11 Investing Tips for 60-Somethings and other Dollar Bits…

CreditL Dave Dugdale via flickr

Credit: Dave Dugdale via flickr

  • Your bank account: The next thing to go obsolete (CNN Money): “Not only is banking not for everyone, accounts are inaccessible to about half of the world. People are too poor, live too far from a bank or don’t have the required documentation. Abra, a new startup, makes banking more accessible while completely cutting out the actual bank.”
  • Personal finance Q&A: What to do if payment to IRS goes missing (LA Times): “I just received a letter from the IRS informing me that I missed a quarterly tax payment last September with several resulting penalties. Do I have any recourse, and should all payments to the IRS be sent by certified mail with receipt required?”
  • Q&A: Daymond John Not a Shark With His Own Money (Daily Finance): “A self-made businessman, John is actually pretty realistic — working his way up many ladders and learning from failures. A native of Queens, New York, John founded FUBU at age 23 in 1992, riding the wave of hip-hop fashion trends.  Reuters spoke with John about how his acumen for business translates to managing his own money:”
  • Where should you keep your emergency fund? (Yahoo): “If you are building up your emergency fund and looking for a better place to keep it than under the mattress, check out these options of places to park your emergency fund.”
  • 9 Ideas for Hanging Out With Friends on a Tight Budget (Money Crashers): “It’s sad to contemplate whether it’s worth hanging out with friends, but it’s even worse when you want to socialize but stay home, bored and lonely, to stay within the constraints of your personal budget. If you feel like you’re constantly weighing your friendships against your finances, it’s time to reconsider your approach.”
  • Tips for low-risk investing (Tampa Bay Times): It’s important to be careful with your money, even when focusing on low-risk investments. There’s no such thing as an investment with no risk, so you really need to research where you put your money. Learning how to invest money wisely can help you reach your goal a little faster. The right amount of money to invest differs for everyone. To figure out what’s right for you, define your investment goals, determine how long you can go without accessing the funds and decide how much — if any — of your money you can afford to risk.
  • 4 ways to face your investing fears (Marketwatch): Investors are a jittery bunch. To say they are getting nervous “now” would ignore that most are antsy all the time. Looking at headlines and talking with money managers, however, it’s clear that anxieties are on the rise. Whether it’s interest rates, news from Greece and concerns over the future of the euro, the ups and downs in China or the long-in-the-tooth, can’t-go-on-forever bull market, there’s something for every apprehensive investor to latch onto.
  • What are your excuses for not investing? (The Spectrum): We all make excuses. Most of the time, they’re pretty harmless. But you could be hurting yourself if you make excuses for not taking action in some areas — and one of those areas is investing.
  • 7 Concepts and Terms All Investors Should Know (The Motely Fool):The stock market is arguably the best wealth creator in the world, yet it remains one of the most elusive and confusing concepts for many Americans. The Financial Industry Regulation Authority offers a five-question financial literacy quiz that tests basic financial concepts, such as risk, interest, and financial instrument relationships. As FINRA notes, just 24% of millennials were able to answer four or five questions correctly — essentially a passing grade. This is a scary reminder that few of America’s young adults are truly prepared for retirement, or even investing at all. With that in mind, we’re going to focus on a handful of stock market basics today by looking at seven concepts and terms that all prospective investors should understand before investing a dime of their hard-earned money.
  • 11 Investing Tips for 60-Somethings (Credit.com):Investing in your 60s is a different ballgame than when you focused mostly on growing your retirement funds. When you crack into your retirement nest egg, you need to change your investment strategy. The idea is to withdraw enough to help you get by now while holding enough in reserve to finance the rest of your life. Making the transition to investing in your 60s and beyond requires a new way of thinking about investments.

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