IN THE PRESS:
"Our mission is to empower people to make smart financial decisions. The right financial advisor can help you achieve your financial goals and prepare for retirement."
Michael Carvin, CEO
Get Smart with Your Assets
Investing involves risk and no situation is the same. This is in no way intended as a personal recommendation and investment decisions are solely those of the reader.
Enter Your Zip Code to Find Qualified Fiduciary Advisors Near You:
5 Smart Money Moves to Make While Working Remotely
Get Smart with Your Assets
Terms of Use | Privacy Policy | About Us
© 2019 SmartAsset
SmartAsset is a personal finance technology company that features a financial advisor matching service. Financial Advisors who appear on SmartAsset are from companies with which SmartAsset receives compensation. SmartAsset takes into consideration wealth and location to determine how to match users with advisors. SmartAsset doesn't include the entire universe of Financial Advisors.
As more Americans begin working remotely, there has never been a better time to take a look at ways to improve your financial situation. All the extra time saved by not commuting offers a unique opportunity to take control of your finances, reassess your goals and how you’ll go about achieving them.
Now more than ever, there are a multitude of ways to strengthen your financial standing without leaving your home. Even traditional in-person financial tasks can be done remotely, including both finding and working with a financial advisor.
A 2019 Northwestern Mutual study found that U.S. adults who work with a financial advisor report “substantially greater financial security, confidence and clarity than those who go it alone.”
The value of working with a financial advisor varies by person and advisors are legally prohibited from promising returns, but research suggests average additional investment returns can range from 1.5% to 4% more each year.
SmartAsset’s new tool makes it easy to find the right financial advisor near you in just a few minutes. Our exclusive, no-cost tool matches you with up to three local fiduciary financial advisors that have passed a rigorous screening process. We confirm each is registered with the U.S. Securities and Exchange Commission (SEC) or the appropriate state regulator, possess the proper licenses and have no pending or valid regulatory disclosures within the past 10 years.
Here are several other smart money moves to make while working from home.
1. Open a high-interest online bank account
A high-interest online checking or savings account can help you earn nearly 2% interest on your liquid assets. You’ll still have unrestricted access to your savings and your balance isn’t susceptible to market fluctuations. It will still grow at a more substantial rate than in a typical checking, savings or money market account.
To put that into perspective, the national average savings account rate is 0.06%, according to the FDIC. By choosing an account offering the highest rate, you can earn a lot more.
If you have $25,000 sitting in an account earning 0.06% interest, you’d earn about $75 after five years. An account with 2% interest would earn you $2,600 in interest alone.
2. Reassess your budget
When working remotely, you’re ideally saving more money. Not commuting and eating at home can quickly add up to additional savings. This is a perfect time to take a look at your spending habits to see where your money is really going.
There are numerous online budget calculators, and even a simple spreadsheet can help you assess your spending. Once you know where your money is going, you can decide if it’s in line with your financial goals and optimize from there. Use the extra savings to pad your emergency fund, increase retirement contributions or pay down outstanding debt.
3. Consider refinancing your mortgage
With the Fed lowering interest rates, it could be a good time to consider refinancing your mortgage. Refinancing entails getting a new loan on your home with new terms, generally to either change the length of the loan or get a lower interest rate.
Refinancing could also help you take advantage of equity in your home, freeing up cash to use elsewhere. Either way, with mortgage and refinance rates fluctuating, there are various online marketplaces to compare loans.
4. Reassess your retirement plan
Working remotely also frees up time to look at your retirement plan and decide if it needs updating. Utilize online retirement calculators to determine if you’re still on track to hit your target retirement date and savings goals.
Depending on your investment portfolio’s performance, your risk tolerance and when you hope to retire, adjustments may be needed and additional low-risk investment vehicles could be worth pursuing. Examples include dividend stocks, corporate bonds and certificates of deposit.
5. Speak with a financial advisor
It's imperative to ensure your investment portfolio is sound as the market ebbs and flows, especially if you're planning for retirement. One of the most comprehensive ways to accomplish this is by working with a financial advisor. Plus, many are willing to work with you over the phone or through video conferencing.
A fiduciary financial advisor is required to work in your best interest and can help assess and optimize your portfolio and retirement plan. They’ll take a holistic look at your financial situation and can help determine if there are additional opportunities for you to reduce taxes and potentially increase your returns. Most importantly, they can help remove emotion-based reactions from your financial decisions in uncertain markets.
Chances are, there are several highly qualified financial advisors in your town. However, it can seem daunting to choose one.
Our no-cost tool makes it easy to find the right financial advisor for you. Now you can get matched with up to three local fiduciary investment advisors that have been rigorously screened for regulatory disclosures and to confirm their licenses. The entire matching process takes just a few minutes.
Follow These Steps to Get Matched With the Right Advisor for You
1. Simply enter your ZIP code below.
2. After you enter your ZIP code and answer questions about your financial goals, you can compare up to three advisors local to you and decide which to work with.
3. Enjoy a better financial future!