Stock Market Advice Los Angeles ABC News with David Rae Fiduciary Financial Planner.
By David Rae Certified Financial Planner™, Accredited Investment Fiduciary™
ABC News Los Angeles recently had David Rae in to get a Certified Financial Planner™ in to give his take on if the recent run up in the stock market was benefiting the average American.
A few key takeaways for his conversation with David Ono and Coleen Sullivan of ABC News Stock Market Advice Los Angeles.
-Regardless of who you supported for President don’t let politics derail your march towards financial independence. Between now and retirement there may be several more election results you don’t like.
-The important thing is to get started. Whether you are putting 1% of your salary or 20% take the first step, and just get started. You might be surprised how you don’t even miss the money.
-If you are already saving for the future, kudos to you. Take the next step and increase your saving rate by 1 or 2%, and speed up your pace of savings.
-Make sure to take advantage of company matching. You may be able to put in 3-6% of your salary and you employer will also put in 3-6% essentially doubling your money right off the bat. This money will also grow tax deferred, which means you won’t owe income taxes now but will owe them when you take them out at retirement (There is a 10% penalty for withdrawals before 59 ½).
– There are risks in investing in the stock market such as the return and principal value of stocks fluctuating with changes in market conditions. Shares when sold may be worth more or less than their original cost.
-There is no better time to get started than now. Make 2017 the year you get your financial house in order and keep it that way.
Live for today, save for tomorrow. Your Money Matters.
DAVID RAE, CFP®, AIF® is a Los Angeles-based financial planner with DRM Wealth Management, a regular contributor to Advocate Magazine, Huffington Post, Investopedia not to mention numerous TV appearances. He helps smart people across the USA get on track for their financial goals. For more information visit his website at www.davidraefp.com
The opinions voiced in this article are for general information only.