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Can Geographical Differences Impact Investment Strategies?
How Investment Strategies Vary According to Financial Concerns
Everyone faces unique challenges when it comes to planning for future dreams, including retirement. However, experts have pointed out that we may also face similar challenges according to where we live. A recent survey of thousands of Americans shows that there are distinctive financial geographical issues throughout the U.S. Investment strategies may vary with these concerns, but considering getting advice from a professional investment advisor should always be high on the list of priorities.
GOBankingRates asked 10,000 people what their biggest financial concerns were, and the results show that planning for retirement, saving for a home, establishing an emergency fund, building an investment portfolio and paying for higher education were among the most frequent answers. Staying with a strategy that can produce results is actually a problem for one in five Americans, the survey found.
What are some intriguing regional differences?
- Californians said they struggle with paying for higher education.
- Residents in several northeastern states said they have a difficult time planning for retirement.
- In the Midwest, Missourians say their biggest financial concern involves planning for retirement. Missourians are also graduating college with an average student debt total of nearly $25,000.
It is not uncommon for retirement planning and higher education goals to work against each other. This is often a challenge with clients focused on having a robust retirement plan while also helping their children navigate through an increasingly expensive higher education process. Unfortunately, many parents are forgoing their own retirement plans in favor of focusing investments toward paying college tuition.
College can be a priority when it comes to planning for the future of your children, but placing too much emphasis on this part of your investment portfolio while neglecting your retirement investing can leave you unprepared financially in retirement. Students can take out low interest student loans to fund their education; this is not something thatâ€™s available for your retirement. In fact, if you put too much focus on funding higher education, you can put your children in a situation where theyâ€™re funding your retirement â€“ such as paying your medical bills and your housing expenses â€“ because you do not have enough financial resources for your retirement years.
Interestingly, the Employee Benefit Research Institute has found that the debt senior citizens are accruing has increased by 83 percent in just one decade. While the report doesnâ€™t indicate that higher education is at fault, there are likely many variables that weigh into this debt load, which in 2010 was $50,000 on average for senior citizens.
To strike the right balance between education and retirement, talk to a trusted investment advisor. These are professionals who can assist you in aligning your priorities and creating a consistent strategy for success. Family Investment Center professionals work with a wide variety of individuals with different goals, investment challenges, and family situations (all in a refreshing commission-free setting). Contact us today and letâ€™s start the conversation.