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Wealth Management 101: Tips that May Help You Protect Your Financial Future

Mar 11, 2019

Wealth management tips may help you secure your financial future.

Once you’ve begun to save and grow your “nest egg,” the questions change from those of paying down debt and escaping the paycheck-to-paycheck existence. If you find yourself with assets that are growing, you need a different type of financial assistance: wealth management assistance that may help you secure your financial future and protect the money you’ve worked hard to earn!

Grow Your Money Sustainably

It’s tempting to keep all of your savings liquid, or accessible without penalty, but you’ll find that there are limits to how much you may keep in a savings account or money market account and still experience the benefits of growth. By amassing a substantial amount of capital, you’ve given yourself the opportunity to make money “work for you” by earning interest that may replace dollars you’d otherwise have to earn with work.

Choose Investments Based on When You’ll Need Your Money

Wealth management tips may help you secure the financial future of your dependents.

When you have substantial assets, you’ll still want some of your cash liquid for use in an emergency; an emergency fund of 3-6 months living expenses for your family is an excellent way to add peace of mind.

Many other people who are on high-deductible health insurance plans also contribute the maximum possible to their Health Savings Accounts as a form of emergency assurance.

Once you’ve made these choices, however, choose tax-advantaged methods like a 401k or IRAs to save for retirement; many of the companies that offer these products allow you to pick your target retirement age and may give you an optimal combination of stocks and bonds to maximize growth without taking on too much risk.

Help Protect Yourself from Fraud

Fraud prevention plans may help protect your financial future. When you speak with your local credit union, you can learn more about what kinds of measures may help you protect your assets and sensitive information. Especially when using the Internet, be very cautious about offering any credit card information or log-in information without being certain that the asker is who they say they are!

Plan for the Financial Future of Your Dependents

If you find yourself managing substantial wealth, a good thing to consider is the legacy you want to leave for your dependents. Does it make sense to start a 529 education fund, for instance, to save up, or to create an endowment in honor of someone you admire? Consider ways to help protect their financial future today.

Want to evaluate if your wealth management decisions are sound? Contact us to learn more about how your local Georgia Heritage Federal Credit Union may help you safeguard and grow your money.

See our blog page for useful information about money management, savings accounts, checking accounts, retirement accounts, home loans, and consumer loans.

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Anyone who lives, works, worships, or attends school in Chatham, Effingham, or Bryan counties in Georgia and their immediate family members may gain membership to the Credit Union.

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