When you read about money matters, you will sometimes see the phrase, “getting your financial house in order.” What exactly does that mean? When your financial “house is in order,” it means it is built on a solid foundation. It means that you have six fundamental “pillars” in place that are either crucial for sustaining… Read More
After a bit of political back and forth in December, the $900 billion Consolidated Appropriations Act of 2021 (2021 CAA) was signed into law by President Trump as the COVID-19 pandemic continues to impact employers and employees. Here’s a quick recap of five key highlights: Stimulus Checks: The new law authorized a second round of… Read More
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… Read More
As much as you would like to, you can’t keep your money in your retirement account forever. These investment vehicles include 401(k)s, IRAs, and similar retirement accounts. Under the SECURE Act, once you reach age 72, you must begin taking required minimum distributions from your 401(k), IRAs, or other defined contribution plans in most circumstances.… Read More
Investors are routinely warned about allowing their emotions to influence their decisions. However, they are less routinely cautioned about their preconceptions and biases that may color their financial choices. In a battle between the facts & biases, our biases may win. If we acknowledge this tendency, we may be able to avoid some unexamined choices… Read More
Here’s a scenario for you: You pick up what appears to be a lottery ticket. You check the numbers for a laugh and discover a winning combination, offering you millions of dollars in prize money. What are the chances of that? Yes, the lottery is improbable, but think about maybe a large inheritance or some… Read More
With the Federal Reserve keeping interest rates at or near zero, you may wonder about your mortgage. Is it a good time to refinance or even pay off the debt entirely? After all, your mortgage is one of the biggest expenses you may have in life, does it make sense to get rid of that… Read More
Where do you normally turn for your financial advice? If the answer is “mostly from CNBC or Fox Business,” it may be time to start a new relationship with a new financial professional. While most people tend to have the same ultimate goal of not outliving their money, they have quite different paths to get… Read More
When you marry or simply share a household with someone, your financial life changes—and your approach to managing your money may change as well. Though it will take effort, it is not terribly difficult. The key is to ask each other some money questions—questions that pertain not only to your shared finances but also to… Read More
For years, I have educated employees of companies on personal finance. I have found there is one common gray area that most people inquire. “What is a credit score?”. Many are confused and curious why they should care. In simplest form, a credit score is a number assigned to you that indicates to a money… Read More