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Thinking about your next career move? Getting a bigger paycheck gives you the opportunity to position yourself to win the long game—financial freedom.
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5 strategies for financial balance
You’ve likely heard it before. Regardless of your income or career path, the number one savings goal is securing your retirement. Though that’s your big goal, there’s always competition for your money—from saving for emergencies to just having what you need to maintain your home and family lifestyle.
When you have more, you can do more. These tips can help you find your path forward.
Prepare for the unexpected
A job loss, a huge home repair, a medical or dental emergency. Life can throw unwelcome surprises at you at any time, but you can ease the emotional and financial stress by knowing you’re prepared. Create an emergency fund or add to one you’ve already started. Make sure the money is easy to access so you can take care of your emergency quickly.
Set up your retirement accounts
There’s a lot to take care of when you start a new job—meeting co-workers, learning how the company works, and adjusting to different surroundings. Your new 401(k) should be high on your list. Know what’s in the plan and take advantage of an employer matching contribution, if offered. Also consider rolling over any other 401(k) plans you may have to your new one for a consolidated view of your retirement savings.
Pay down debt
Is debt standing in the way of saving for your retirement and other life milestones? If you have credit cards or other loans with high interest rates, tackle them first and pay more than the monthly minimum if you can. Making higher payments can reduce your interest charges and speed up your timeline to becoming debt-free. And that means you’ll have more money to put toward the things that matter.
Consider an IRA
If you can save more than what you need to get your employer’s maximum company match, open a traditional or Roth IRA for extra savings. IRAs help diversify your retirement portfolio while providing their own advantages. With a traditional IRA, you save on taxes now with a deduction if you qualify. With a Roth IRA, withdrawals are tax-free in retirement. Earnings grow tax-deferred with both IRAs.
Revisit—or create—your financial plan
A career change is a great opportunity to take another look at your financial plan or create one. While it’s tempting to spend that salary increase, consider instead a disciplined approach to investing that will put you on track to reach your goals. The right strategy will make your money work as hard as you do so you’ll know if you’re saving enough for retirement and for other goals like a new house or a college nest egg.
Get ready for the road ahead
No matter where you are in your career, Digital Advisor can travel with you on your journey. Even when retirement is far away, our robo-advisor is working on your behalf, focusing on taking the guesswork out of investing and managing your money to help you achieve your retirement goals.
Automated investing tailored to your needs
All investing is subject to risk, including the possible loss of the money you invest.
Vanguard Digital Advisor is an all-digital service. Digital Advisor charges a 0.20% annual gross advisory fee to manage Vanguard Brokerage Accounts for a typical Digital Advisor managed portfolio. The gross advisory fee is reduced by a credit of the actual revenue The Vanguard Group, Inc. ("VGI"), or its affiliates retain from investments in each enrolled account, resulting in a net advisory fee that will be the actual fee collected from your account. A typical Vanguard ETF® portfolio will be credited approximately 0.05%, resulting in a net advisory fee of approximately 0.15%. The actual net fee amount will vary based on your unique asset allocation, account type, and specific holdings in each enrolled account. For more information, please review Form CRS and the Vanguard Digital Advisor Brochure.
Enrollments in Vanguard Digital Advisor require at least $3,000 in each Vanguard Brokerage Account. For each account you wish to enroll, the entire balance must be in certain allowable investment types (based on eligibility screening by Digital Advisor at the time of enrollment) and/or the brokerage account's settlement fund. We'll typically invest your assets in a portfolio of Vanguard ETFs®, all of which are commission-free through a Vanguard Brokerage Account. Vanguard Brokerage Accounts are offered through and maintained by Vanguard Marketing Corporation ("VMC"), a registered broker-dealer and member FINRA and SIPC. If you decide to manage your investments on your own, you can buy and sell Vanguard ETF Shares through Vanguard Brokerage Services® or another broker (which may charge commissions).
Vanguard Digital Advisor's services are provided by Vanguard Advisers, Inc. ("VAI"), a federally registered investment advisor. VAI is a subsidiary of VGI and an affiliate of VMC. Neither VGI, VAI, nor its affiliates guarantee profits or protection from losses.