In early April of this year, more than 700 container ships were waiting to get into the ports of Shanghai, China. The average number of boats waiting to unload in Shanghai over the last few years was closer to 200. A significant reason for this upward spike is the recent Chinese COVID crackdown, forcing people to stay at home again. The graph below was published recently by “Fortune” magazine. The red-colored spike shows the dramatic increase in ships waiting at the port this April.
Many of us don’t put enough money away for retirement. Statistics show that most Americans aren’t saving enough and will have to work long after age 65 to make ends meet or reduce their lifestyles significantly to get by in the later years. For that reason, we are always encouraging people to save more.
Life insurance is a contract made with an insurance company that provides a lump-sum payment upon the insured’s death in exchange for premium payments. The payment will be made to the insured’s beneficiaries. It can be an essential safety net for anyone who depends on you financially. Even if you have a policy through your employer, it is still a good idea to consider your own life insurance policy.
Purchasing a home has traditionally been considered an intelligent financial move. It works as a forced saving account for many people since the principal is paid down with monthly payments. Historically, housing prices rise 2-3% per year, considered a good investment. If you put 20% down as a down payment, that 2-3% becomes 10-15% per year on your initial investment. Taking on debt for a home has traditionally been considered “good debt.”
An automatic savings account is a type of savings system that allows the account contributor to deposit a set amount of money into a savings account at pre-determined intervals. Most commonly, this would be in conjunction with the contributor’s regular pay schedule. It allows an individual to automatically transfer a fixed amount into a savings account, usually on the same cadence they receive their paycheck.