{"id":4415,"date":"2021-01-11T14:11:46","date_gmt":"2021-01-11T19:11:46","guid":{"rendered":"https:\/\/scarletoakfs.webarc.dev\/?p=4415"},"modified":"2023-04-26T15:11:08","modified_gmt":"2023-04-26T19:11:08","slug":"building-a-healthy-financial-foundation","status":"publish","type":"post","link":"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/","title":{"rendered":"Building a Healthy Financial Foundation"},"content":{"rendered":"

How many pieces do you have in place?<\/em><\/p>\n

When you read about money matters, you will sometimes see the phrase, \u201cgetting your financial house in order.\u201d What exactly does that mean?<\/p>\n

When your financial \u201chouse is in order,\u201d it means it is built on a solid foundation.<\/strong> It means that you have six fundamental \u201cpillars\u201d in place that are either crucial for sustaining your financial well-being or creating wealth.<\/p>\n

#1: A savings account.<\/strong><\/h5>\n

This is your Fort Knox: the place where you store and build the cash you may someday use for your biggest purchases. Savings accounts pay a modest interest rate. You should still consider having a savings account, even in today\u2019s low-interest rate environment. Banks and credit unions often limit the number and amount of withdrawals you can make from savings accounts per month.<\/p>\n

#2: A checking account.<\/strong><\/h5>\n

This is your go-to account for everyday expenses, whether you pay your bills digitally or the old-fashioned way. Checking accounts pay a modest interest rate. Some accounts may have minimum balance requirements, so it’s best to closely read the new account information. Also, opening a checking account may lead to opening a credit card account at the same financial institution.<\/p>\n

#3: An emergency fund. <\/strong><\/h5>\n

This bank account helps you deal with the unexpected. You know that label you see on fire extinguisher boxes \u2013 \u201cbreak glass in case of emergency?\u201d Only in a financial emergency should you \u201cbreak into\u201d this account. What is a financial emergency? Everyone\u2019s definition varies, but examples include hospital bills, major car repairs, and unemployment.<\/p>\n

#4: A workplace retirement plan account.<\/strong><\/h5>\n

Some want to start saving for retirement as soon as possible. Workplace retirement plans offer you a convenient way to get started. In most of these plans, your contribution is made with pre-tax dollars.1<\/sup><\/p>\n

Money saved and invested in these accounts can compound, and the compounding may become greater with time. Consistent monthly investment is the \u201cfuel\u201d for your account.<\/p>\n

Regular monthly investing does not protect against a loss in a declining market or guarantee a profit in a rising market. Individuals should evaluate their financial ability to continue making purchases through periods of declining\u00a0and rising prices. The return and principal value of stock prices will fluctuate as market conditions change. Shares, when sold, may be worth more or less than their original cost.<\/p>\n

#5: An Individual Retirement Arrangement (IRA).<\/strong><\/h5>\n

This is a tax-advantaged retirement savings account that you own. There are traditional IRAs (up-front contributions are not taxed; retirement withdrawals are) and Roth IRAs (up-front contributions are taxed; retirement withdrawals are not, provided federal tax laws are followed).2<\/sup><\/p>\n

Mandatory annual withdrawals are required from traditional IRAs starting at age 72. The money distributed to you is taxed as ordinary income; if such distributions are taken before age 59\u00bd, they may be subject to a 10% federal income tax penalty. No mandatory annual withdrawals are required from Roth IRAs while the original owner lives. To qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a five-year holding requirement and occur after age 59\u00bd. Tax-free and penalty-free withdrawal can also be taken under certain other circumstances, such as the owner’s death. The original Roth IRA owner is not required to take minimum annual withdrawals.<\/p>\n

Thanks to the SECURE Act, you may contribute to Roth and traditional IRAs all your life, as long as you meet the earned-income requirement for account contributions.2<\/sup><\/p>\n

#6: A taxable investing account.<\/strong><\/h5>\n

This is also popularly called an investment account or brokerage account. Unlike an IRA or workplace retirement plan, the invested assets in these accounts are taxed each year. A taxable investing account gives you access to a wide range of investment products, which can help complement the other accounts in your financial foundation.<\/p>\n

Scarlet Oak Financial Services can be reached at\u00a0<\/strong>800.871.1219<\/strong><\/a>\u00a0or\u00a0<\/strong>contact us here<\/strong><\/a>.<\/strong><\/p>\n

 <\/p>\n

 <\/p>\n

This material has been prepared for informational purposes.<\/em><\/p>\n

This material was prepared by MarketingPro<\/a>, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from<\/em><\/p>\n

