How to Achieve Financial Freedom

The difficult thing about the idea of “financial freedom” is that many people define it in a vague way. Most people think of it as not having to worry about money and being able to have the things they want without having to scrimp and save for them. But there are all sorts of things that cause worry in regard to our money: mortgage payments, credit card debt, or how much money is in our retirement account. You might even be asking yourself a specific question like, “What if 1 million dollars isn’t even enough to retire on?” The […]

Using Your House to Fund Your Retirement

It is possible for a person to end up in a situation where they have a lot of money in a home but don’t have a lot of money in the bank. If you have been paying off your mortgage for years, your equity in the home could amount to a lot of money. But that isn’t money you can use without making significant financial changes. And just because you have a high-value home, it doesn’t mean that you have a lot of cash on hand for expenses. If you are about to head into retirement and you are […]

Creating and Maintaining Generational Wealth in Retirement

In today’s fast-paced world, ensuring financial stability for future generations can be a daunting task. However, it is a common goal for retirees to create and maintain generational wealth in retirement. What better way to leave a legacy than to provide financial security to the people who mean the most to you? This article will provide valuable tips and insights to help retirees build a legacy for their families and future generations. The Foundations of Financial Planning Proper financial planning is widely considered the first step to building generational wealth.[1] Retirees should work to evaluate their current financial situation […]

Financial Foundations for All Generations

Financial literacy in America is a growing problem. According to a FINRA (Financial Industry Regulatory Authority) survey, 71% of Americans show high confidence levels regarding financial capabilities and financial proficiency. However, the confidence remains unfounded because the same US adults correctly answered only around half of the questions on the financial literacy exam.1 In addition, much has been made about the generational differences between today’s working generations, from Generation X to Y and Z. I think we need to be careful with applying labels; I’ve met many people over the years who are not a “typical millennial or Gen […]

What if 1 Million Dollars Isn’t Enough to Retire?

If you are headed toward retirement soon, or you have just retired, you may find yourself wondering, “Is my nest egg enough?” It’s a common question and one that causes a lot of people a lot of reasonable anxiety. Because retirement finances are much more about prediction than they are about facts and assurances, it can be hard to feel confident that you will have enough to carry you through your entire retirement. As you know, medical expenses, long-term care, housing repairs, and other unpredictable costs are just a part of life, so how can you prepare for those […]

5 Tips to Help Alleviate Financial Stress

The financial stresses of the past few years can lead to a learning moment that we can use to make ourselves more financially literate and more prepared for the future. Guaranteed Interest Options As interest rates have increased and banks have had some challenges, it may be time to look at guaranteed interest options available at the bank level, money market accounts or treasuries. Instead of leaving cash in the bank where it might make less than 1%, you can take advantage of options that have guaranteed interest. However, make sure that any options you look at are principally […]

What Matters Concerning Your Money in the Bank

With the recent turmoil in the banking sector, it’s understandable to worry about your bank savings. But before worrying, it’s important to know how your money in the bank is protected. So, how safe is your money, really? Where is my money? First, let’s talk about how your bank actually stores your money. When you deposit your money into the bank, they don’t actually keep it on hand. They will usually take your money and loan it to someone for something like mortgages or business loans. Banks are required to keep some money on hand, but not much. Most […]

Financial Literacy: Exploring The Difference Between an Investment and an Expense

In theory, the definitions of an investment or an expense are quite clear-cut. An expense, or cost, is simply the dispensing of time, money, or resources. An investment, while an expenditure, comes with the expectation of a return.[1][2] While the two ultimately have the same goal—to acquire a good or service—their intentions and outcomes differ. So, let’s discuss the main differences between an expense and an investment and why sometimes the reasoning to back up each cost can make a difference. Defining Each Concept For starters, the period of usefulness of the asset acquired differs between an expense and […]

Don’t Underestimate the Importance of Your Mindset Toward Your Finances

The concept of retirement planning seems simple. Despite changes in the economy or in life itself, the concept of planning your retirement has remained unchanged. We work, save, retire, and repeat for generation after generation. But while the concept may be the same, the puzzle is evolving. In other words, individuals and families currently saving for retirement are facing challenges that were previously never considered. Without pensions and hefty Social Security checks, it is now equally as important to maintain a healthy attitude towards spending and generating income as it is to actually save throughout your journey toward retirement. […]

The Basics of Financial Literacy in Retirement

Working towards retirement, you may have a detailed plan on how to manage your finances so that you have enough saved by the time you leave the workforce. With no earned income coming in, there will be a new rulebook on how to manage your retirement earnings, expenses, and investments – not just so that you can keep growing your portfolio – but so you can live comfortably. Financial literacy in retirement is crucial to achieving the retirement of your dreams. Here are some of the basics. Earning In retirement, you start to pay yourself with money you earned […]