Portfolio Repair

“Jeremy seemed to like this because the money could be used for many purposes. He should explore the trade-offs of both,” says Rowell, who recommends McMullen talk with a tax professional to help him make a choice. Rowell suggests using the $2,000 contest winnings to seed the college fund and then saving $100 a month systematically. If he starts with $2,000 and adds $100 a month, assuming a 6% average rate of return annually, he would have nearly $40,000 in 17 years.

• Protect and prepare for the future: While McMullen has a $400,000 life insurance policy through the Navy, he’s vulnerable. “He should consider an additional, outside policy. He recommends that McMullen consider an $800,000, 30-year policy, which would cost $80 a month. “He’s young, healthy; a term policy would be inexpensive and help take care of his son’s needs,” says Rowell. “He has a 1-year-old son and no will. If something happens to Jeremy, the state will determine what happens to his son. He needs to speak with an attorney and get his will and trust done.”

Rowell also suggests McMullen consider buying a long-term care policy now obtain disability insurance through his employer.

• Tighten budget: There are several online tools offered by Wells Fargo or websites such as Mint.com that will help keep him on track to meet his financial goals. Rowell recommends McMullen find a good financial adviser and meet at least once a year for an annual checkup to determine adjustments to his finances.

–By Karen Thomas

Pages: 1 2 3
ACROSS THE WEB
  • @robwilsontv

    Fantastic article. You can never totally stake the risk out of investing in the equity market, but if more people would stick to investing in things they know, they would have much less fear. If you stick to the products you buy and place you shop at, you’ll have better odds of making good decisions.

    You can check out my recent #MoneyMonday segment where I talk about this in greater detail here:
    http://youtu.be/PYW0lQoosMY

  • http://www.telsourceit.com/ telecom expense management

    You actually make it seem so easy along with your presentation but I to find this matter to be really something which I believe I might by no means understand. It seems too complex and very wide for me. I am having a look ahead on your next submit, I will try to get the hold of it!

  • Réalisation de site web

    Could I register?

  • http://www.squidoo.com/kitchenaid-stand-mixer-my-review study bad tattoos

    I precisely needed to appreciate you all over again. I am not sure the things that I could possibly have sorted out in the absence of these tips and hints contributed by you over my industry. It truly was a very frustrating condition for me personally, but finding out this well-written technique you handled that took me to weep with happiness. Now i am happier for the information and expect you know what a great job you happen to be doing instructing people today all through a web site. I am sure you have never encountered all of us.

  • אחסון אתרים

    A motivating discussion is definitely worth comment. I do think that you ought to write more on this issue, it may not be a taboo subject but usually people do not discuss these subjects. To the next! Cheers!!

  • Mark

    This blog is totally new for me but overall is interesting.

    Mark

  • http://plumbersMinookaIL http://servicepro-plumbing.com/

    Great ?V I should certainly pronounce, impressed with your web site. I had no trouble navigating through all the tabs and related information ended up being truly simple to do to access. I recently found what I hoped for before you know it in the least. Quite unusual. Is likely to appreciate it for those who add forums or anything, site theme . a tones way for your customer to communicate. Nice task..

  • Blackberry iPhone

    Pretty great post. I just stumbled upon your blog and wanted to mention that I have really loved surfing around your weblog posts. After all I will be subscribing on your rss feed and I’m hoping you write once more soon!

  • technology news

    Excellent beat ! I wish to apprentice at the same time as you amend your site, how can i subscribe for a weblog site? The account helped me a appropriate deal. I had been tiny bit acquainted of this your broadcast offered shiny clear concept

  • newport beach surf lessons

    I’m no longer positive where you are getting your information, but great topic. I must spend some time studying much more or figuring out more. Thank you for excellent information I used to be looking for this information for my mission.

  • insurance sales tips

    Thank you for any other magnificent post. Where else may anyone get that type of info in such an ideal method of writing? I’ve a presentation next week, and I’m at the search for such information.

  • Ronny Lahm

    Such an amazing post.Really helpful.
    Tacoma Car Accident Lawyers