Studies have shown that consumers who save are more likely to have little to no debt, have sufficient emergency savings and save enough for retirement. Having adequate savings also means less reliance on credit cards and loans if a money emergency comes up.
can help reduce or manage debt whether it is debt from credit cards, mortgage
or a car loan. If you are considering hiring a debt management company
to help reduce or manage your debt, make sure you check
that the company is properly registered in Oregon.
Consumer lenders (payday, title and conventional loans) are required
to be licensed in Oregon to conduct business. Before you sign off on
a loan, check
here for proper licensing
Loans General Information
Before you invest, create a plan with your stated financial goals such as
paying for a college education or funding your retirement. Commit the plan
to writing. Do not forget to think about your risk tolerance. Are you willing
to ride the tide of a volatile market or would you rather feel a bit safer?
If you have short-term goals in your plan, you will want to stay away from
investments that tend to fluctuate; for long-term goals, you can look at riskier
investments that may have time to recover during downturns in the market.
There are several types of investment products available and each has its
own set of benefits, risks and fees.
A personal budget will help you look at ways to cut back on discretionary
spending such as dining out, shopping and entertainment. It is possible to
begin your investment portfolio with as little as $1,000 and then discipline
yourself to put aside $100 to $200 in monthly contributions. To know how much
you can allocate toward investments, it is best to create a budget. For suggestions
on creating a budget and using budget calculators, click
Investing your money is risky enough without worrying about someone offering
an investment that may fleece you. Be an informed investor by researching
both the potential investment and the person or firm who is selling it.
Know this fact: the person or firm who solicits and offers you an investment
must be licensed and the investment, with some exceptions, must be registered.
You can check
for licensing information for Oregons licensees. Others may
be licensed by others: the U.S. Securities and Exchange Commission (SEC)
and FINRA. Check the SECs EDGAR
system and FINRAs BrokerCheck
to start your research.
do not give investment money to another without doing proper research
first. In addition to licensing information, you will want to check out
a companys financial statements and activities and the disciplinary
history of securities salespersons. Be on guard for any investment that
is too good to be true.