For most people, following the basic money rules is the right choice for their financial situation. However, as with most things in life, there are situations that following the tried and true advice might not be the best option. Knowing when to break the basic money rules is a key financial concept to be able to achieve your lifetime goals.
The first six months after graduation are a key time in a college grads financial life so whether you are the graduate or have a child graduating there are a few financial steps that can really improve the probability of having long term financial success. Don’t make early mistakes that can lead to a lifetime of financial setbacks.
Financial distress often doesn’t come immediately but rather is a build-up of poor financial decisions that lead to the problem. One of the leading causes is living beyond your means. There are several signs that could indicate you are living beyond your means and early recognition can often help you avoid a financial disaster.
We have all heard them, those sage financial sound bytes that seem so powerful and useful. However, upon deeper reflection, they can often be very difficult to interpret and more importantly hard to use in everyday life. However, if you decode the try meaning of these sayings, you might find useful ways to improve your financial situation.
Unless you have filed an extension, everyone’s personal tax returns were due April 15th. So this makes now a great time to assess your tax situation so you can make adjustments to improve your tax situation for 2015. We really should never just have tax planning on auto pilot. Financial circumstances are always changing and most often, these changes have an impact in our tax situation.
Studies have shown that talking financial matters with your children can help them avoid financial pitfalls in their future. It really is almost never too early to start talking to your kids about the money. And your modeling of responsible financial decision making is a great teaching tool.
Your money and personal information are two areas where being fooled is not funny. Being a victim of fraud or a scam is never pleasant and many unsuspecting people who should know better get caught because they let their guard down and don’t use reason. Scam artist are very talented and work very hard to make all of their scams believable. Arming yourself with a little knowledge and always doing your research are two great ways to avoid being a fraud victim.
Family is one of the strongest bonds - most of us will do anything for our family, especially parents or kids. And it is this strong sense of responsibility that can create havoc to even the best laid retirement plans. There are a few moves you can make to help avoid financial disruption caused by your family especially if your become aware of some of the possible negative outcomes that could be looming in your future.