If you think financial planning is for older adults or those who are near retirement, think again. Some older adults have put things in place so they can retire well. Others may be panicking and trying to find a way to make up for a lack of retirement planning…so if you are a young adult, planning now will help you avoid belonging to the latter group when you get older.
Yahoo! published an article entitled “13 Money Lies You Should Stop Telling Yourself by Age 30″ and it gives some good food for thought about the ways you can fool yourself into financial neglect. [continue…]
Financial planning can help you reach retirement goals and keep you from making spending blunders and keep you from developing a lifestyle in which you are constantly trying to make up for spending mistakes.
In “Signs You’re Living Beyond Your Means” Yahoo! offers some tough love for those of us who think we are doing just fine but fail to realize that we are overspending. By their definition you’re living beyond your means if:
- “You couldn’t survive financially without your job’s income for at least six months.”
They say ‘the hand that rocks the cradle rules the world,’ but when it comes to retirement planning, at least one survey has found that a number of women are not having their say.
In “Why Mothers Should Play a Bigger Role in Family Finances,” Forbes.com reported on a MoneyRates.com poll that found that in families where one spouse takes the lead on spending, husbands tend to be in charge of financial planning and decisions. (In a little more than half of the households surveyed, spouses shared responsibility for financial decisions).) [continue…]
If you are unsure about how to invest your money and hear what sounds like good investing advice, how do you know whether or not to follow it?
In “Investing rules of thumb: Why they don’t always work,” Walter Updegrave discusses why sometimes what is considered commonly held wisdom needs to be, as they say, taken with a grain of salt. [continue…]
Spring cleaning isn’t just for your house. You can also use this season of renewal to clean up your finances, develop new habits, and do some financial planning for the future. All of the work you do with a Fee-Only financial planner can be derailed if you cannot get your spending under control.
LearnVest readers offered some of their ideas for avoiding the temptation to spend frivolously:
- Give your bank accounts new names: If you bank online, you may think twice about removing money from an account that is named “Emergencies ONLY” or “Do you really need that?” [continue…]
According to Philip Orbanes, Monopoly championship judge and author of Monopoly, Money and You: How to Profit from the Game’s Secret of Success, the game of Monopoly is more than mere child’s play. If you play the game to win and to learn you can gain knowledge about investing and financial planning. U.S. News and World Report published an interview with Orbanes and observed that besides keeping you entertained, the game “may also have taught you valuable lessons on risk assessment, timing and diversification—all useful tools for investing in the real world.” [continue…]
CNNMoney observes that retirement planning “often goes by the wayside when your marital status changes” and cites some sobering statistics about what happens when a person divorces or must deal with the death of a spouse. The loss in income for women after such life events is often steep:
“Women often find themselves especially pressed: Household income drops 41% for women after a divorce and 37% in widowhood, compared with under 25% in both cases for men, according to a report by the Government Accountability Office.” [continue…]
Have yet to file your taxes? One important last-minute tax tip is also a great move for retirement planning: contribute to an IRA. It would be better to work on retirement planning with a Fee-Only financial planner throughout the year. However, if scrambling to find ways to lower your tax bill is what it takes to get you to add more to a tax-deductible IRA, that’s a start. In article on last-minute tax tips, MSN Money notes: [continue…]
The East Oregonian examined a recent Prudential Financial study entitled: “Financial Experience and Behaviors Among Women.” While it is true that ” the need for retirement security cuts across all social, gender and ethnic lines,” the article highlights the ways in which your age and cultural background may influence your financial planning decisions.
When you are examining your finances and working on retirement planning, you need to work with someone who is willing to listen and consider your particular needs: consider a Fee-Only financial advisor. Fee-Only financial advisors take an ethical, all-inclusive approach to your financial future. They are without commission-related conflicts of interest and dedicated to providing you with options and opportunities that are the right fit for your needs. [continue…]
While some women are hesitant to get into investing, there are others who feel nervous about taxes. If you didn’t know, taxes and financial planning go hand in hand. When you are in control of your finances, you lessen the chances of being surprised at tax time. And if you don’t have time to keep up with all of the nuances and changes to federal tax law, why not work with a Fee-Only financial planner who can keep you informed of how these changes may affect you? [continue…]