February 28, 2021
Save all your $10 bills. Then go to the bank monthly and deposit them in an emergency savings account. -Sophia Bera, Certified Financial Planner at Gen Y Planning, Austin, Texas
February 11, 2021
Get paid for online surveys. The next time you’re watching your favorite show on Netflix, multitask by completing online surveys of product reviews. Sites like Opinion Outpost, Swagbucks or Global Test Market will pay for your feedback. -Malcolm Butler, President and CEO of Fiduciary Group, Savannah, Ga.
February 5, 2021
Make sure you take advantage of the commonly overlooked fine-print benefits at work, including reimbursements for backup child care, gym memberships and cellphones. When you get those reimbursements, transfer them to your emergency account. -Nathan Barbakoff, Financial Adviser at Bleakley Financial Group in Fairfield, N.J.
January 27, 2021
Places like Facebook Marketplace, Craigslist, Poshmark, etc. allow you an easy avenue to sell unnecessary items. Use the proceeds from these sales to build an emergency-savings fund. You can sell something once a month, thereby continually contributing to the fund. -Daniel Milan, Financial Adviser and Managing Partner of Cornerstone Financial Services, Southfield, Mich.
January 15, 2021
I recommend that investors consider the Level3 Withdrawal Strategy, developed by the founder of American Association of Individual Investors. It divides a portfolio into two parts: equity and safe. The equity part is allocated to stocks. The safe part is allocated to cash and equivalents. Two to four years’ worth of planned withdrawals should be held in this second part. When stocks are within 5% of their highs, withdraw from the equity part. When stocks fall, withdraw from the safe part. Once the market rebounds, replenish the safe part from the equity side to ensure you have enough cash to protect to portfolio during the next downturn. -Charles Rotblut, a Vice President and AAII Journal editor at the American Association of Individual Investors in Chicago