Best Financial Advisors in Carson City, NV

You should consider investing money if your objective is to build wealth. Investments put your money in savings back to work to earn more money and potentially increase value and outpace inflation.

Choose an investment based on your financial goals, income, and tolerance for risk. Financial goals can either be long-term or short-term with the latter being five years or less. For long-term financial goals like retirement, you can consider riskier investments since you have time to recover from stock market fluctuations. Short-term financial goals could involve compounding money in a high-yield saving account for better returns.

Some investment categories suffer more risk than others. Some of the safest investments include Money Market fund accounts, treasury inflation-protected securities, Government securities, and certificates of deposits (CDs).

A high yield savings account is the safest option with the highest return. However, these often come with high balance requirements, variable interest rates over time, and may not be the best option for long-term growth.

Tax planning involves taking stock of your financial situation and planning all the possible tax implications. This helps you pay the lowest possible taxes in a particular situation. Moreover, tax planning is an essential part of your individual financial planning strategy. Working with a tax planning professional can help you experience a tax-optimized retirement and minimize your overall tax burden.