A hammock on the beach. Your favorite chair in the living room. Waking up when you feel like it. A blank calendar. Doing what you want when you want. Doing nothing if that’s how you feel that day. After a lifetime of working 40 hours every week, this scenario sure sounds appealing to many soon-to-be retirees. But the surprising reality is that a life of unstructured leisure can create stress, strain spousal relationships, and lead to feelings of uselessness and depression. When today’s … [Read more...]
Should I Sacrifice My Retirement to Support My Children?
Most parents will say that they want to help their children as much as they can and give them every advantage. But what if “every advantage” comes at the expense of the parents’ retirement savings and investments? According to a survey by NerdWallet, 80% of parents are covering or have covered an adult child’s expenses after the child turned 18. That generosity can cost parents up to $227,000 of their retirement savings.* Can you afford to press pause? Some parents who are still … [Read more...]
What is Your “Philosophy” on Insurance?
Most people consider insurance an important part of their financial plan. But do you also have an insurance philosophy that you use to determine exactly how much coverage you need? Forming an insurance philosophy requires you to think about the people and possessions that matter the most to you. How do you want to protect them? What are the risks involved? Are monthly premiums or out-of-pocket payments more in line with your philosophy and your financial means? Here are four important … [Read more...]
Three Overlooked Keys to Being a Successful Investor
Does investing strike “fear” in you? We once heard somebody say the word “fear” stands for “False Evidence Appearing Real.” That seems to apply to investing. Here’s why. The stock market makes some people nervous. This can be especially true for young people who grew up during the Great Recession. Not only did these folks see market volatility at its worst, but they also came away with negative impressions about the financial markets in general. The truth is that the market is neither a … [Read more...]
Giving: How To Do The Most Good Without Disrupting Your Financial Plan
Many studies have shown that charitable giving provides greater happiness than buying more stuff. Eventually, you get used to your fancy new car, and the enjoyment it provides goes down. But giving forges feelings of connectedness and community that don’t fade away. Incorporating charitable giving into your financial plan is a great way to make sure that your generosity is aligned with the things that are most important to you. Some forethought about these key issues will also make sure that … [Read more...]
Spending: What to Do When You and Your Spouse are NOT on the Same Page?
Most married couples take a “divide and conquer” approach to household tasks and chores. One spouse might handle weekly shopping, the other might handle garbage and recycling. One spouse might handle laundry and cleaning, the other might handle yardwork and maintenance. One spouse might drive the kids to school, the other might handle pickup and extracurricular activities. But household spending and budgeting is one of those responsibilities that’s best tackled together. Money issues are one … [Read more...]
Savings: Does Your Desire to Save Match Your Reality?
“The only money that’s really yours is the money you spend. Everything else goes to somebody else." -Teddy Chafolious That piggy bank we remember from childhood wasn’t just a place to store our birthday money and spare change: it was a lesson, a way our parents encouraged us to get into the habit of saving. Many parents even go so far as to deposit half of any monetary gifts their children receive directly into a savings account, just to drive the point home. Adults who took that lesson … [Read more...]
Are You Financially and Emotionally Prepared for Life’s Big Transitions?
Financial planning is more than just a series of savings and investments you lock away and forget about. Your money doesn’t exist in a vacuum. Your financial needs are going to fluctuate in response to the transitions that we all go through as we work, raise our families, and look ahead to retirement. Managing these transitions is one of the keys to maximizing your finances and to achieving a greater Return on Life™ (ROL). It’s Better to Prepare Than Repair When it comes to your … [Read more...]
Debt: What’s Your Story and How Do You Feel About It?
In a recent study, half of Americans said their expenses are equal to or greater than their income. 1 Revolving credit, particularly credit cards, is an increasingly significant part of the equation. According to the Federal Reserve Bank of New York’s Household Debt and Credit report data, Americans’ total credit card debt hit $905 billion in 2017 – an increase of 8% from the previous year. 2 The phrase “credit card debt” usually triggers red flags when we’re talking about long-term financial … [Read more...]
What is Your “Return on Life™?”
“Do I have enough money to ______ (fill in the blank)?” “Will I have enough money to retire?” These are two questions that people often ask themselves when they start thinking about financial planning. And that’s only natural. We expect our money to help us feel safe, especially as we grow older and start thinking about retirement. Unfortunately, if you view your savings and investments only as numbers on a page that you’re trying to nudge upwards, then there’s no such thing as … [Read more...]
