Still, as we prepare to observe Independence Day, it's comforting to realize all the freedoms we still have in this country. And taking the right steps can also help you achieve your financial independence.
You might be surprised at the lack of protection among your fellow citizens. Less than 60 percent of Americans have life insurance, and just about half of those with insurance are underinsured, according to LIMRA, a research organization.
It is indeed possible, although you may need to prioritize somewhat. Specifically, you may not want to put off saving for retirement in favor of education. But by viewing these goals together and investing as early as possible in each of them, you can take advantage of one of your biggest assets time.
In normal times, it's a good idea for you to keep three to six months' worth of living expenses in a liquid, low-risk account. Having an emergency fund available can help you cope with those large, unexpected costs, such as a major car repair or a costly medical bill.
As we all know, mothers have a difficult job. And many mothers also run their own businesses another demanding task made even more difficult these days. What special challenges do women face who embark on careers as business owners?
During a market downturn, you might be tempted to "do something" and for many people, that "something" is selling stocks to cut their losses. But this is more of an emotional response than a logical one, because your stocks are long-term investments, and by selling them when they are down, you're basically locking in your losses.
For one thing, try to avoid what many others seem to be doing: panicking. The market selloff may feel unsettling, but it appears to be driven as much, or more, by fear and panic than by economic or financial reality.
As you know, the coronavirus has become a major health concern, not just in China, but in other parts of the world, too and it's also shaken up the financial markets. As an individual investor, how concerned should you be?
However, being mindful doesn't mean acting on those thoughts and feelings it's just the opposite. With mindfulness, your decision-making is based on cognitive skills and a rational perspective, rather than emotions. As such, mindfulness can be quite valuable as you make investment decisions.
As a business owner, you're always thinking of what you need to do now. But you can't forget about the future yours and that of your business. So it may be a good idea to consider your personal retirement plan and business succession strategy.