You may think hiring a financial planner is necessary only if you’re Scrooge McDuck. After all, professional money advice comes at a cost — and not exactly a small one. It varies depending on your net worth, but the average fee for holistic financial planning services is about 1% of assets under management. That may […]
With the Mega Millions jackpot at an estimated record high of $868 million ahead of Friday’s drawing, many are dreaming of what they would do with life-changing money. Neighbors of lottery winners may want to mentally prepare themselves, too. They’re more likely to go bankrupt, a 2016 study by the Federal Reserve Bank of Philadelphia […]
Saving up an emergency fund is a well-trodden piece of personal finance advice. Having a cushion in place when things get tough can mean the difference between a catastrophe and a mere setback. But debt repayment can also do wonders for your financial health. And it’s hard to get serious about saving cash when you’re […]
Most people would be better off not having mortgages in retirement. Relatively few will get any tax benefit from this debt, and the payments can get more difficult to manage on fixed incomes. But retiring a mortgage before you retire isn’t always possible. Financial planners recommend creating a Plan B to ensure you don’t wind […]
If there’s one tool that financial experts seem to unanimously love, it’s the Roth IRA. It’s often touted as the hands-down best way to save for retirement, even inspiring a full-blown movement to encourage more people to contribute. Is this retirement account really the slam-dunk experts make it out to be? Not exactly. But first, […]
Everyone has bad habits. It’s just a part of being human. I try to squash a bad habit as soon as I recognize one, and I’m sure you’re in the same boat. It’s easy to develop bad money habits early on in life, and it can be difficult to kick them even once you recognize […]
When it comes to your money life, the opportunities to make mistakes can come fast and furious. If they are not corrected, they could lead to a compounding effect that can be devastating to achieving the goals you value most. Money Mistake #1: Not taking ownership of your financial life. This common error, for many, […]
The Crushing Effects Of Medical Debt How pervasive is America’s medical debt problem? According to 2017 data from the credit bureau Experian, unpaid medical debt in America topped $127 billion. New data from Consumer Reports shows that almost 30% of insured Americans had unpaid medical debt turned over to collection agencies in the past two […]
We’re often wired to believe that getting promoted is great for our careers. But in some cases, that’s far from true. Imagine you’re offered a promotion that comes with a minimal salary boost and a ton more work. Suddenly, you’re clocking in consistently longer hours and having less time to yourself, and all for the […]
How do you tap a nest egg without depleting it too soon? To help new retirees navigate withdrawals, advisers often recommend the “4 percent rule” as a starting point. This strategy is designed to make a portfolio last 30 years — through bear markets and bouts of high inflation. The rule is simple. Retirees in […]
We all make mistakes with our money from time to time. It may be choosing the wrong investment or spending a little too much on a shopping trip. If we’ve been responsible with our money up until this point, we can probably recover from these small mistakes. But some bigger financial missteps can be harder […]
We’re told time and time again that we shouldn’t hesitate to ask for more money at work when we feel we’re underpaid. But what happens when you muster up the courage to request a raise, only to have it denied? It’s a demoralizing situation, and one that can leave a very bad taste in your […]
