![]() If you have children, another goal might be to set aside money in a 529 plan, also known as a college savings account. You should invest in a conservative to conservatively moderate strategy depending on your risk appetite. Your time horizon is short (three years). And if you have company restricted stock units, you may want to sell as they vest to fund this goal. You can add your entire bonus to this bucket as well. When do you want to buy a house? In three years? You can put a portion of your paycheck into this fund every two weeks. Then, you need to calculate about 20% for down payment ($300k) and possibly another $50k-$100k for closing cost and renovations/new furniture. To save for a house, first you have to know the value of the type of property you’re interested in buying, say a $1.5M house. Saving for your child’s college education. ![]() ![]() Here are a few goals that high-income professionals may want to consider: Before anything else, make sure that you’re clear on what your financial goals are. You can’t create a solid budget without first figuring out what you’re budgeting for. Below, we’ll go over some of the best financial planning and budgeting tips for high-income individuals - read on to learn which financial goals you may want to aim for, how to develop a budget that supports them, where you can cut expenses, and more. After all, they’re key to achieving your personal financial goals - particularly for high-income earners who want to make sure that their hard-earned money is working for them.Īnd the good news is, creating and sticking to a budget doesn’t have to be as painful as you might expect. But even if financial planning and budgeting can be tricky, they’re well worth the effort. The idea of creating one is stressful enough, let alone sticking to one (especially if you’ve had trouble doing so in the past). Budgeting isn’t a task most people look forward to.
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