 <\/p>\n

sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.<\/em><\/p>\n

\u00a0 <\/strong><\/em><\/p>\n

Citations<\/strong><\/em><\/p>\n

    \n
  1. Tax Policy Center, May 2020<\/em><\/li>\n
  2. Internal Revenue Service, November 10, 2020<\/em><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    How many pieces do you have in place? When you read about money matters, you will sometimes see the phrase, \u201cgetting your financial house in order.\u201d What exactly does that…<\/p>\n","protected":false},"author":3,"featured_media":6820,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5,582],"tags":[46,313,314,60,121],"yoast_head":"\nBuilding a Healthy Financial Foundation<\/title>\n<meta name=\"description\" content=\"When your financial in order it means it is built on a solid foundation. You have foundation in place to sustain your financial well-being.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Building a Healthy Financial Foundation\" \/>\n<meta property=\"og:description\" content=\"When your financial in order it means it is built on a solid foundation. You have foundation in place to sustain your financial well-being.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/\" \/>\n<meta property=\"og:site_name\" content=\"Scarlet Oak Financial Services\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ScarletOakFS\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-11T19:11:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-26T19:11:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2021\/01\/400x343-1st-Quarter-Articles-1_Page_10.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2500\" \/>\n\t<meta property=\"og:image:height\" content=\"2144\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Faye Sykes\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Scarlet_OakFS\" \/>\n<meta name=\"twitter:site\" content=\"@Scarlet_OakFS\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Faye Sykes\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/\"},\"author\":{\"name\":\"Faye Sykes\",\"@id\":\"https:\/\/scarletoakfs.com\/#\/schema\/person\/670fe6249fac217d387fb33ca2248717\"},\"headline\":\"Building a Healthy Financial Foundation\",\"datePublished\":\"2021-01-11T19:11:46+00:00\",\"dateModified\":\"2023-04-26T19:11:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/\"},\"wordCount\":800,\"publisher\":{\"@id\":\"https:\/\/scarletoakfs.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2021\/01\/400x343-1st-Quarter-Articles-1_Page_10.jpg\",\"keywords\":[\"Atlanta Wealth Management\",\"checking\",\"Emergency Fund\",\"retirement\",\"Savings\"],\"articleSection\":[\"Financial Planning\",\"Money Management\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/\",\"url\":\"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/\",\"name\":\"Building a Healthy Financial Foundation\",\"isPartOf\":{\"@id\":\"https:\/\/scarletoakfs.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2021\/01\/400x343-1st-Quarter-Articles-1_Page_10.jpg\",\"datePublished\":\"2021-01-11T19:11:46+00:00\",\"dateModified\":\"2023-04-26T19:11:08+00:00\",\"description\":\"When your financial in order it means it is built on a solid foundation. You have foundation in place to sustain your financial well-being.\",\"breadcrumb\":{\"@id\":\"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/#primaryimage\",\"url\":\"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2021\/01\/400x343-1st-Quarter-Articles-1_Page_10.jpg\",\"contentUrl\":\"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2021\/01\/400x343-1st-Quarter-Articles-1_Page_10.jpg\",\"width\":2500,\"height\":2144,\"caption\":\"A grey bridge over foggy grey water. Article title- Building a Healthy Financial Foundation\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/scarletoakfs.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Building a Healthy Financial Foundation\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/scarletoakfs.com\/#website\",\"url\":\"https:\/\/scarletoakfs.com\/\",\"name\":\"Scarlet Oak Financial Services\",\"description\":\"Best Financial Services\",\"publisher\":{\"@id\":\"https:\/\/scarletoakfs.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/scarletoakfs.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/scarletoakfs.com\/#organization\",\"name\":\"Scarlet Oak Financial Services\",\"url\":\"https:\/\/scarletoakfs.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/scarletoakfs.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2023\/03\/Untitled-design.png\",\"contentUrl\":\"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2023\/03\/Untitled-design.png\",\"width\":200,\"height\":100,\"caption\":\"Scarlet Oak Financial Services\"},\"image\":{\"@id\":\"https:\/\/scarletoakfs.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/ScarletOakFS\/\",\"https:\/\/x.com\/Scarlet_OakFS\",\"https:\/\/www.linkedin.com\/company\/scarlet-oak-financial-services\/\",\"https:\/\/www.youtube.com\/channel\/UCLWHBSwlhKI5u627x3ZLxUg\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/scarletoakfs.com\/#\/schema\/person\/670fe6249fac217d387fb33ca2248717\",\"name\":\"Faye Sykes\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/scarletoakfs.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/975c9fc102d990e6ba1cbcf7ef3f218f?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/975c9fc102d990e6ba1cbcf7ef3f218f?s=96&d=mm&r=g\",\"caption\":\"Faye Sykes\"},\"url\":\"https:\/\/scarletoakfs.com\/author\/faye\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Building a Healthy Financial Foundation","description":"When your financial in order it means it is built on a solid foundation. You have foundation in place to sustain your financial well-being.