Giving financial advice is an industry in and of itself – television channels and websites are devoted to it. It’s also a rapidly changing process, as what was sound advice a few years ago may not be now. 

With that in mind, Troy Center for Rehabilitation and Nursing would like to share this list of four pieces of financial advice that may not be wise to follow

 

  • Consider Alternatives to the Savings Account

 

Two standard moves in banking are to open a checking and savings account. Problem is, there are several different ways to safely save money that will bring you a better rate of return than a savings account. Shop around for different money market or certificate of deposit (CD) accounts that can give you much better interest dividends on your savings.

 

  • Check Your Insurance Rates

 

Most people just set and forget their homeowners and auto insurance policies, but there are companies out there fighting for your business. Shop around once every year or so to see if you can get the same coverage for a better rate.

 

  • Don’t Forget About Life Insurance

 

Many people dismiss life insurance as they get older, assuming that the premiums will be too high. But plenty of companies are offering great rates even for people in their 50s, so it’s worth the peace of mind to check out this option.

 

  • Now Is the Best Time to Invest

 

Granted, the market has its fair share of ups and downs, but the trend has pointed upwards for decades. If you’re putting off investing in an IRA, a 401(k) at work, or other investment opportunities to wait until “the time is right,” you’re likely costing yourself money down the road. Don’t delay!

 

To learn more about Troy Center for Rehabilitation and Nursing and all of the services they offer, visit https://troy-center.facilities.centershealthcare.org/