If you have children of your own, you may be wondering how and when to start teaching them smart financial habits like saving early and spending responsibly. Younger kids enjoy the process of learning and earning rewards, while teens will be motivated to learn because they are yearning for financial independence. If you’re not sure where to start, here are a few activities to help.
Did you know you should be managing your money differently at different stages of your life? We provide an overview of what you should be prioritizing based on your age (or life stage).
In your 60’s, you have hopefully either retired or are getting close. Now is the time to enjoy life and (hopefully) worry less about finances. This is a great time to travel, pick up side income to supplement your retirement money...or both! Retirement can mean a lot of changes in your day-to-day activities, but also for budgeting and setting financial goals. That’s right—It’s never too late to set goals.
Financially, your 50’s can be low key or a bit of a chaotic rush. If you are on track for retirement, and have your debt paid down or paid off completely, there might be very little you need to think about financially. In this case, you can focus on optimizing other savings, or larger purchases to carry you through retirement. If you are still catching up on retirement, you may be concerned about meeting your goals, but it is still possible to get where you need to be by your projected retirement date.
Hopefully, by your 40’s you feel comfortable enough with your finances that budgeting and saving are somewhat automated and stress-free. If you have student loans or consumer debt, the balances should be lower or at least on the way down faster than before. You may even have a mortgage and car payments. You are experienced enough to know what you need to improve on, but still young enough to have time to supercharge your finances before retirement.
At 30, you are suddenly expected to have everything, including finances, in order. You have likely been out of trade school or college for a while now, and may even still be paying on student loans. You also may be looking to buy a home or move to a different area. You likely have been in a career for a few years, but are still younger and less experienced than your supervisors. Oh, and the pressure for having a solid retirement plan is heavy! Not to worry, we have tips to help with all of that.
At 20, it may seem like you have all the time in the world to save. There may be other responsibilities to focus on such as college, trade school, or keeping up with your new financial independence. However, now is the BEST time to start preparing for your financial future.
Credit unions are a cornerstone of many communities, as their products and services support not only individuals but businesses as well. Credit union business checking and savings accounts are just the tip of the iceberg when it comes to accounts offered to businesses, small or large. Credit unions offer better interest rates than banks or other financial institutions because they’re owned by their members.
Starting a business is no small feat, but it can be an incredibly satisfying venture with great rewards. There are many resources out there to help you learn the ropes as you take the first steps towards business ownership. To get you started, here are six useful tips for starting a business, ranging from identifying your actual passion to finding the best business checking account for managing your funds.
We mourn together the loss of George Floyd, Breonna Taylor, Ahmaud Arbery and countless others in our nation’s long struggle with systemic racism and inequality. With recent events and the underlying circumstances, I believe it is important to restate Rivermark's unequivocal commitment to social justice, equity, and inclusion. READ ON FOR FULL CEO MESSAGE.