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New York - There
are several ways to simplify your finances and make your bill paying more efficient.
Consider the following:
- Establish electronic deposits for your paycheck and
electronic payments for bills and investments (i.e. automatic monthly deposits for mutual
funds.)
- Maintain your investments at one brokerage firm. When
selecting the firm, consider whether or not you want to have access to executing
transactions via the phone, mail, online and in person.
- Use just one checking, money-market, brokerage
account and credit card. Be careful thought, you should consider having at least two
accounts just in case you lose your ATM or credit card and are unable to gain access to
the use of one.
- If you pay your bills by manual checks, consider
prepaying small recurring bills (i.e. cable or electric) for six month period. Although
you do lose the opportunity to earn interest, you do avoid writing several checks each
month and you will save on postage. Your utility company should continue to send you
regular monthly payments.
- Avoid constant trading of stocks and mutual funds. Not
only is it more riskier but it creates paperwork at tax time.
- Keep track of your financial goals and don’t make
decisions without thinking of whether they meet your goals
- Take an inventory of your high priced household
possessions using a camera or camcorder. You should keep this inventory in a
safety-deposit box or at a relative’s house. This will come in useful should you need
to provide documentation for an insurance company.
Also, you should never purchase an investment that you
do not understand.
The Independent
Adviser Corporation is a 100% Independent and 100% Objective Financial
Advisory Firm that writes buy-side investment research. Our network of
independent Fee-Only Financial Advisers serves individuals, families and
businesses. They provide financial planning services, tax advice and offer
professionally managed asset accounts. They do not underwrite corporate
securities nor do they sell any proprietary products. To find out more or
get a FREE consultation Ask
The-Adviser.com.
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Never purchase an investment that you
do not understand.
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