Financial Wellness

Many American workers save for retirement with a 401k plan. If your job offers a 401k plan as a benefit, it’s important to take advantage of it and interact with this short learning experience to determine how to maximize the money you are putting into it. This lesson will explore: The different types of 401k plans Common features of 401ks, including funding options, limits, and tax savings Options and restrictions around withdrawing money from your 401k CLICK...

Approximately 80% of Americans are in debt – but debt is always a bad thing! Credit cards, student loans, and mortgages are all examples of debt. Learn how to make a plan to manage your debt, with insights around: How to determine how much debt is too much How to calculate your debt-to-income ratio Different strategies to help you pay down debt Reference   CLICK HERE To Learn More

In this month’s recap: Stocks closed the year with a solid rally, fueled by the rollout of multiple COVID-19 vaccines and the signing of a new fiscal relief bill.

Monthly Economic Update
 

Presented by First Option Financial Services, January 2021
 

U.S. Markets

A tumultuous year ended on a positive note as stocks rose in December, spurred by the rollout of multiple COVID-19 vaccines and the signing of...

Only about one third of Americans create and maintain a budget – are you one of them? A budget can help you stay on top of your finances by helping you plan where your money will go instead of wondering where it went. This short lesson will help you learn more about how to: Identify your income sources as well as your expenses Create a new budget or reevaluate an existing one Apply strategies to monitor your spending and stick to your budget

Reference
 

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Even if you have a great savings plan in place, Social Security can be an important source of future income. Take our short lesson to learn more about Social Security and how you might plan to use it to support your living expenses in retirement. We will explore: The significance of Social Security to your retirement income How the timing of collecting Social Security affects your benefits Evaluating how much of your retirement expenses Social Security will cover
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Certificates of Deposit, or CDs, are a type of financial account designed to hold your money for a fixed amount of time with low associated risk – and you earn guaranteed interest in return! Learn more about what is involved in opening a CD to decide if this saving tool is right for you. This lesson will cover: CD options offered by financial institutions How to calculate your interest earnings The pros and cons of CDs, compared to other accounts
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Financial independence can be difficult to maintain once you or a loved one becomes ill or mentally impaired. While you can’t plan for every circumstance, there are decisions you can make now that will help make potential unforeseen situations easier. This short course will help you: Explore future situations where you might need a financial caregiver Compile the documents needed to create a financial plan Discuss the topic of appointing a financial caregiver with loved ones Read More

Business financial statements don’t have to be intimidating, and understanding how to read them can help your business thrive. Learn about the three primary financial statements that are critical tools for managing your business: income statements, balance sheets, and cash flow statements.

This lesson will help you:

Understand the importance of business financial statements Learn how to use income statements, balance sheets, and cash flow statements Explain how business...

In honor of Small Business Saturday, we want to help you take steps toward building the business you’ve always dreamed of. Visit our financial education center to learn more about: How to develop a business plan Getting and using credit for your business costs The common financial statements you’ll use
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When it comes to saving for retirement, you have many options to choose from to help you reach your savings goals. IRAs, like all accounts, offer their own features that may make them a good option for you. Take this lesson to learn more about: How IRAs compare to other account options The different types of IRAs Opening and using an IRA
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