T. Rowe Price Personal Investor - Developing Healthy Money Habits: 6 Smart Ways to Help Boost Your Financial Wellness (2024)
1The T.RowePrice Retirement Savings and Spending Study (RSS) is an annual study that has been conducted online since 2014. The study annually surveys approximately 3,000–4,000 participants who are currently contributing to a 401(k) plan or are eligible to contribute and have a balance of at least $1,000. The survey also includes an additional 1,000–1,500 retirees who have retired with a Rollover IRA or left‑in‑plan balance. The study investigates saving attitudes and behaviors of plan participants and retirees. The 2021 RSS was conducted between June 9, 2021, and August 4, 2021, and included 3,844 plan participants and 1,332 retirees. The 2022 RSS was conducted between June 24, 2022, and July 22, 2022, and included 3,895 plan participants and 1,136 retirees. 2Investing through Automatic Buy cannot assure a profit or protect against loss in a declining market. Since it involves continuous investment regardless of fluctuating price levels, investors should consider their financial ability to continue purchases through periods of both high and low price levels.
This material is provided for informational purposes only and is not intended to be investment advice or a recommendation to take any particular investment action.
This information is not intended to reflect a current or past recommendation concerning investments, investment strategies, or account types; advice of any kind; or a solicitation of an offer to buy or sell any securities or investment services. The opinions and commentary provided do not take into account the investment objectives or financial situation of any particular investor or class of investor. Please consider your own circ*mstances before making an investment decision.
Information contained herein is based upon sources we consider to be reliable; we do not, however, guarantee its accuracy.
The views contained herein are those of the author as of September 2023 and are subject to change without notice; these views may differ from those of other T.RowePrice associates. All investments are subject to market risk, including the possible loss of principal. Diversification cannot assure a profit or protect against loss in a declining market.
Charts are shown for illustrative purposes only. All investments involve risk, including possible loss of principal.
The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals. Let's take a closer look at each category.
There's plenty to learn about personal financial topics, but breaking them down can help simplify things. To start expanding your financial literacy, consider these five areas: budgeting, building and improving credit, saving, borrowing and repaying debt, and investing.
Financial confidence comes from understanding how budgeting, saving, investing, risk and debt management work. These pillars develop good money habits and build a strong foundation for a stable future.
Take time to set SMART goals, then break down those goals into small, consumable bites.Meet with a financial professional. Some people think talking with a financial advisor is only for someone with a large bank account or a lot of assets. But that's just not the case.
It may be that you have too much credit card debt, not enough income, or you overspend on unnecessary purchases when you feel stressed or anxious. Or perhaps, it's a combination of problems. Make a separate plan for each one.
Financial habit #1: Regularly review and update your financial plan. Financial habit #2: Set financial goals that are meaningful. Financial habit #3: Create a budget and use it to guide your spending. Financial habit #4: Find passive income to improve your income.
Introduction: My name is Terence Hammes MD, I am a inexpensive, energetic, jolly, faithful, cheerful, proud, rich person who loves writing and wants to share my knowledge and understanding with you.
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