Financial planning is the process that can help you pursue your goals by evaluating your whole financial picture, then outlining strategies that are tailored to your individual needs and available resources. Just as the success of a military mission is dependent upon proper planning, your financial success may be dependent upon creating a sound financial plan as well. Why is…
What is it? The way that you as a married couple structure the ownership of your real or personal property is an important step in the financial planning of your future together. Whether you own a piece of real estate or a checking/savings account, the method of property ownership you choose can affect future sales of that property, divorce proceedings,…
What is it? If you are married or planning to marry, you should determine how marriage impacts your insurance needs. The lack of proper insurance protection can lead a married couple into financial ruin. If you already have disability or life insurance policies, determine whether your existing coverage is adequate and update your list of beneficiaries. If you do not…
What is an entity? To start a business, you must first decide what form your business will take — in other words, you must choose an entity. You, the business owner, create the entity. You give the entity its existence and its name. It may live independently of you. It may sue or be sued. It may even be fined…
Deciding when to retire may not be one decision but a series of decisions and calculations. For example, you’ll need to estimate not only your anticipated expenses but also what sources of retirement income you’ll have and how long you’ll need your retirement savings to last. You’ll need to take into account your life expectancy and health as well as…
Congratulations! You’ve just landed a new job. Here are some important things to be aware of before you receive your first paycheck. When will I receive my paycheck? How often will you be paid? Typically, your payday will depend on the company you work for and which state you work in. You might be paid on a weekly, bi-weekly, bi-monthly,…
Whether you’re seeking to manage your assets, control how your assets are distributed after your death, or plan for incapacity, trusts can help you accomplish your estate planning goals. Their power is in their versatility — many types of trusts exist, each designed for a specific purpose. Although trust law is complex and establishing a trust requires the services of…
How well do you understand personal finance? The following brief quiz can help you gauge your knowledge of a few basics. In the answer section, you’ll find details to help you learn more. Questions 1. How much should you set aside in liquid, low-risk savings in case of emergencies? a. One to three months’ worth of expenses b. Three to…
Lenders, investors, and potential collaborators may rely on your business’s credit scores and ratings to help them evaluate risks, making it vital to maintain an up-to-date business credit file. Neglecting this aspect can potentially hinder your progress. Despite good intentions, small business owners can make mistakes that impede their goals. Here are the five critical pitfalls to consider when taking…
Diccon Hyatt Oct. 12, 2023 Economists are grappling with a strange quirk of the post-pandemic economy: Consumers in the U.S.—and only the U.S.—are spending away the money they saved up in 2020 and 2021. KEY TAKEAWAYS Consumers in the U.S. are saving less than they did before the pandemic, whereas the opposite is the case in other advanced economies. Economists…