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Six Ways to Still Save for Retirement, Even When in Debt

Whether you recently took out a mortgage, you’re saddled with student loan debt, or you’ve overextended your credit cards, you may be one of the millions of Americans working to pay off their debt obligations. However, just because you’re paying off debt doesn’t mean you shouldn’t be thinking about your future. Saving for retirement now (even if it’s just a little) means you can reap the benefits of compound interest , allowing your investments to grow exponentially over time. It’s a strategy that pays off — a 25-year-old who contributes just $250 per month toward his or her retirement ($3,000 per year) with a return of nine percent would have more than $1 million by retirement age. Below, you’ll find a handful of strategies for saving for retirement, even if you’re in debt. 1. Consider Refinancing Your Student Loans Whether on your own or with a qualified cosigner, refinancing your student loans can free up some extra cash. The annual federal student rate interest amount is...

Nov 26, 2019

Should I Launch My Business Part-time?

When you’re getting ready to launch your business, there’s a lot at stake. You want to make sure that everything is exactly right so you can set yourself up for success. Though it’s important to be prepared, it’s common to feel like there’s just never really a right time to take that leap. While it may not be your forever plan, it’s not the worst idea to launch your business part-time, allowing you to tackle it on the side while you’re still getting a steady paycheck and health benefits from your current employer. Launching your business now may make you a part of a growing trend: diversity in business ownership is increasing across the board. According to the most recent U.S. Small Business Administration data, there are around 8 million minority-owned businesses (accounting for around 29 percent of all U.S. businesses). In particular, there’s been an increase in both Black and Hispanic business ownership, (9.5 percent and 12.2 percent of all U.S.-based businesses, respectively),...

Nov 22, 2019