- Guide to Financial Planning for Executives
Top business executives earn more money than many workers, but they also face a variety of challenges when planning personal finances. Complex compensation plans, risk reduction, tax management and portfolio diversification are top challenges for many executives. Additionally, executives often have access to exotic retirement saving options that call for expert advice. Financial planning for… read more…
- How to Split Assets During a Divorce
Getting divorced is already difficult enough with the end of the relationship, family complications and stress. Unfortunately, talking about money is an unwelcome but necessary part of the process. To finalize a divorce, couples must write up a legal document showing how they’ll split their assets. A judge can only validate this document if it’s… read more…
- What Are the Tax Benefits of a 529 Plan in California?
Financing your child’s education is an important milestone goal. And for California residents, 529 plans, and the state tax laws that govern them, are a big part of their education planning. Whether you’re creating a plan or making adjustments, here’s a general overview of what you need to know. For a hands-on approach to your… read more…
- Why Budgeting Is Important (Even If You’re Wealthy)
Budgeting is a practical strategy, especially when you don’t have much money. But having a clear understanding of you finances, even when you’re wealthy, will help keep your spending aligned with your long-term financial goals and prevent unnecessary expenses. Additionally, budgeting could help you set money aside for other strategic investments, philanthropy and more financial… read more…
- 8 Ways to Use Your Health Savings Account
A health savings account (HSA) is a tax-advantaged medical savings account available to U.S. taxpayers enrolled in a high-deductible health plan (HDHP). The primary purpose of an HSA is to assist these individuals in paying for out-of-pocket medical expenses. HSAs are particularly beneficial for individuals with high healthcare needs, self-employed individuals, and those who wish… read more…
- 5 Ways to Save for a Down Payment While Renting
Saving for a down payment to buy a home is an important financial milestone. But doing so while paying rent and living expenses can be challenging, especially if you live in a city where those costs are significantly higher than the national median. Here are five ways you can save for a down payment while… read more…
- Guide to Financial Planning for Nurses
Personal financial planning can be challenging. And nurses face specific challenges that can affect different stages of their financial planning lives. General steps like paying down debt, building emergency savings and investing for major financial milestones like homebuying and retirement can help nurses reach their goals. Here’s an overview of a financial plan for nurses.… read more…
- How to Create a Financial Power of Attorney in Wisconsin
A financial power of attorney can be a valuable tool to help protect your finances and empower you to make important financial decisions for a loved one who can’t make decisions for themselves. It’s often used as part of an estate plan, but might also be needed to sell a house, pay bills or even… read more…
- How to Change the Beneficiary of Your 529 Plan
The 529 Plan is a tax-advantaged savings plan designed to encourage saving for future education costs. The beneficiary of the plan is the individual designated to use the funds for educational expenses. This plan is an excellent way to secure the educational future of a child or any designated individual. However, there can be instances… read more…
- What Is the Meaning of Median vs. Average Income?
You can get useful perspective about your financial condition and performance by benchmarking your income against peers using figures for average and median income. Each of these measures offers a somewhat different snapshot. While medians better reflect typical middle-of-the-road incomes, averages capture collective earnings across a group. Understanding the nuances helps savers and investors select… read more…
- What’s the U.S. Debt Ceiling and How Can It Affect Your Finances?
The debt ceiling is a limit that Congress imposes on how much debt the federal government can carry at any given time. When the ceiling is reached, the U.S. Treasury Department cannot issue any more Treasury bonds, bills, or notes. It can only pay bills as it receives tax revenues. If the revenue isn’t enough,… read more…
- We Have a $500k Brokerage Account and $250k in Retirement Accounts. How Can We Increase Financial Aid to Help Pay for Our Child’s College?
Paying for a college education is a major financial commitment. While much easier said than done, restructuring your finances can help modestly. Student aid is calculated based on a formula called Expected Family Contribution, “EFC.” This is the amount that the government assumes a family can pay for their student to attend college. For a… read more…
- What Is a Financial Power of Attorney?
