Managing finances properly is mainly common sense. While we’ve all made financial mistakes, most of those mistakes are easily rectified, particularly when promptly corrected. However, there are some financial decisions that can be much harder to recover from.
Looking to potentially increase your income without working extra hours? A passive income investment may bring you closer to your wealth-building goals.
If you’re ready to start saving towards your financial goals, you may want to consider hiring a financial advisor to guide you through the maze. While robo-advisors are also available to help you with your savings goals, they are best suited for those just starting out or for those with limited funds to invest. But if you want solid, professional advice on where you should put your money, a financial advisor can be the answer...
Creating a financial plan may seem overwhelming to those that have never completed one, but taking the first steps to creating a plan is much easier than you may think. Even if you plan on hiring a professional financial planner down the road, creating a rudimentary plan can go a long way towards sharpening your goals, making your meeting with a financial planner much more useful when it does occur. If you’re not sure where...
You’re probably aware that there are many options for retirement planning including 401(k)s, IRAs, Roth IRAs, and more. Some of the more common plans are employer-sponsored ones like 401(k)s, 403(b)s, and 457(b)s. These arrangements have higher contribution limits and let employees save for retirement on a post-tax or a tax-deferred basis, which is more typical. However, as individuals move from job to job or employer to employer, they are faced with decisions about what to...
If you have a child graduating from high school or college and entering the workforce, they may have the opportunity to open up a 401(k) through their new employer. In some cases, that employer will also offer matching contribution funds up to a certain percentage. While it sounds like a no-brainer to take advantage of these benefits early,many younger employees do not participate in their employer's 401(k) plan. It’s essential to teach your children the...
Nearing retirement age and looking to reduce your expenses? Moving to a smaller home may help you save.
What exactly is dollar-cost averaging? And how can reverse dollar-cost averaging be risky to those who live on a fixed income?
No matter how you invest, you may have biases that are impacting your decisions. Are you affected by one of these common biases?
If you and your spouse are making plans to retire, you’re probably wondering whether it’s a good idea to retire at the same time. Many couples go through the same thought process and, in fact, one in four couples quit their jobs within a year of each other. But retirement is a decision that should be carefully thought out. Here are some things to consider when deciding whether to retire at the same time as...
Are you anxious about rising higher education costs? College can be a valuable experience, but it’s becoming less affordable since costs are growing at approximately 6% each year, which is more than twice the inflation rate. However, with the proper foresight and knowledge, you can utilize different investment vehicles to increase the likelihood that your loved ones will have minimal or no student debt. Some accounts, such as 529 plans, have multiple tax advantages that...
Relationships can be filled with tricky financial situations. Here are some tips on navigating money management as a team.
