The majority of college students in the US now graduate with debt — affecting not only the current generation, but also every one of us who hope to see our children and grandchildren begin adult life without crippling loans.
Offering financial assistance is certainly one way of helping your loved ones overcome such issues — but sometimes, sound financial advice can be just as important. (Teach a man to fish, as they say.) Here are a few tips that you should consider sharing’
- Exceed Minimum Payments. Payment plans are designed by lenders with the goal of maximizing accumulated interest. Every month in which you manage to exceed minimum payment requirements, you reduce both your amount due and the percentage of interest you will ultimately pay.
- Refinance and Consolidate. Refinancing can lower the amount of interest you pay, resulting in significant savings. Consolidation usually doesn’t lower interest rates, but it can simplify your payment plan, reducing both stress and the risk of incurring late payment fees.
- Utilize Windfalls Wisely. Whether acquired through inheritance, lawsuits, investments, or even the lottery, many people receive unexpected income (windfalls) at some point in their lives. Unfortunately, few are actually prepared to manage this money with an eye toward the future. Generally speaking, even though it is boring, paying off loans and/or investing windfall profits is smarter than spending your newfound wealth on day to day expenses.
- Consider Jobs that offer Forgiveness as a Perk. Considering the pros and cons of potential job offers? (Many new graduates are!) Look beyond salary. Loan forgiveness programs — along with other traditional benefits such as medical insurance and retirement funds — can be a tremendous asset providing both financial stability and peace of mind.
Building wealth is a lifelong journey. Learn more about growing your savings (and share what you learn with those you love!) by visiting Red Rock Secured online today!
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I heard about Red Rock Secured from my financial advisor, who has referred many clients to the company over the past 10+ years. After several conversations, I felt very comfortable to move forward with an investment. It's clear to me why my financial advisor recommended Red Rock. It is a great company that really focuses on placing the client's needs and interests before anything else.
Information received made me feel good about closing my Thrift Savings Plan and moving funds to Red Rock. Whenever I call, I can always reach my POC, or he will call me back in a respectable amount of time. Great customer service.
After getting hit really hard in 2008, I needed to do something different to protect my retirement. I had heard about investing in gold and silver, but never really understood how it would work. I started asking around about who to contact for more information, and one of my neighbors told me about Red Rock Secured. She had opened a gold and silver retirement account with them, and she is very happy she did. I chose to do the same thing, and I am so glad I did. They patiently guided me through every step of the process. I highly recommend Red Rock Secured. And I am glad my neighbor told me about them.
Adam of Oklahoma City, OK
Red Rock Secured helped me in setting up a gold and silver retirement account. The process was very easy. I’m thankful that Red Rock is a full-service company, providing help with every part of setting up an account and getting the account funded. It’s clear this company is top notch.