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Small Business Articles - Banking

Let’s play catch-up!
July 21, 2005 - by Scott Orts

Nest egg? What nest egg? Whether you lost it all in the dot-com crash, or you never had it to begin with, remember it’s never too late! Here are some tips to help get your savings on track.

The financial magazines love to profile “average” people with substantial portfolios and whopping net worth. They encourage you to evaluate your asset allocation and to aim for a retirement fund of at least $1 million. But if you’re living month to month and your most valuable asset is your big-screen TV, don’t give up! Catch up instead.

No matter where you stand right now, there are steps you can take to get moving in the right direction. Even if you don’t end up with $1 million, you could end up with less stress, fewer debts and a whole lot more peace of mind.

So let’s get started!

  • Get real. Take a cold hard look at where you stand, and be honest about how you got there. Did an unexpected lay-off set you back? Are you paying your kids’ college tuition instead of saving for your own retirement? Do you head to the mall whenever you’re down?
  • Know your options. Does your company offer matching funds for retirement accounts? Do you qualify for a deductible IRA? Are you eligible for catch-up contributions?
  • Spend less. This one’s obvious, but not always easy. It might require a big change – like moving to a less expensive home. Remember, it’s not a question of comfort and convenience. The question is, what’s your long-term goal and what are you willing to do to get there?
  • Make more . Start a business on the side. Take on a part-time job. Tell the kids it’s time to pitch in.

Most importantly, get some support from financial professionals who really care. Remember, you can turn to your local banker or a financial services firm for retirement accounts, financial planning, debt consolidation or just an encouraging word!

Scott Orts , is an Assistant Vice President at Citizens State Bank, which was established in New Baltimore MI in 1922. Citizens State Bank is locally owned and operated, and specializes in serving small business owners in Macomb and St. Clair counties.

© 2005 All Rights Reserved. No part of this article may be published without advance written approval.


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