Many people intend to save good amounts of money when they are young and retire rich to lead a peaceful and happy life with their loved ones. It needs careful planning and discipline and the advice of experts to reach your financial goal.
Needs the services of financial services expert
No matter whatever your financials are now, disciplined savings regularly is necessary to make good returns in the long run. A financial services expert at Joseph Stone Capital carefully listens and understands your present, future, and retirement requirements and crafts a financial plan to achieve your goals seamlessly.
You need to set your financial goals like saving for retirement, kids’ education, building or purchasing a home, planning a worldwide travel plan, or buying a dream car for daily commuting. Most people feel saving some regular amounts every month helps them to reach their financial goals. It is applicable for some high net worth people. But, an individual with a moderate salary requires careful financial planning to reach the financial goal.
Saving for kids education and marriage
You need to start investing right from birth to get her married when she reaches the age of 18 years. Also, making substantial savings is essential to give her a good education and make her stand on her legs to lead a prosperous life. You can find a lot of calculators for child education and marriage. However, they are just primitive and do not serve the purpose. The financial plan for your child should be considered based on three factors: sufficient finances for education, a hefty sum for marriage, and financial freedom for her to survive.
Education has now become expensive. You need to consider the advice of a financial expert at Joseph Stone Capital to take into account normal inflation along with expenses like tuition fees, school uniform, hostel fees, or commuting to the college or school for some good college education. College education in the US costs $10,000 for state residents and $26,000 for others.
The average wedding cost in the US is around $20,000. The financial expert uses software or forms to know your income, expenses for daily living, and estimates for emergency needs when deciding the level of investment required for your child’s wedding and education. This is without compromising on your comfort and quality of life with your loved ones.
You will be provided with a host of avenues for investment that helps to grow your capital and meet all of your financial goals. The investment opportunities suggested by the financial experts will offer a higher rate of interest to increase your capital.
A financial plan to purchase a home
You can consider buying a new or second home without a financing option and save several hundred dollars of interest. Joseph Stone Capital advises its clients to keep the tax, insurance, home principle, and interest below 30% of the monthly home pay. It won’t impact their ability to save for college planning and retirement.
You need to sign up for a new savings account and start depositing a portion of your earnings every month. It is also advised to buy a property in less developed areas as an investment option to earn higher dividends in the long term.