Let’s face the facts, making financial decisions is downright stressful. It gets overwhelming trying to weigh out the various options available for things like your health insurance, investment ventures, retirements funds, and pretty much any big financial decision.
While everyone usually partakes in some of these ventures, that doesn’t mean everyone needs to suffer from the stress of navigating these choices alone. Instead, take a deep breath and keep reading this breakdown comparing common financial decisions.
Health Insurance
One expense that people pay for around the world is health insurance. This type of insurance is a valuable asset because it covers annual examinations, prescription medications, and other check-ups. Like any big decision, just because you need it, that doesn’t mean it’s simple to find the right health insurance company for you.
When in doubt, compare health insurance companies and policies with comparison tools that outline a wide range of private health plans that will get you the coverage you need. This way, you get a wide array of better options directly at your fingertips. With this knowledge in your hands, you can choose the right policy for you so you have a reasonable deductible from a reliable health plan.
Cryptocurrency
Another financial decision that many consumers are beginning to dip into is the world of cryptocurrency. To put it in simple terms, cryptocurrency is like digital assets that can be used for various transactions. More specifically, crypto is a form of payment commonly exchanged online for assets or services. Numerous companies have issued their own currencies which are the names you might hear often like Bitcoin, Ethereum, and Dogecoin.
Many beginners are starting to invest in crypto to exchange is for the U.S. dollar when that particular coin rises in value. If you’re getting started with crypto assets then you might be wondering which cryptocurrency exchange platform to use. There are two popular cryptocurrency exchanges and some debate Coinbase vs Kraken depending on their needs. In addition to Coinbase and Kraken, some users prefer Robinhood.
Retirement Fundstse and Robinhood are both great options for beginners because the interface is manageable allowing you to connect a debit card that you can transfer and exchange all from your mobile app. Kraken is a wise choice for advanced users who want a lower fee when exchanging to the U.S. dollar. Kraken also allows you a trading volume of up to $100,000 which is much higher than the limits on Coinbase and Robinhood.
Retirement Funds
A concluding choice that many workers around the world must make is about their retirement funds. Generally speaking, most people hear about two kinds of retirement options, the 401-(k), and the Roth IRA. A 401-(k) is a retirement account that is supported through your employer. When contributing to a 401-(k), a portion of your paycheck will go into this fund, and this happens before you have taxes taken out from your pay. 401-(k)’s also offered to allow higher contributions than IRAS.
What’s really financially great about a 401-(k) is some companies match your salary with a percentage of contributions. For example, they might match you 75% of your salary if you’ve contributed a certain amount of time which you will be taxed on like normal income. On the other hand, there are Roth IRAS that aren’t extended by your employer. A Roth IRA is set up by you and a firm that helps you invest your assets.
A big advantage to a Roth IRA is that your investment choices are never limited by the contingencies of an employer. This powerful tool allows Roth IRA holders more financial freedom, investment opportunities, and the withdrawals are tax-free too! No matter which type works better for you, just know with a little bit of thought and advice, you’re making wise financial choices for your future.
