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Derek Silva

Credit Card and Retirement Expert

Derek Silva is determined to make personal finance accessible to everyone. He writes on a variety of personal finance topics for SmartAsset, serving as a retirement and credit card expert. Derek is a member of the Society for Advancing Business Editing and Writing and a Certified Educator in Personal Finance® (CEPF®). He has a degree from the University of Massachusetts Amherst and has spent time as an English language teacher in the Portuguese autonomous region of the Azores. The message Derek hopes people take away from his writing is, “Don’t forget that money is just a tool to help you reach your goals and live the lifestyle you want.”

Posts by Derek Silva:

by Derek Silva Jan 07, 2022

Most retirement experts recommend you contribute 10% to 15% of your income toward your 401(k) each year. The most you can contribute in 2021 is $19,500 or $26,000 if you are 50 or older. In 2022, the maximum contribution limit for individuals is $20,500 or $27,000 if you are 50 or older. For both years, those those age 50 and older can contribute an extra amount of $6,500. Consider working with a financial advisor to determine the best contribution rate. Read more

by Derek Silva Oct 28, 2021

The median salary for a financial advisor is $89,330, which is well above the national average, according to the most recent 2020 data from the Bureau of Labor Statistics (BLS). However, pay can vary widely by state, city and level of experience. The profile of an advisor’s clientele can have an effect on salary as well. If you’re on the lookout for a financial advisor who can help you manage your money, check out SmartAsset’s free matching tool. Read more

by Derek Silva Jul 31, 2019

Buying a home requires just as much care as any other significant investment. If being a first-time homebuyer is a part of your American dream, it’s important to choose a home that fits your budget based on your savings at the same time that it meets your other lifestyle needs. First-time homebuyers might find the home-buying process especially daunting, but there are many programs out there to help make it easier. And location, of course, is a crucial factor. Local market conditions, such as how stable the housing market is, can sometimes make all the difference. To help you get a better sense of where to start looking, SmartAsset created this list of the best cities for first-time homebuyers. Read more

by Derek Silva Apr 30, 2019

Small towns have their charm and big cities offer great opportunities, but what if you’re looking for something in between? Unlike a large metropolis, a small city tends to have a more affordable… Read more

by Derek Silva Apr 25, 2019

According to Census Bureau data from 2017, there are more than 71 million people in the U.S. aged 60 and older. Each year more people reach retirement age and decide to make some changes as they… Read more

by Derek Silva Apr 24, 2019

If you’re looking to raise a family, the city you call home can affect many parts of your life. It potentially impacts the jobs available to you, how much you earn, how much it costs to live… Read more

by Derek Silva Apr 23, 2019

In about 62% of two-parent households, both parents work, according to 2017 data from the Bureau of Labor Statistics. That’s up about 1% from the previous year. Not only are more parents working, but… Read more

by Derek Silva Apr 17, 2019

Once you’ve put in the work to get a degree, you’ve got a big decision ahead of you: Where to start your career? For those who have the ability to relocate, choosing the right city can make a big… Read more

by Derek Silva Apr 23, 2019

Saving for a home can take years, which sometimes makes the idea of switching from renting to buying a daunting one even if you have some help. But if you’re on your own, buying a home can be even… Read more

by Derek Silva Aug 05, 2022

An investment portfolio is a basket of asset classes that typically include stocks, bonds, cash, real estate and more. Investors generally aim for a return by diversifying these securities in a way… Read more

by Derek Silva Apr 10, 2019

The latest data from the U.S. Census Bureau shows that women earn approximately 80% of what men do. Though the work to achieve pay gap equity is far from finished, it’s important to recognize the… Read more

by Derek Silva Apr 09, 2019

Owning a home is an important financial goal for many Americans. Data from the U.S. Census Bureau shows that at the end of 2018, approximately 64% of people owned their homes. Whether homeownership… Read more

by Derek Silva Apr 03, 2019

Running is an accessible sport that allows you stay active while saving some money. Of course, one of the biggest requirements for runners is the space to run. That could mean open space, like parks… Read more

by Derek Silva Apr 02, 2019

Different places attract particular residents due to a variety of factors such as job opportunities, climate or lifestyle. Though an ultimate constraint is the cost of a home, some markets seem to… Read more

by Derek Silva Mar 28, 2019

Selling a house is a major decision that demands careful consideration. After all, securing more money from selling your home gives you more capital to invest with your financial advisor. Your… Read more

by Derek Silva Mar 21, 2019

It costs more than $233,000 to raise a child through age 17, according to the U.S. Department of Agriculture. Given that high cost, you want to know that you’re living in a place that is conducive to… Read more

by Derek Silva Mar 13, 2019

Hockey may not be the most popular sport in America, but it enjoys a strong fan base. Its following is also growing: Since we last did this study, the National Hockey League has even added a new team… Read more

by Derek Silva Mar 24, 2022

If you find yourself with some extra money, then you’ll need to decide what to do with it. If you have a mortgage worth hundreds of thousands of dollars, it may be tempting to put your windfall… Read more

by Derek Silva Sep 24, 2020

EBITDA is a popular metric that analysts and investors use for determining the current performance of a company. It measures a company’s earnings minus certain expenses, including taxes, interest,… Read more

by Derek Silva Jan 05, 2022

If you’re building your retirement saving, 401(k) plans are a great option. These employer-sponsored plans allow you to contribute up to $19,500 in pretax money in 2021 or $20,500 in 2022. Some… Read more

by Derek Silva Sep 02, 2020

Income statements are financial statements that show how a business did financially over a certain period of time. Generally, they show revenue minus expenses and losses to give a company’s profit or… Read more

by Derek Silva Sep 04, 2020

A balance sheet is a financial document that a company releases to show its assets, liabilities and overall shareholder equity. Balance sheets are useful tools for potential investors in a company,… Read more

by Derek Silva Sep 01, 2022

If you have $30,000 to invest, you have many options. Some things, like making the down payment on a house, might be a bit out of reach, but you can still invest in securities ranging from stocks to… Read more

by Derek Silva Dec 10, 2019

The U.S. experienced a partial government shutdown from Dec. 22, 2018 to Jan. 25, 2019. This 35-day shutdown was the longest in U.S. history and disrupted the service of multiple federal agencies,… Read more

by Derek Silva Aug 25, 2022

If you’re looking to invest $100,000, you have a lot of options — but some are absolutely better than others. You could also invest in real estate, or put some of the money into a diverse basket of… Read more