Savings | Information and Trends by Prosperity Concierge

Saving: Building a Nest Egg on a Part-Time Salary

Question: I’m a full-time student who has a part-time job at a community college. Can I start contributing to an IRA?
Answer: Yes, you almost certainly can. And if you can swing it, you probably should, since contributing to an IRA early in life can be an excellent way to lay the foundation for a more

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Debt: Signs That You Have too Much Debt

Here are some warning signs to look for to see if you have too much debt.
Life can look like a scary nightmare when you are submerged in debt. You are certainly not the happiest man on earth when the accusing fingers of your creditors are constantly pointed at you. However, it is possible to defy

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Where to Bank: What to Look for When You do Your Banking

Shopping for a new bank? It’s nice to have a branch on every corner, but that’s not the only quality that makes an institution worthy of your business.
More than half of consumers chose their bank based on a convenient location or ATM, according to a recent survey conducted by analytics company Compete.com.
“A lot of people

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Your Family's Financial Focus - Six Important Areas to Look At

One of the best things you can do periodically is assess where you are right now. Consider the following six areas of financial health to determine where you are — and what you might need to do to get your family’s finances back on track.
Housing Payments
The commonly used rule of thumb is that your housing

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No Retirement Savings at Age 60

What if you have no retirement savings and you’re 60 years old?
To get an idea of how far you can go with a late start, look at this recent article from an investment firm’s newsletter. It shows how much someone who’s 55, earns $80,000 a year and has no savings might accumulate in a 401(k)

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College Graduates: Tips to Establish Credit and Build a Good Credit Score and History

Now that you’ve graduated , follow these tips to establish credit, use debt wisely, build a good credit score and begin to build a great credit history:

Open a bank account. Even though opening checking and savings accounts aren’t usually reported to the credit bureaus, lenders often ask on credit applications whether you have those account

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Career Change

Many people are convinced they can’t afford to make a career change, but there are several strategies to make it a financial reality.
Testing a new job on the side and following advice to become more profitable are two.
Creating a cushion of savings is another. “When you change careers, you may be out of work for

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Your Banking and Loan Costs – Seven Ideas to Cut Your Costs Right Now

Here are seven ideas to keep more in your bank account.
1. No More Late Fees: Millions pay credit-card late fees of as much as $39 each month. Use an automatic debit to make payments and you’ll never be late again.
Annual Savings: $234
(eliminating six late fees a year )
2. Reduce Your Interest Expense: The average household

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Retirement: Retire Early, Savings Don't Last

Question: I lost about 40% of my retirement savings after taking early retirement. I’m now 55 and have 650,000 left. Can you suggest a portfolio that provides capital appreciation, income and growth? I require about 6,000 a month to live on.
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A retirement plan for the laid off

Question: I’m 57 and I think there’s a good chance I’ll be laid off this year. If that happens, I’ll have to move my 401(k) balance to an IRA. On the recommendation of a finance professional, many of my former co-workers have transferred their 401(k) savings into annuities. Do you think this is the way

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