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Tips for Setting Achievable Financial Goals

The Key Lies in Breaking Your Aspirations into Small, Tangible Steps
Monday, 19 December 2022

Tips for Setting Achievable Financial Goals

This is the time of year when many people think about setting new financial goals. Of course, it can feel daunting to tackle large-scale aspirations like saving for retirement, saving for your child’s college education, or paying off a mortgage loan, and even our smaller financial goals can leave us feeling anxious or confused about how to move forward.

If you feel overwhelmed by the task of setting financial goals and planning strategies to achieve them, it may help to take a different approach than you have in the past. Think about the big picture and take some time to visualize what financial success looks like to you and what you want your future to look like. Once you have clarity on what you’re aiming for, you can begin setting goals that align with what you value. Read through the steps below for more guidance.

Prepare for the New Year with This Financial Checklist

A Guide for Improving Your Finances in the Near-Term and Beyond
Monday, 12 December 2022

Prepare for the New Year with This Financial Checklist

Would you like to be more intentional about your financial health? You may find it helpful to implement a financial checklist that you can refer to as you’re setting goals and tracking your progress. The start of the New Year is a good time to assess and evaluate where you are and where you’d like to be in the coming year and beyond. Use the following guide as a framework for closing out this year and beginning the next with an eye toward strengthened finances, clarity on your goals, and a refined strategy for achieving them.

Four Tips for Building Wealth in a Dual-Income, No Kids (DINK) Household

Strategies to Maximize Your Income and Achieve Your Financial Goals
Monday, 05 December 2022

Four Tips for Building Wealth in a Dual-Income, No Kids (DINK) Household

If you and your spouse or partner are both employed and neither of you have children, your household is considered Dual-Income, No Kids – commonly abbreviated as “DINK.” Often, DINK couples split their living and lifestyle expenses while working together to achieve their joint financial goals, which can be easier to reach on two incomes with none of the financial responsibilities that come with having children.

If this sounds like you, and you want to be smart about utilizing your disposable income, read on for the wealth-building tips below meant to help DINK couples achieve long-lasting financial security.

Tips to Avoid Loneliness in Retirement

Combat This Common Concern by Following Your Passions and Staying Involved
Monday, 28 November 2022

Tips to Avoid Loneliness in Retirement

As you leave the workforce and enter retirement, you’re forced to navigate many changes. Your financial situation is an obvious and expected change, but there are a few changes that take many retirees by surprise. It can be difficult to fill the large amount of free time you now have, and there’s also a decrease in social outlets. It’s these changes that can make you feel isolated or lonely. Luckily, with time and effort, you can combat these feelings. Below you’ll find tips to help you get started.

Five Financial Tips for Your Second Marriage

When You Get Remarried, the Financial Stakes Are Often Higher
Thursday, 27 October 2022

Five Financial Tips for Your Second Marriage

Although American divorce rates have been falling slightly over the past few years, researchers still estimate that 41% of first marriages will end in divorce. This means that many people will get married more than once during their lifetimes. And while getting remarried offers a fresh start in many ways, it can be significantly more complex from a financial perspective.

Before you walk down the aisle for the second time, consider taking the important financial steps below.

Why High-Income Earners Should Maintain an Emergency Fund

Having a Cash Reserve on Hand as Backup Provides More Than Just Peace of Mind
Wednesday, 12 October 2022

Why High-Income Earners Should Maintain an Emergency Fund

There seems to be a split in the financial planning industry surrounding whether or not high-income earners should have an emergency fund or not. Some experts remain committed to the prevailing wisdom that it’s smart to have at least three months’ salary set aside, should something unexpected happen. Others, however, argue that having an emergency fund doesn’t necessarily serve high-income earners.

While it’s true that everyone has their own unique financial situation and needs, I believe it’s still important that everyone have a financial safety net in place regardless of how much income they’re earning or how much they have in assets. In the article below, we’ll look at both sides of the issue.

Strategies to Establish a Financially Secure Retirement

Steps You Can Take to Help Your Money Last Once Your Earning Years End
Wednesday, 21 September 2022

Strategies to Establish a Financially Secure Retirement

It can be a difficult and stressful task to accumulate the required funds for a financially secure retirement – especially when none of us can know how long we will get to enjoy this phase of life. While your cost of living may be less than it was when you were working, chances are your income is lower, too. This means you’ll need to have the proper savings and investments in place to support the difference and provide you with a reliable retirement income. When determining how much you should save to achieve your retirement income goals, you’re going to want to take into consideration your expected expenses, your Social Security benefits, any other income sources you have, as well as any money you want to avoid spending so that you can leave it to your heirs.

Whatever your financial situation, you’re most likely going to need a significant retirement nest egg to support yourself. Here are some helpful strategies you can use to build your retirement savings and lay the foundation for a financially secure retirement.

High Net Worth Estate Planning Considerations

Tips for Planning Ahead for Those with Significant Assets
Wednesday, 07 September 2022

High Net Worth Estate Planning Considerations

Estate planning can be complex and uncomfortable to navigate on its own, but it can be even more challenging when it comes to high net worth estate planning. Add in the fact that things are constantly changing within the industry, such as tax laws, and it becomes an even more difficult task.