Have you ever wondered who will manage your financial affairs if, due to unforeseen circumstances or illnesses, you’re no longer capable? This is not an unrealistic scenario, and it’s where a financial power of attorney (POA) comes into the picture. A financial POA can serve as a safety net in instances where you become incapacitated,… read more…
- Earned vs. Unearned Income: What’s the Difference?
Earned income refers to the money that you make from working, including salaries, wages, tips and professional fees. Unearned income, comparatively, is the money that you receive without performing work, such as dividends, interest or rental income. Understanding the differences between both can help you develop retirement planning and investing strategies, as well as minimize… read more…
- 401(k) Loan vs. HELOC
A 401(k) loan empowers you to tap into your retirement savings, while a HELOC permits homeowners to borrow against the equity of their homes. Both loans have their own set of qualifications, interest rates and repayment plans, making them suitable for different financial scenarios, depending on an individual’s specific requirements and circumstances. You may want… read more…
- How to Calculate Your Tangible Net Worth
Understanding your financial worth is a crucial component in managing your personal finances. The total value of your physical assets, or your tangible net worth, is a key measure of this. By comprehending and calculating it effectively, you can make informed decisions related to investments, debt management and future financial planning. Here’s what you need… read more…
- Average vs. Median Net Worth
Net worth is the difference between your assets – what you own – and your liabilities – what you owe. This figure represents your financial health at a given point in time, providing a snapshot of your current financial position. But understanding the distinction between average net worth and median net worth is crucial when… read more…
- What Is a Discretionary Expense?
Achieving financial stability often requires a blend of judicious planning, disciplined spending and clever investment approaches. An essential ingredient in this mix is understanding and managing discretionary expenses – those costs we often deem non-essential. These expenses may not appear significant on the surface but can shape your financial trajectory. Here’s a deeper look into… read more…
- How to Successfully Live Within Your Means
Have you ever wondered why some people seem to effortlessly manage their money despite earning a modest income? The answer probably lies in a financial strategy called “living within your means.” An essential part of personal finance, when mastered, can lead to long-term financial stability. This strategy essentially involves understanding your income, creating a budget… read more…
- 7 Wealth Preservation Strategies to Follow
In an unpredictable economic landscape, ensuring the preservation of wealth becomes a paramount concern for every individual and family. Wealth preservation involves a strategic approach to safeguarding and growing one’s assets over time, protecting them from the erosive forces of market volatility and unforeseen events. A financial advisor can help you build a comprehensive strategy… read more…
- Maximizing the Financial Benefits of Marriage
While many people appreciate the emotional and social components of marriage, the far-reaching financial benefits are sometimes overlooked. To reap these economic rewards, couples should first identify their unique financial goals and situations. Maximizing the financial advantages of matrimony involves understanding tax benefits, optimizing joint finances and recognizing other financial perks. A financial advisor can… read more…
- How to Build an Emergency Fund
In today’s unpredictable world, financial stability is more essential than ever. One significant aspect of achieving stability is having an emergency fund, which is a safety net to fall back on when unexpected financial “what-if” moments arise. In this comprehensive guide, we’ll explore how to build an emergency fund, how much money you should keep… read more…
- How to Prioritize Savings Goals
If you’re trying to save, you might be struggling with some common challenges: How do I work towards multiple financial goals at the same time? How can I make sure my financial objectives don’t get lost in day-to-day expenses or… read more…
- SingleCare vs. GoodRx: Which Is Better?
Saving on prescription drugs is a snap, thanks to companies like SingleCare and GoodRx. These platforms provide free coupons for users to lower their prescription drug prices. That said, understanding which to use can be confusing due to similarities between… read more…
- 32 Financial Planning Books for 2024
You don’t have to make a new year’s resolution to make an effort to improve your financial wellness this year. Fortunately, a plethora of books are available to help you budget, save and develop sustainable financial practices. Whether you are… read more…