Why You Should Start Investing in Your 20s?
Student loan payments, rent, building a career — many facets of the early adult years take up our time and attention. With such immediate concerns to deal with, it's no wonder many twenty somethings would put investing at the bottom of their to-do list. So, considering all the other priorities of establishing your adult life, why should you start investing in your early 20s?
Well, taking advantage of the long investment horizon your 20s provides gives you time to build wealth over decades and a chance to learn about the markets, maximize compounding returns, and take some risks along the way. Isn't that last one what your 20s are all about.
What is an IRA? Here's what you need to know.
Individual Retirement Accounts (IRAs) are a popular way to save for retirement. These accounts offer individuals the opportunity to invest their money and earn returns that can help grow their savings over time.
IRAs come in different types, including traditional IRAs, Roth IRAs, and SEP IRAs. Each type has its own unique rules and benefits, but all IRAs share a common goal: to provide individuals with a way to save for their future and enjoy a comfortable retirement.
What is a 401(k) plan? Learn the basics.
Are you worried about saving enough money for retirement? Do you want to invest in your future but aren't sure where to start? Saving for retirement is a critical financial goal that everyone should prioritize. One of the most popular retirement savings vehicles is the 401(k) plan, which is offered by many employers as a benefit to their employees.
What is Compound Interest?
Compound interest is a financial concept in which the interest earned on an investment or savings account is added to the principal amount, resulting in interest being earned on the new, larger total. Compound interest is used in both borrowing money and saving money. Compound interest can be complex, but with a good understanding of how it is calculated, it can be used to achieve your financial goals.
How To Build Your Emergency Savings Fund
Life is full of unexpected twists and turns, and being financially prepared for any situation can provide invaluable peace of mind. Universal 1 Credit Union (U1) believes in your financial well-being and wants to empower you to face life's challenges head-on. One essential step towards securing your financial future is establishing an emergency savings fund, which can protect you from unnecessary debt and the burden of high interest borrowing. Here are five practical tips to help you start and grow your emergency savings fund with U1.
Renting vs. Buying a House: Which Is Better?
It’s a big question with no easy answer: Should you keep renting, or is it time to think about buying a home? There are several factors that must be considered. Both options have their own set of advantages and disadvantages, and the choice ultimately depends on an individual's financial situation, lifestyle, and long-term goals.
Tips for Paying with Cash, Debit, or Credit
There are many advantages and disadvantages to using cash, debit, or credit for your spending needs. Here are a few tips to help you decide when to pay with cash, debit, or credit.
