- November 22, 2023
- Posted by: legaleseblogger
- Category: Related News
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Seeking Financial Advice: Exploring Investment Options and Financial Literacy Resources
As someone with $10,000 to invest, I am contemplating the best way to make the most of my money. I am considering options such as Roth IRAs, high yield savings accounts, and potentially real estate. However, I am eager to expand my financial literacy and learn more about the potential avenues for investment. While reading financial literacy books is a great start, I am open to recommendations for resources to further educate myself in this area.
In addition to self-education, I am also considering meeting with a financial advisor. I would greatly appreciate hearing about personal experiences with financial advisors and any recommendations for finding the right one. I am determined to break free from a mindset of financial struggle and gain a sense of empowerment and understanding when it comes to managing my money. The exhaustion of feeling lost and uncertain about my financial future is something I am eager to overcome.
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Original content:
As technology continues to evolve, the legal profession is also seeing advancements with the growing use of artificial intelligence (AI) tools. These tools have the capability to aid lawyers and legal professionals in various tasks such as research, document review, and contract analysis. However, one of the challenges that come with the use of AI in the legal field is the complex and often confusing terminology and language used in legal documents. This can make it difficult for non-legal professionals to understand and interpret legal documents, leading to potential misunderstandings and errors.
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Rewritten content:
The Impact of Artificial Intelligence Tools on the Legal Profession
In today’s rapidly evolving technological landscape, the legal profession is experiencing significant advancements with the increased adoption of artificial intelligence (AI) tools. These sophisticated tools have the capacity to support and enhance the work of lawyers and legal professionals across a wide range of tasks, including research, document review, and contract analysis. Despite their potential benefits, the utilization of AI in the legal field comes with its own set of challenges, particularly regarding the complex and convoluted terminology and language found in legal documents. This intricate language can pose difficulties for individuals who are not well-versed in legal terminology, leading to potential misunderstandings and errors in the interpretation of legal documents.
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****** just grabbed a
Start here: https://reddit.com/r/personalfinance/s/2rxot1J4vE
Don’t over think it. Start with a HYSA then while your money is earning something at least, read books and educate yourself on how to accumulate wealth, invest in yourself, get healthy and strong, focus on the positive energy, money comes and goes, there is only one of you my friend.
It depends where you are in your financial journey. Recommend reading the pinned thread or you watch the Money Guys and follow the FOO.
Money is a tool, can be used to break chains (debt), stored for a rainy or used to build.
Watch The Money Guys on YouTube. If you Social Media. I could recommend some great Financial Coaches. Stay away from Rich Dad Poor Dad and Dave Ramsey. IMO of course
I donÔÇÖt think you need a financial advisor unless you are dealing with a really large sum of money. With the $10,000 what I would do is
Max our Roth IRA ($6500 limit). From there you can invest in ETFs. I would do a mix of VOO and VXUS but itÔÇÖs completely up to you. Remember that this is not done automatically for you at first, you have to manually invest yourself.
Put the rest in a High Yield Savings account (I think they yield close to 5% annually last time I checked but IÔÇÖm not sure).
In general I think the HYSA could be an emergency fund of 3-6 months worth of expenses and/or any relatively short term purchases you plan to make in a few years.
Best thing to do is sign up for a financial class.
Work with a financial advisor who is a CFP and ideally either has experience as a CPA or partners with a CPA
Khan Academy has a financial literacy course [And a personal finance course]. Not super great, but it could be helpful, especially if you carefully read through all the articles and stuff.
I am a big fan of high-interest savings accounts [5%+]. Park your money in there so you will be making $500 extra a year [Almost $10 a week!] while you think about the other options. No point leaving your money in a basic low-interest savings account when it could be in a high-interest one.
Roth IRA: How did you come into this $10,000? Income contributed to a Roth IRA has to be earned income meaning from a job where you receive a W-2 or a 1099. Earned income also includes self-employment income.
Real Estate: With $10,000, your ability to invest in real estate will be limited. I personally have yet to invest in real estate, but you can look into options like Fundrise. I’ve always thought of Fundrise and alternative options like real estate crowdfunding. I’m not overly familiar with real estate investing, so don’t take this as absolute truth. Please explore other options.
High-yield Savings Account (HYSA): I don’t consider this to be true investing. An HYSA is a great way to park your emergency savings because you’ll typically need to access these funds quickly if needed. An HYSA is an example of a perfectly liquid asset because you don’t have to sell anything to access your funds.
All in all, the best way to start investing is to start earning an income. This can be through a traditional job route or by starting your own business if that’s something you want to do.
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How much do you spend each month? Your first goal should be to build up an emergency fund that could cover around six months of expenses. Keep that money in a high yield savings account.
If you have any left over (most people need more than $10k in an emergency fund), put it in a Roth IRA. Invest in total market index funds or a target date fund.