Saving and investing during tax season

The Rhode Show

Ryann Kilgore, Market Director for JPMorgan Chase’s Wealth Management Team here in Rhode Island stopped by “The Rhode Show” on Thursday morning to chat about saving and investing during tax season.

Investing can be an intimidating topic for many people. Below are some ways people can start investing:
• When it comes to investing, the first thing you should be doing is taking a step back to take an honest look at your financial situation. It’s important to look at your full financial picture, including what your long-term and short-term goals are.
• For many people, retirement is a major goal, and investing can be crucial in saving for your future.
• Part of this is digging into your budget. You should know how much money you’re making, how much money you’re saving and what your expenses are. This will help you figure out how much you can afford to start investing, even if it’s $10 a month.
• You don’t need to be rich to invest – this can be a common misconception. You do need to know how much you can afford to invest.

When to start investing:
• People often ask when is the best time to start investing. The answer is – the sooner the better. We like to say it’s not timing the market, it’s the time spent in market that typically results in successful investing. Although we say the sooner the better, it’s also never to late to start.
• One of the easiest ways to begin investing is an employer-sponsored retirement plan, if you work for a company that offers one. The money comes out of your pay check and many companies have “match” programs which will really help you build towards retirement.

The market can sometimes be risky. Ryann shared the following steps can people take to make sure their investments are safe:
• As fun and trendy as some online trading tools may seem, the key to building wealth has remained incredibly consistent over the years: education, a detailed financial plan and a laser focus on long term goals.
• It’s up to investors to do their homework and identify the right educational resources and partners – ones who focus on their needs and goals.
• For some people, working with a financial advisor might make sense. Working one-on-one with a dedicated advisor, such as one in a Chase branch, will help you design an investment strategy for you and your family’s goals.

Tips for parents on how they should be talking to their kids about money:
• Starting early and continuing the conversation over time can help kids form healthy financial habits.
• When children are preschool age, they start linking choices to consequences. This is a good time to be very literal about money. Consider teaching them to save money in an easy “piggy bank” format.
• As kids get a little older and into elementary school, you can start teaching them to put money into three buckets – saving, spending and sharing. After this, you can transition into a bank account for your child.
• Once your kids are teenagers and then become young adults, it’s important to teach the importance of paying bills on time and give them the tools to handle money independently.

Tips for people with aging parents start to talk to their parents about their financial picture:
• Talking about money is difficult for many people, but it’s an important discussion to have, especially with aging parents. It’s difficult because it’s an often personal and therefore emotional topic, but not talking about money can create bigger problems.
• It’s common for adult children to not understand their parents’ financial situations, but greater transparency can be helpful in the event of illness and to help avoid fraud.
• Rather than seeming greedy or nosy about finances, children can try asking their aging parents what they want to accomplish with their money in case something were to happen. They can talk about the role a child can play for the parent in an emergency. These conversations can be difficult but very helpful.
• Children should make the conversation about supporting parents rather than seeming to pry. Aging parents don’t want to lose their independence by giving control of finances to a child, but discussing their wishes ultimately gives them more control.

Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Past performance is not a guarantee of future results. Asset allocation does not guarantee a profit or protect against loss.

J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment advisor, member FINRA and SIPC. Annuities are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. (JPMCB). JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.


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