The end of the year is upon us. Here are some tasks to check off before 2024 arrives! It’s that special time of the year when the holiday spirit is in the air, good friends are always near, and family time fills up our schedules. It’s also the perfect time to take financial inventory and reassess your plan to see if it still aligns with your goals. You may need to make tweaks, as your circumstances have almost certainly changed. Maybe that’s because of a major life event or an unexpected expense, which most people experience or incur over the
Read More
Archives for Financial Planning
Financial Freedom at Each Stage of Life
What does financial freedom mean to you? It could give you the opportunity to pursue personal goals and milestones while shouldering less of a financial burden. It’s true. Money can’t buy happiness. You can’t simply walk into a store and purchase it over the counter or off the shelf. It can, however, open avenues that allow you to pursue happiness, giving you the flexibility to chase what makes you feel fulfilled, understood and complete. That flexibility is called financial freedom, and it occurs when you’re no longer beholden to restrictions placed upon your goals and your desires by your unique
Read More
Are Weddings Worth the Money?
While so many people dream of their special day, it’s worth asking the question: Is it worth the price? Love conquers all, right? It’s a nice thought, but as the price of having a fantasy wedding continues to soar, so many couples are left wondering if it’s worth it to have a grand showcase and celebration for their first moments bonded in holy matrimony. In fact, the numbers appear to back these concerns, as the average cost of a wedding in 2022 was $30,000, a $2,000 increase from the 2021 total [1]. When the median household income in the United
Read More
What To Do with Inherited Money
Whether planned or unplanned, many are unsure of how to proceed after inheriting money. Here are a few steps you can take to make the most of it. So, you’ve inherited money. Depending on the circumstances, it may have been expected or unexpected, and it may or may not have come with a great deal of heartache. Nevertheless, too few people know what to do when they inherit large sums of money, imposing more pressure than they might have imagined. Here are a few things you should consider when you inherit money. Take a Brief Moment to Think When you
Read More
6 Ways to Protect Yourself From Financial Downturn
Though the United States may avoid a full-fledged recession, it’s undoubtedly a difficult time to be a consumer. Here are some ways to protect yourself. The fear of a recession looms large, and though it isn’t certain that we’ll enter recession territory in 2023, there’s no doubt we’re in a period of constraint for consumers. Inflation is still high despite the efforts of the Federal Reserve to cut spending with interest rate increases, and 2022 brought the worst annual performance for all three major indexes since 2008[1,2,3]. Understandably, this can cause panic among American consumers and pre-retirees, whether they have
Read More
Your 2022 Year-End Financial To-Do List
The end of the year is upon us. Here are some tasks to check off before 2023 arrives! As the year wraps up, it can be a great time to take financial inventory. Your circumstances are constantly changing and evolving, and the proper financial plan is not meant to be a set-it-and-forget-it thing. With the end of the year presenting the perfect chance to revisit your goals, here are a few areas you may want to check in on before we flip the calendar to 2023. Review Your Financial Plan The proper holistic financial plan isn’t just about your
Read More
4 Tips to Save For and Fund Your Child’s College Tuition
College is an investment in your child and your family, but it can come at a hefty price. Here are some tips to save! College and other forms of higher education have always been a vital part of planning a career. The foundation of any resume, a recent study interviewing 500 professional recruiters showed that all 500 look for candidates with a college degree [1]. Some common rebuttals to the argument for college might start with names like Zuckerberg, Jobs, Gates and Oprah Winfrey, all who dropped out school. Those four have incredible stories, but they’re the exception, not
Read More
7 Tips for Saving Money at the Pump
Gas prices are on the rise. Here are some ways to save a little bit of money. The surge in gas prices swooped in just in time to dampen the mood in 2022. With the Russian invasion of Ukraine continuing to impact oil prices all around the world, the best solution might be to embrace the climb and start brainstorming some small life changes we can make to compensate. According to AAA, the United States hit its highest average price per gallon Mar. 11 at $4.33 [1]. By adjusting, it’s possible to save hundreds, or even thousands, each month [2],
Read More
6 Facts About Taxes
Individual income tax returns for 2021 will be due April 18th, 2022. In preparation as we head into the tax season, here are some facts to consider. Where your tax dollars go. In 2021, the federal government spent $6.82 trillion, which equals 30% of the nation’s gross domestic product. Three significant areas of spending make up the majority of the budget. Medicare accounted for $696.5 billion, or 10%. Defense spending made up $754.8 billion, or 11% of the budget, was paid for defense and security-related international activities. Seventeen percent of the budget, or $1.1 trillion, was paid for Social
Read More
Your 2022 Financial To-Do List
Things you can do for your financial future as the year unfolds. What financial, business, or life priorities do you need to address for the coming year? Now is an excellent time to think about the investing, saving, or budgeting methods you could employ toward specific objectives, from building your retirement fund to managing your taxes. You have plenty of choices. Here are a few ideas to consider: Can you contribute more to your retirement plans this year? In 2022, the contribution limit for your own Roth or traditional individual retirement account (IRA) is $6,000 ($7,000 for those age
Read More
