At Buckman & Company, not only do we have the expertise to help clients chart a realistic and achievable plan for their financial futures, but also we have the experience to draw upon for examples of how similar folks have navigated similar challenges in the recent past. If any of the below questions resonate with you, please reach out to us and we would be happy to help you.
Buying vs Renting
Recently, I was meeting with clients who were in their 20s, recently married, and deciding if now was a good time to buy their first home. It’s a common question, but each client brings a unique set of circumstances that can tip the decision one way or the other. In their situation, they had the cash saved up, job stability, and favorable market conditions to begin investing in their future together.
How Much Should I Be Saving
Some folks earn a lot of money, others less. Some folks spend a lot of money! Again, others spend less. It’s really about striking the right balance. Taking a beat to review your own spending habits via your bank statements could help you understand your current needs: what cash flow will be going out the door regardless (rent, car payment, utilities, etc.), and what cash flow is more within your control to decide (restaurants, travel, fashion, etc.).
Where to Put Saved Funds
As clients find their sweet spot for monthly savings in their budgeting, the next question is usually about where to put those hard-earned dollars. Checking account for a rainy day fund? Brokerage for investments? What about 401ks or Roth IRAs? The answer is the ever-so-satisfying “all of the above”! Cash-on-hand (ie: checking), pre-tax savings (ie: 401k), tax-free savings (ie: Roth IRA), taxable savings (brokerage), and even real estate (ie: your home) are all important parts of one’s holistic wealth portfolio.
Should I Pay Off My Loans Early
People early in their careers (among many others) often have to use debt in order to get their degrees, buy their car, and pay for monthly expenses. The important thing to know is that not all debt is bad. The math can get a bit tricky here, but there are many strategies that one can use to minimize their interest costs and make best use of the funds they have borrowed.
Am I Going to Be Okay
Times are challenging, but I’m confident that if you’ve made it this far, then you have the right attitude and urgency to get on track! Let us help you understand your current trajectory and connect the dots to a successful retirement for you and the ones you love. It might be simpler and easier than you think!