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Investing regularly can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won’t pay for all your shares at market highs. This strategy – known as dollar cost averaging – also reduces “emotion” from investing, helping investors avoid selling weak performers just prior to an [...] Read more » It isn’t easy to save money, even for people making upward of $250,000. There’s no shortage of high-income earners who have relatively little net worth. It’s not that they don’t save; many max out their 401(k) plans religiously. But socking away $15,500, or $20,500 if they’re eligible for catch-up contributions, annually isn’t going to provide for [...] Read more » An automatic and regular savings program is more successful than a savings strategy that focuses on a long-term goal. A 2008 Rice University/Old Dominion study showed that people who focus on a long-term goal save less than people who save month-to-month or paycheck to paycheck. Says Paul Dholakia, associate professor at Rice’s Jones Graduate School [...] Read more » One of the big benefits of having a regular savings program is that you are “dollar-cost averaging”. What this means is that the average dollar cost for your stocks is lower because you buy more shares when the price is lower and fewer shares when the price is higher. You benefit from dollar-cost [...] Read more » Make saving easier by automating it. It saves you time and it makes it less stressful. Automatic saving will also help to ensure that you will be a successful saver. Talk to your bank about automatically transferring funds from your checking account to specific savings programs that you have in effect. Savings programs may include [...] Read more » Make saving a lifestyle choice and not simply something you do to meet a specific objective, such as college or retirement. You should try to have a savings program that allocates 10% of your after-tax income. This isn’t aligned with a purpose other than having saving be a part of your lifestyle – [...] Read more » |
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