One of the most popular budgeting plans is the 50/30/20 plan. This means that 50% of your after-tax income should go towards necessities, 30% towards “wants” and 20% towards debt and saving for retirement.
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Early retirement at 55 is a dream for many people, but the road to get there can be pretty difficult for most families. The Social Security Administration defines full retirement age as 65, and about half of Americans retire between the ages of 61 and 65.
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However, there are some minor differences that in our opinion make ETF’s superior for retail investors. Both ETF’s and mutual funds are containers that hold many different types of stocks within them, but those containers are different from each other.
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Tax-deferred growth is an extremely simple concept that can be leveraged by the average person to generate incredible wealth. In a nutshell, it just means you pay taxes later on the money that you’re currently growing in your account.
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Many people are surprised to learn that the inheritance of a retirement account like a 401(k) or IRA is determined by the beneficiary designation on the account, not on a will.
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A 529 plan is a college savings program that varies state by state, and allows investors to accumulate an investment that can be withdrawn tax free for qualified education related expenses. The Oklahoma plan is available for all investors at Oklahoma 529.
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The concept of a “fiduciary” can be applied to a lot of situations, as it generally means a person who acts on behalf of another person to manage assets. Essentially, a fiduciary is a person or organization that owes to another the duties of good faith and trust. They can be board members, the trustee of a trust or estate, or even an attorney to a client.
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