Financial & Investment Tips

Setting Yourself Up for Investing Success
Words and phrases like “passive income” “return on investment” “cash on cash return” and “private placement memorandum” may be foreign ideas or phrases to many folks. That’s ok. Everyone starts somewhere in learning about finances and investing. Below are a few tips to get your money to start working FOR you, instead of you working for money.

1. Build an Emergency Fund.
Set aside at least 3 months’ worth of living expenses so you’re covered if a true emergency strikes. This money should be easily accessible, but separate from any of your investment accounts. Keep your emergency fund in a savings account separate from your main checking account. We are fans of keeping it in a different bank or credit union than your main accounts. This keeps you from dipping into it unless you really need it, and also keeps your money in a different place should something ever happen to your main funds.

2. Pay off high-interest debt.
Any interest you earn from savings accounts or many stocks will typically be less than 10 percent. If you have credit cards or personal loans with an interest rate greater than that, you’ll eat up all your investment earnings trying to get out of debt. Not all debt is created equal. You don’t necessarily have to pay off your mortgage or your student loans before you start investing. These typically carry lower interest rates and can ultimately save you money if you deduct the interest on your taxes.

3. Write Down Your Investment Goals.
A goal that’s not written down is just a dream. Many folks have proven the power of written goals. If you don’t know how much money you want to make, and how soon you’re going to need it, you can’t be sure you’ve chosen the right strategy. You’ll likely have short-, mid-, and long-term goals. Decide how much money you’ll need for each, and how long you have to make that money. Defining your goals also helps you choose your investment vehicles.

At Ascension Credit Services, we offer a variety of credit repair options our clients can take advantage of during our standard 6-month restoration program. We are not financial advisors, however, we have over a decade worth of experience studying market trends and investment strategies. We also invest our own money in varying strategies and have learned a lot to pass on to our clients.