently pay your credit card and other debt payments on time each month. Be sure to check your credit score and credit report periodically and dispute any mistakes you may come across.

3. Not Saving for Retirement


Often people do not start thinking about retirement until they are close to ending their working career. It can be easy to put off retirement savings until later in life, but starting at a younger age is key to being adequately prepared. Saving while you have money coming in, can help you be able to enjoy your time during retirement.

4. Lack of a Debt Plan


Credit cards, if not managed correctly, make it easy to fall into a cycle of debt. Establishing a solid plan to avoid or get out of credit card debt can help you take control of the debt cycle. Make sure that you do not spend more than you earn; this is a good way to keep from relying on credit cards for everyday expenses. Once you create a plan to avoid or get out of credit card debt, stick to it. Decide ahead of time how much each month you are going to put toward your debt, and follow through. Paying more than the minimum payment helps you decrease your credit card debt quicker.

5. Do Not Have a Budget


Establishing a budget can greatly improve your financial situation. A 50/20/30 rule is suggested for a budget; 50 % of your income should be essential expenses, financial priorities should make up 20%, and 30% is left for lifestyle choices. Sticking to a budget helps keep you on track and avoid making money mistakes.


To help keep a good handle on your finances, avoid the common money mistakes listed above. Financially preparing for the future can help set yourself up for financial success down the road. For help establishing a game plan to work toward achieving your financial goals, contact the team of financial experts in St. Louis.

Sources:
http://www.forbes.com/sites/learnvest/2013/01/08/the-13-biggest-money-mistakes-people-make/2/#7cc2bd8255b0
http://www.lifehack.org/articles/money/10-money-mistakes-successful-people-dont-make.html
http://money.usnews.com/money/blogs/my-money/2015/04/14/6-common-money-mistakes-people-make-in-their-30s

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St Louis, MO 63127

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Securities offered through First Heartland Capital, Inc. Member FINRA/SIPC
Bogetto Financial is not affiliated with First Heartland Capital, Inc.  

Bogetto & Associates does not provide legal or tax advice.  These topics are discussed in conjunction with your CPA, Tax Advisor and Attorney.

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Friday, August 19, 2016

7 Ways To Avoid A Financial Nightmare During Divorce

A divorce is a difficult time emotionally and financially. Many decisions will need to be made during this process that can affect your financial stability in the future. It can be a challenge to make major decisions when you are distracted by your emotions. Consulting a financial advisor can be beneficial when it comes to making decisions about your finances during a divorce. The financial experts in St Louis are here to help you know the options you have when it comes to making decisions about your financial situation. Bogetto & Associates has provided some helpful tips of what to avoid when making major financial decisions during a life changing event, like divorce.


1. Underestimating your Expenses


Income may be effected during a divorce, be sure to establish a new budget to help keep within your means. Many people want to maintain their current quality of life after divorce, be sure to estimate for future expenses when creating your new, personalized budget.

2. Assuming Equal Division is Fair


During a divorce, many couples split the property based on value. Keep in mind that current valuation may not pertain to the future. A rental property can actually bring in more money than it is valued, consider the future value of all assets as they are being divided.

3. Making All Financial Decisions at Once


Financial decisions should not be made in an emotional state of mind. Try to take your time and consult a professional when making major financial decisions.  After your divorce is finalized, try to avoid making additional decisions based on finances for a while.

4. Misunderstanding Debt Liability


Typically, couples divide debts that were incurred together for each individual to pay off. The creditors do not care what your divorce settlement has stated, if your name is still on the debt, they can come after both parties for payment. A tip to avoid this situation is to pay off all joint debts incurred during the marriage before the divorce is finalized.

5. Thinking Parent with Custody Should Keep Home


When children are involved in a divorce, is often thought that the parent with full custody should keep the house. This is a nice thought to help keep a sense of normalcy for the kids, but this can create a financial strain for the one making the house payment alone.

6. Failing to Consider Long-Term Financial Security


Think about long-term financial situations that may arise due to your divorce. Whether it is child support, credit problems, or sending your kids to college one day, think about these factors when making decisions about your finances.

7. Forgetting to Update Beneficiaries


During a divorce, you should update your life insurance policy, estate plan, and any other accounts that may have your ex-spouse’s name on them. If something were to happen to you, the money would then go to the person who is listed as a beneficiary.


Many important decisions will need to be made during a divorce. Hiring a professional to advise you when making financial decisions during an emotional time can help ease your stress. The financial team at Bogetto & Associates can work with you to establish a financial plan and know what factors can help to avoid a financial nightmare during a divorce. Divorce is a major life change, both emotionally and financially, don’t let your financial stability go to the wayside during this difficult process.

Sources:
http://money.usnews.com/money/personal-finance/articles/2015/08/07/7-financial-steps-to-take-when-getting-a-divorce
http://www.divorcenet.com/states/arizona/sixteen_financial_mistakes#b

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Telephone - 314-858-1602

10805 Sunset Office Drive, Ste. 202
St Louis, MO 63127

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Securities offered through First Heartland Capital, Inc. Member FINRA/SIPC
Bogetto Financial is not affiliated with First Heartland Capital, Inc.  

Bogetto & Associates does not provide legal or tax advice.  These topics are discussed in conjunction with your CPA, Tax Advisor and Attorney.

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Location: St. Louis, MO 63127, USA

Thursday, August 11, 2016

Smart Ways To Save For College

The average cost of tuition in the United States for a four-year university is $10,000 per year. This cost does not factor in room and board, campus activities, or other expenses that can arise for your student. Establishing and contributing to a college savings account for your children at a young age will help build wealth for their education over time. The financial experts in St. Louis have compiled a list of smart ways to save for your children’s college fund. We know that you may not be emotionally prepared for this major step in your kid’s future, but Bogetto & Associates wants to help you be financially prepared for your child to go to college.


