Articles to help you with all your financial plans, from planning your insurance coverages to your retirement to your estate.
The CFP® Board and its many members have done a great job promoting the benefits of working with a CFP® when seeking financial guidance…and for good reason. The designation ensures that its bearer has completed a thorough education (7 courses typically require a year or…
Most people have some knowledge about the concept behind an Individual Retirement Account (IRA). What most people don’t know is there are material differences between IRAs offered by banks and credit unions and those offered by investment firms and other types of financial institutions. Since…
Pop quiz! What’s the difference between a “financial advisor,” an “investment advisor,” and a “wealth manager”? These are just a few of the job titles you may encounter in the personal finance and investing advice space. Unlike a doctor, these titles are not regulated by…
You’re busy researching your next big vacation. As you look at all your options, you notice suggestions to buy travel insurance on most trip summary pages. When you consider what you’re going to spend on a trip, coverage might make sense. This trip will cost…
As an adult, you have a responsibility to look after yourself and your best interests in all aspects of your life. When you’re a parent, you also have that same responsibility concerning your minor child or children. Every day of your life, you face challenges…
A good part of the working population in the United States has some type of retirement plan investment account. Most individuals contribute to either an employer-sponsored retirement plan like a 401(k) account or a Traditional Individual Retirement Account, known by the IRA acronym. People who…
It feels like more than ever, our world requires a college degree. Georgetown University’s Center on Education and the Workforce predicted eight years ago that by 2020, 65% of the nation’s jobs would require postsecondary education. In 2018, 70% of workers were in those jobs,…
At a time when the U.S. stock market and currency investments have become volatile and unpredictable, a conservative-minded or risk-averse individual might go in search of safer investment alternatives. In some schools of thought, U.S. Government-backed investment options might be the right place to look….
“If you don’t know where you are going, you’ll end up someplace else.” – Yogi Berra This, without question, is my favorite quote about planning. It encapsulates, as only the great baseball coach and manager could, the very first pitfall of financial planning – not…
There are many different ways to invest for long-term wealth. And investing in an individual retirement account (IRA) is an excellent choice for many people. Regular IRAs hold government-regulated investments, like traditional stocks, bonds, mutual funds, ETFs, and CDs. And these investments are an excellent…
Experiencing stress is a part of being human. We need some pressure to push us, but too much can lead to anxiety and depression. While it’s normal to feel heightened stress levels when we’re in danger, excessive strain can damage our physical health, wealth, and…
Diversification is good, right? Well, yes, it is if it’s genuinely diversification. But it doesn’t work if your idea of being diversified is having your money in many different places. These days, due to the volatility of the job market and the explosion of fintech,…
One of the best rules of thumb for retirement planning is to start saving early and never prematurely touch the money you’ve earmarked for retirement. If you’ve waited to start saving, haven’t saved enough, or have borrowed against your retirement accounts, all is not lost….
If you want to attend a university, college, or trade school but are worried about the financial burden of taking out a student loan, you might want to look into an income share agreement or ISA. It’s not surprising if you’ve never heard of an…
It’s a new year, and all thoughts eventually turn to taxes. January is the perfect time to understand last year’s tax implications and plan your strategy… for next year. Often when one thinks of how to write a smaller check (or get a larger refund)…
Getting through another year of the pandemic may be your biggest win last year. But chances are you got a lot more checked off on your to-do list than you give yourself credit for. While you look forward to 2022, you may also look back…
The holidays are a wonderful time of year. It’s also an ideal time for reviewing the past year and making plans for the next. Don’t forget about the crucial step of setting yourself up for success; establishing a financial plan for 2022. A financial plan…
Let’s start with the stats. The reality is that when many people plug their investment account balance into the common retirement income calculators, the results are discouraging and, frankly, depressing. According to Fidelity Investments, the average 401(k) account balance for 50-somethings is a meager $160,000….
If you don’t have a will, or it’s been some time since the drafting of yours, you’re probably wondering what estate planning costs today. Looking for legal help isn’t like shopping for new shoes; it’s not easy to compare legal fees online. Estate planning doesn’t…
Rarely anything happens without a plan. Even your daily to-do list is essentially a plan. If something isn’t on that list, the chances of it getting done go down dramatically. So your financial security certainly isn’t going to happen without your attention. But I’m Going…
Calculating your personal savings rate is one of the best ways to see how well you’re doing financially and how quickly you can expect to reach financial independence. It’s also one quick and easy measure of how this year compares financially to prior years. What…
Many employers recognize there’s more to employee’s lives than work. Stress, anxiety, grief, and trauma affect all aspects of life, including job satisfaction and performance. So, many companies use Employee Assistance Programs (EAPs) to support employees with life difficulties. An EAPs goal is to catch…
Most of us have at least some medical bills each year. And with the rising cost of medical care, they can add up even when you have health insurance. The good news is, most people with employer health plans have access to tax-deductible medical savings…
We all make mistakes, some big, some small. The good news is we can learn and recover from most if not all of them before it’s too late. When it comes to family, finances, and medical care in terms of estate planning, people make several…
With a record-high stock market and low-interest rates from the Federal Reserve, inflation if not already here, seems to be right around the corner. Inflation, a general increase in prices for goods and services, which reduces the purchasing power of money, may sound scary. Yet…
Storms such as Hurricane Katrina, Hurricane Harvey, and Hurricane Imelda are happening with greater frequency and greater intensity every year. The World Health Organization lists floods as the #1 natural disaster in the world. The NOAA, the National Oceanic and Atmospheric Administration predicts that the…