Is your paperwork up to date? It could be quite costly if it isn’t. Continue reading Get Your Paperwork Right!
Is it possible to save too much for retirement? That may seem like an odd questions. However, the answer is…yes. The answer isn’t so much focused on finances, but rather how saving for the future is impacting your life in the present. Sure, we all want to have that seven-figure nest egg, but what if getting requires forsaking a lot within your current life? I’m not saying you shouldn’t budget and be smart with your money, but don’t get carried away with it. In other words, don’t be afraid to take a vacation from time to time. Or go out Continue reading Can You Really Save Too Much for Retirement?
Life can be unpredictable. What might seems like a good idea today can become a bad idea tomorrow. Thus, it can be hard to truly plan for the future when you don’t know what it holds. It’s also what makes life so unpredictable. Luckily (or should that be surprisingly), the IRS realizes this and has allowed some flexibility with what you can do with your IRA(s). For example, they know that there may be times when you need more money than your annual required minimum distribution (RMD). Therefore, they allow for you to take about more than your RMD amount. Continue reading Life is Unexpected. The IRS Has Got Your Back?
I recently spoke with some family members in the Northeast who lost power during a big storm that rolled through. It took them four days to get power back. While they were able to get by just fine, it got me thinking about the importance of being prepared for emergencies. I know I’ve talked about such preparation in the past, but I feel like it’s something that should be brought up from time to time as it’s very important. As you plan for the future and set goals, make sure you are also preparing for the unexpected. That means having Continue reading Are You Prepared for an Emergency?
One of the worst things you can do when the market takes a dip (or a dive) is to immediately pull your money out. While it may seem logical–why lose any more money–it’s almost always the wrong move. Taking money out during a downturn makes it incredibly difficult to take advantage of the eventual upturn. If you understand the tax implications of losses, you further take advantage through smart tax harvesting (I’m not going to get into that here). Now, I’m not talking about divesting your money in one stock and investing it in another that you think is poised Continue reading Ignore the Markets; Stay Invested
Saving for or financially planning for the future can be a daunting task. Whether you’re in your twenties and saving for a house or in your forties and kicking your retirement savings into high gear, saving enough to meet your goals can seem impossible and overwhelming. Furthermore, if you have debt to manage and expenses to pay in order to get your finances into proper shape. Many people struggle with this and it’s the reason why I–and the industry I work in–exist. There’s no shame in asking for help when it comes to money. Finances can be tough to manage Continue reading Don’t Be Afraid to Ask For Help
Just because you have lots of money doesn’t mean you’re necessarily a financial wizard. Society is littered with famous celebrities who have squandered massive amounts of money through various means, such as bad investments or poor spending habits. I’m not saying we need to be sympathetic to celebrities who make millions, but their stories, when looked at together, can provide an important lesson for all of us. That is, that having money and being able to properly manage it and care for it are two different things. In other words, just because you have money doesn’t mean you will know Continue reading Having Money and Properly Managing It are Two Different Things
This Coronavirus pandemic is changing everything. Sure, you can tell yourself it’s only temporary and convince yourself that things will soon return to normal, but it’s highly unlikely that will happen (however, there’s nothing wrong with a little optimism!). For those of you Boomers out there getting ready for retirement, it will be different. First off, of course, is the fact that the economy and markets seem to have taken a turn. Yes, we are in a recession. That’s usually not a good thing, especially if you are planning on your portfolio or investments to keep making you money in Continue reading Boomers and the New Retirement
Thanks to technology, it’s easy to become an investor these days. All you need is Internet access and a device and you can open a brokerage account. Such ease can be exciting and make one feel as though they have more control over their finances and future. However, it can also be dangerous. The ability to invest your money with the touch of your finger can also lead to a nonchalantness about investing and money. It’s not uncommon for people to get a bit carried away with investing when they first start using apps such as E*Trade or Robinhood. A Continue reading Going It Alone Investing? Be Smart About It
Retirement can be a long way off for teenagers, but given how much retirement can cost–and the costs will probably continue to rise throughout future generations–there’s no such thing as getting too early of a head start. No, you teenager might not fully appreciate how much such steps may help in the future, but that shouldn’t be a good enough reason not to at least talk to your teenager about starting to save for retirement as soon as they are able. Of course, you can start off through conversation. However, if you really want to make an impression, you may Continue reading Help Your Children Get a Let Up in Retirement