When estate planning, high net worth individuals (HNWIs) typically prioritize minimizing estate taxes, protecting the inheritance they’re leaving, circumventing the probate process, and choosing the right trustee. If you’re a high-net-worth individual and share these priorities, here are some things to keep in mind as you build your estate plans.

How to Create a Multigenerational Wealth Plan for Your Family

Preserving Generational Wealth Requires More Than an Estate Plan
Wednesday, 24 August 2022

How to Create a Multigenerational Wealth Plan for Your Family

If you’re hoping to put a multigenerational wealth plan in place, you’ll want to keep this old adage in mind: “rags to riches in three generations.” It refers to the phenomenon of it taking only three generations for most families to lose their wealth entirely. The first generation builds the wealth, the second generation spends it, and then the third generation doesn’t see any of it. It’s not that families plan for this to happen. In fact, most people hope that their legacy will last and continue to grow for many generations to come. However, building long-lasting wealth that will be preserved and grown over multiple generations takes more than hope – it requires a special kind of planning and dedication. Below we’ll discuss a few helpful guidelines for you to keep in mind for your multigenerational wealth plan.

Three Investing Moves You Can Make in a Bear Market

How to Make the Most of a Downturn
Wednesday, 10 August 2022

Three Investing Moves You Can Make in a Bear Market

After a tumultuous couple of years in the markets since the beginning of the pandemic, it’s official – we’ve entered into a bear market. When COVID-19 first hit the U.S., the market plummeted. However, it quickly bounced back with the S&P 500 rising up 100% from that low by August of 2021. Now that the days of government stimulus checks and near-zero interest rates are over, the market is again finding itself struggling to cope. As the Federal Reserve continues to raise interest rates in order to fight inflation, we’re seeing the effects play out in the downward market trends we’re witnessing today.

Below, we’ll discuss what it means to be in a bear market, and how savvy investors can weather the downturn.

Don't Make These Four Retirement Mistakes

Strengthen Your Retirement Plan by Avoiding These Common Pitfalls
Monday, 25 July 2022

Don't Make These Four Retirement Mistakes

Creating a strong retirement plan – and avoiding retirement mistakes – are critical steps in planning for your future. Of course, unless you’re a financial professional, there may be a lot you don’t know. After 30 +years of working personally with retirees, I want to share four common errors to avoid so you can feel confident about the plan you’ve got in place.

 

Six Ways to Better Protect Your Financial Information

Follow These Steps to Safeguard Your Online Data
Thursday, 07 July 2022

Six Ways to Better Protect Your Financial Information

In today’s digital age, managing and accessing your money has never been easier. You can interact with your bank accounts online, set up automatic bill payments, and use apps that allow you to track your money, investments, and budgeting – all at the touch of your fingertips. Although it’s convenient, having so much of our personal data online also opens us up to the risk of identity theft and scammers who may try to take advantage. Luckily, there are steps that you can take to strengthen your cybersecurity and better protect your financial and personal information.

Below, we’ll discuss six ways you can safeguard your personal data.

How to Talk to Your Aging Parents About Money

Use These Tips to Better Communicate About This Important Topic
Thursday, 23 June 2022

How to Talk to Your Aging Parents About Money

It’s normal for your relationship with your parents to change as they age. Perhaps you’re finding yourself helping them out more around the house or assisting them in getting to and from doctors’ appointments and staying on top of their medicine. Like many people, you may even find yourself taking a larger role in helping them manage their finances. As you step further into this caretaker role, it’s common to struggle with how to talk to your aging parents about money.

This reversal of roles in the parent-child relationship can be difficult to adjust to. Adult children may be nervous about appearing greedy or overbearing by asking too many questions about money, and aging parents might be hesitant to admit that they need help as their health declines. Despite the tension that may come along with these kinds of conversations, talking to your aging parents about their finances and helping them plan for the future can save your family time, money, and stress.

Here are a few tips to help you get the conversations started.

5 Signs You Could Benefit from a Financial Advisor

Indicators That a Financial Professional Could Help You Accomplish Your Goals
Wednesday, 08 June 2022

5 Signs You Could Benefit from a Financial Advisor

When you get sick, you go to a doctor. If you find yourself in legal trouble, you go to a lawyer. When you have car trouble, you go to a mechanic. All of these make perfect sense, right? And yet, too often when people struggle financially, they hesitate to seek out the assistance of a professional. In fact, recent research on the topic shows that nearly 65% of adults are choosing to take a self-directed approach to financial planning. However, if you want to improve your finances, chances are you could benefit from a financial advisor.

Having a professional you trust to help guide you through the complexity of the financial world can be incredibly beneficial in both the short term and the long term. If any of the five signs below describe your current financial situation, you may want to consider hiring a professional.

5 Important Benefits of Your Health Savings Account

Your HSA Can Bolster Your Savings, Your Retirement Plan, and More
Wednesday, 25 May 2022

5 Important Benefits of Your Health Savings Account

If you qualify for a health savings account (HSA), it’s a good idea to understand all the benefits it can provide. It can be a valuable tool to combat the high costs of healthcare, which are only continuing to rise. Couple this with the fact that none of us can predict when we will need care as we age, and healthcare becomes a variable that poses a significant threat to your financial security.

HSAs afford the opportunity to take control even in the face of unpredictability. Still, they are largely underutilized. So, if you have an HSA or you’re considering getting one, here are five things you should know. 

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