Establish a 529 Savings Account


A 529 plan is an education savings plan operated by a state or educational institute established to help families set aside funds for college costs in the future. In most cases, your choice of school is not affected by the state in which you create and build the 529 savings plan. This type of savings plan works much like a 401(K) or IRA by investing your contributions over time into a mutual fund or similar investment. A 529 plan will offer several investment options to choose from to match your style of savings.

Create a Brokerage Account


A brokerage account is a taxable account you can open with a stock brokerage firm. The convenience factor of linking this account to your checking or savings account makes for an easy transfer of funds. You can use the money in the brokerage account to buy and sell many different types of investments; common stocks, bonds, mutual funds, and real estate investment trusts are just a few of the investment vehicles that can be utilized through a brokerage account. 

Consider Prepaid Tuition


A prepaid tuition allows funds to be contributed into an account set up based on today’s tuition rates. Locking in the current rate of higher education is a major benefit of this type of savings account for college. Tuition rates rise every year, if you are able to lock in rates for your child now, you have the opportunity to save big on their college expenses. This is a great way for parents and grandparents to add money over time into a child’s education fund.

Start a Roth IRA


A Roth IRA can be used as a savings tool for college education expenses. Some parents use this method as a combined college and retirement savings fund. Many times IRA withdraws are exempt from withdrawal penalties if the funds being taken out are specifically used for qualified educational expenses. Funds remaining in the Roth IRA after education expenses are paid can be left in the investment vehicle for retirement.


College is a major expense that many parents face. As a parent, you want to provide for your child and give them the best shot at a bright future. Preparing yourself financially for your child’s college education can help make this emotional time easier for a parent. The trusted financial advisor team in St. Louis is here to help you make the college saving process less stressful by providing different options to help save for your child’s education. 

Sources:
http://money.usnews.com/money/personal-finance/articles/2011/02/02/5-smart-ways-to-save-money-for-your-children
http://www.bankrate.com/finance/savings/3-ways-to-save-for-your-child-s-future-1.aspx
http://time.com/money/4196687/alternative-college-savings-529/

Financial Health...For Now & Tomorrow



Contact us Today

Telephone - 314-858-1602

10805 Sunset Office Drive, Ste. 202
St Louis, MO 63127

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Securities offered through First Heartland Capital, Inc. Member FINRA/SIPC
Bogetto Financial is not affiliated with First Heartland Capital, Inc.  

Bogetto & Associates does not provide legal or tax advice.  These topics are discussed in conjunction with your CPA, Tax Advisor and Attorney.

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Location: St. Louis, MO 63127, USA

Thursday, August 4, 2016

6 Money Goals to Help Build Your Future

 How do you work toward a better chance at a stable financial future? The financial advisor team in St. Louis knows that the future is unpredictable, so it is best to be financially prepared for events that may arise down the road. It may seem overwhelming now, but following these six goals that Bogetto & Associates has provided can help you feel more secure in your financial future. You never know what will happen in the future, but being financially prepared can help reduce stress and worry about it.


1. Create A Budget


Allocate your money into a set budget. This can help reduce on unnecessary expenses that you can in turn add to your investment and saving funds. Once you set a budget, try to stick to it. Budgeting is the first step when it comes to building wealth for your future.


2. Reduce Expenses


Through reduction of your expenses, you can have more money to save or invest to reach your future financial goals. Think about your monthly expenses versus what you actually use. Do you have a landline phone or a gym membership that goes unused each month? Cutting back on the amount you spend eating out can free up some money as well. These area easy ways to reduce on your monthly outgoing expenses.

3. Save For Emergency Fund


An emergency fund can help pay for unexpected expenses, like medical bills, employment changes, or vehicle repairs. It is recommended to have a fund stashed away to help you get by on six to twelve months of expenses.

4. Build Good Credit


Credit can impact everyone’s lives. Establishing and maintaining good credit can help you by securing better rates on loans and credit cards. This can also save you money in the long run by borrowing at a lower interest rate.


5. Add To Retirement Savings


Retirement is a time to enjoy friends and family, without the worry of work. You work hard your entire life for this freedom. With a retirement nest egg, it is important to contribute regularly to build up your fund over time. Saving for retirement can help ensure that you can enjoy it, when it comes time to retire.

6. Pay Off Debt


Relieving yourself of the weight of debt can help you reallocate that money to a savings or investment fund. It is suggested that you pay off your debt with the highest interest rate first, typically credit cards, and then move on to the next highest rate of debt you owe.

The only thing certain about the future, is that it is uncertain. You can help better prepare yourself for the unknown by financial planning. The financial advisors in St. Louis want to help you plan and prepare for your future financial situations. Setting goals is the first step in the process. The six goals provided are a great way to start financially preparing yourself for the unknown. We would be pleased to help you set and work toward achieving your unique financial goals.

Sources:
http://www.forbes.com/sites/financialfinesse/2014/02/27/7-steps-to-a-better-financial-future/#8de71d266770
http://stories.wellsfargobank.com/love-money-5-tips-help-build-future-together/
http://time.com/money/2793907/building-wealth-best-moves-if-youre-25-to-34/

Financial Health...For Now & Tomorrow



Contact us Today

Telephone - 314-858-1602

10805 Sunset Office Drive, Ste. 202
St Louis, MO 63127

Follow Us



Securities offered through First Heartland Capital, Inc. Member FINRA/SIPC
Bogetto Financial is not affiliated with First Heartland Capital, Inc.  

Bogetto & Associates does not provide legal or tax advice.  These topics are discussed in conjunction with your CPA, Tax Advisor and Attorney.

at No comments:
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Location: St. Louis, MO 63127, USA
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