Its no wonder that psych pros see holiday gatherings as alegit source of stressfor many of us.
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And the truth is, theyre kind of rightso the earlier you start saving for retirement, the better.
But what to do if youre not exactly on track?
Then explore which options may be available to you through work.
Whatever the amount, any little uptick could have a potentially big impact between today and retirement.
We know, youre likely to hear, But youre throwing money away!
when you tell people youre not in a rush to buy.
But homeownership shouldnt be something you dive into if youre not financially ready.
For starters: Do you plan on moving within the next five years?
Have you snagged a stellar rental deal in a great neighborhood?
Would buying a home also translate to a long commute to work?
The down payment is no small factor, either.
Whatever the opportunity, these conversations may end with: Do you want to get in on this?
Then, see if you have all your financial ducks in a row.
Have you started saving for retirement yet?
If not, that should be the first goal you consider investing for.
Do you have a plan to pay down your debt?
Are you making good progress on an emergency fund?
Already have an investment portfolio?
Maybe that will encourage him to keep his hot tips to himself.
This potentially sticky situation can go any number of ways.
But what if the family member in question fails to make good on the loan?
If youre able to take on the responsibility, pinpoint how much youre comfortable offering.
In other words, lend only what you might afford to part with.
From there, establish a clear payoff timeline and put the agreement in writing.
If the idea of loaning cash to little bro makes you uncomfortable, trust your gut.
Politely saying that you cant afford it right now is better than a ruined relationship down the line.
If the question makes you uneasy, though, youve got to ask yourself why.
Is it because youre not quite sure where you stand?
Not sure where to park your emergency fund?
Look for ahigh-yield savings accountso your cash can earn some interest until you have to dip into it.
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