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/","og_locale":"en_US","og_type":"article","og_title":"Building a Healthy Financial Foundation","og_description":"When your financial in order it means it is built on a solid foundation. You have foundation in place to sustain your financial well-being.","og_url":"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/","og_site_name":"Scarlet Oak Financial Services","article_publisher":"https:\/\/www.facebook.com\/ScarletOakFS\/","article_published_time":"2021-01-11T19:11:46+00:00","article_modified_time":"2023-04-26T19:11:08+00:00","og_image":[{"width":2500,"height":2144,"url":"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2021\/01\/400x343-1st-Quarter-Articles-1_Page_10.jpg","type":"image\/jpeg"}],"author":"Faye Sykes","twitter_card":"summary_large_image","twitter_creator":"@Scarlet_OakFS","twitter_site":"@Scarlet_OakFS","twitter_misc":{"Written by":"Faye Sykes","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/#article","isPartOf":{"@id":"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/"},"author":{"name":"Faye Sykes","@id":"https:\/\/scarletoakfs.com\/#\/schema\/person\/670fe6249fac217d387fb33ca2248717"},"headline":"Building a Healthy Financial Foundation","datePublished":"2021-01-11T19:11:46+00:00","dateModified":"2023-04-26T19:11:08+00:00","mainEntityOfPage":{"@id":"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/"},"wordCount":800,"publisher":{"@id":"https:\/\/scarletoakfs.com\/#organization"},"image":{"@id":"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/#primaryimage"},"thumbnailUrl":"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2021\/01\/400x343-1st-Quarter-Articles-1_Page_10.jpg","keywords":["Atlanta Wealth Management","checking","Emergency Fund","retirement","Savings"],"articleSection":["Financial Planning","Money Management"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/","url":"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/","name":"Building a Healthy Financial Foundation","isPartOf":{"@id":"https:\/\/scarletoakfs.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/#primaryimage"},"image":{"@id":"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/#primaryimage"},"thumbnailUrl":"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2021\/01\/400x343-1st-Quarter-Articles-1_Page_10.jpg","datePublished":"2021-01-11T19:11:46+00:00","dateModified":"2023-04-26T19:11:08+00:00","description":"When your financial in order it means it is built on a solid foundation. You have foundation in place to sustain your financial well-being.","breadcrumb":{"@id":"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/#primaryimage","url":"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2021\/01\/400x343-1st-Quarter-Articles-1_Page_10.jpg","contentUrl":"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2021\/01\/400x343-1st-Quarter-Articles-1_Page_10.jpg","width":2500,"height":2144,"caption":"A grey bridge over foggy grey water. Article title- Building a Healthy Financial Foundation"},{"@type":"BreadcrumbList","@id":"https:\/\/scarletoakfs.com\/building-a-healthy-financial-foundation\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/scarletoakfs.com\/"},{"@type":"ListItem","position":2,"name":"Building a Healthy Financial Foundation"}]},{"@type":"WebSite","@id":"https:\/\/scarletoakfs.com\/#website","url":"https:\/\/scarletoakfs.com\/","name":"Scarlet Oak Financial Services","description":"Best Financial Services","publisher":{"@id":"https:\/\/scarletoakfs.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/scarletoakfs.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/scarletoakfs.com\/#organization","name":"Scarlet Oak Financial Services","url":"https:\/\/scarletoakfs.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/scarletoakfs.com\/#\/schema\/logo\/image\/","url":"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2023\/03\/Untitled-design.png","contentUrl":"https:\/\/scarletoakfs.com\/wp-content\/uploads\/2023\/03\/Untitled-design.png","width":200,"height":100,"caption":"Scarlet Oak Financial Services"},"image":{"@id":"https:\/\/scarletoakfs.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/ScarletOakFS\/","https:\/\/x.com\/Scarlet_OakFS","https:\/\/www.linkedin.com\/company\/scarlet-oak-financial-services\/","https:\/\/www.youtube.com\/channel\/UCLWHBSwlhKI5u627x3ZLxUg"]},{"@type":"Person","@id":"https:\/\/scarletoakfs.com\/#\/schema\/person\/670fe6249fac217d387fb33ca2248717","name":"Faye Sykes","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/scarletoakfs.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/975c9fc102d990e6ba1cbcf7ef3f218f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/975c9fc102d990e6ba1cbcf7ef3f218f?s=96&d=mm&r=g","caption":"Faye Sykes"},"url":"https:\/\/scarletoakfs.com\/author\/faye\/"}]}},"_links":{"self":[{"href":"https:\/\/scarletoakfs.com\/wp-json\/wp\/v2\/posts\/4415"}],"collection":[{"href":"https:\/\/scarletoakfs.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/scarletoakfs.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/scarletoakfs.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/scarletoakfs.com\/wp-json\/wp\/v2\/comments?post=4415"}],"version-history":[{"count":0,"href":"https:\/\/scarletoakfs.com\/wp-json\/wp\/v2\/posts\/4415\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/scarletoakfs.com\/wp-json\/wp\/v2\/media\/6820"}],"wp:attachment":[{"href":"https:\/\/scarletoakfs.com\/wp-json\/wp\/v2\/media?parent=4415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/scarletoakfs.com\/wp-json\/wp\/v2\/categories?post=4415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/scarletoakfs.com\/wp-json\/wp\/v2\/tags?post=4415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}