Today’s household might not be multigenerational under one roof but most people in their 40’s and 50’ do have to think about supporting their multigenerational family. If you are part of this so called sandwich generation, there are a few strategies for you to manage this family dynamic.
If your son or daughter is heading to college this fall, both you and your child most likely have a lot on your mind – finances, meeting new people, choosing a major, and more. With all of these conversations happening, it’s a great time to talk with your child about the basics of budgeting, establishing credit, and opening a free checking account.
It’s easy to get discouraged when we haven’t saved the amount we would like for retirement. However, it’s more beneficial to use that energy toward fixing the issue rather than dwelling on past mistakes. There are several ways you can catch up on your retirement savings and it’s never too late to begin.
People who are in financial distress typically don’t realize there is a problem until it is too late. Like many of life’s difficult situations early detection is the best way to avoid serious consequences. Knowing the warning signs and the financial behaviors that can lead to financial concerns is the best way to keep your finances on the correct path.
Financial success is not always easily found. There are several ways to start down the wrong path that can create difficult financial burdens to overcome. It doesn’t have to be that way though. There is a SIMPLE way to better financial outcomes.
Just reading the words “estate planning” conjures up many emotions and thoughts for people. Some think estate planning is only for the wealthy or the retired. Others don’t want to think about it at all because it is a reminder of our own mortality. The truth is, estate planning is extremely important for everyone, no matter your age or the size of your estate.
The start of the year is a good time to start planning, especially if you have a major life event in your future. If you follow a few smart financial tips these life events don’t leave you broke and help you control the emotional aspect of these events that can lead to irrational financial decisions.
Being in financial distress is not always related to a single event. Many times it is the impact of minor bad decisions over a long period of time that can be the cause. There are five financial habits that can be very detrimental to your long term financial success. Changing these habits will make a dramatic difference financially. The five habits to change are: having an expensive daily habit, irresponsible credit card use, buying a car every two years, making many small purchases instead of one large purchase and the number one habit to change is using “hoping for the best” as your financial planning model.