Consider your relationship with money and how you’ve used it. The point of this introspection is to try and understand your relationship with money and how you use it in your life – understand the areas where you’re weak, the areas where you’re strong, and how you can improve the weaknesses and leverage the strengths.
It’s a New Year and the best time to get your house in order by setting some basic family financial plans in motion. If we focus on one task at a time, your family’s financial footing can be established by February. Let’s start with life insurance. Ask yourself 3 questions: are you married? Do you
Continuing the theme of getting your house in order by focusing on one task at a time, your family’s financial footing can be established before February. Last week we highlighted life insurance. This week let’s consider trusts and wills. Fact is, most Americans don’t have a will, let alone a revocable living trust which is
Continuing the theme of getting your house in order by focusing on one task at a time, your family’s financial planning and overall planning can be established by February. Last week we highlighted trusts and wills. This week let’s consider living wills or advanced directives. A living will is a directive to physicians that lets
It’s tax time again. Here’s a reminder on a way to hold onto your lump sum and put it to work for you. Consider rolling your tax refund or a portion of into a CD (certificate of deposit). You can then use your CD as collateral to borrow money short term. Or in other words
Saving money is in. Spending it like you’re not financially literate is out. If you get a tax refund this year and have outstanding debt, any kind of debt, the best use of that money is to pay the debt down or off. Here are some additional ways to use your refund: Invest in Your
Most middle-aged adults and soon-to-be retirees have the same question: How much do I need to retire? We should consider this question at all ages and stages. There are no easy answers, nor is there a one-size-fits-all approach. Since how much you need for retirement is based on your specific needs and spending habits, your
Getting your tax refund back on a prepaid card may sound convenient, but does it make financial sense? For those without bank accounts, a prepaid debit card may be the fastest way to get an income tax refund. It’s an option offered by all the major tax preparers. But for those with bank accounts or
(1) Talk honestly about your household finances (2) Open an investment account (can be set it up as a trust) (3) Get them a passport (4) Start a college fund (5) Start a savings account (6) Get them a library card (7) Check out books on coding or anything involving STEM (Science, Technology, Engineering, Math
Set your children off on the right financial path by teaching them these three important ideas. Start young — it’s important to broach the subject of money with kids at a young age. There’s no way to expect a child at any age to understand money unless you talk about it and the conversation can’t