- How to Break Up With Your Financial Advisor
Deciding how to leave a financial advisor can be a challenging decision. But it is sometimes necessary to maintain your financial goals. Whether you need a change in strategy, are dissatisfied with services, or want a fresh perspective, parting ways will require careful consideration and clear communication. It’s important to review any contractual obligations, such… read more…
- How 529 Plans Are Treated for Estate Planning and Taxes
A 529 plan can play a strategic role in estate planning, especially for families looking to reduce taxes while saving for education. Contributions to a 529 plan may be excluded from your taxable estate, potentially lowering future estate tax liability. In addition, the plan offers tax-free growth and tax-free withdrawals when used for qualified education… read more…
- What Is Wage Push Inflation and What Causes It?
Wage push inflation happens when rising wages cause businesses to increase prices for goods and services. Employers may raise wages to attract or retain workers, especially during labor shortages, which benefits employees but raises business costs. These costs are often passed on to consumers, making everyday goods and services more expensive and increasing the cost… read more…
- 5 Ways to Pay Yourself First
“Paying yourself first” is a simple strategy to prioritize savings and investments by setting aside a portion of your income before covering other expenses. This approach helps you consistently work toward financial goals like retirement, emergency savings, or building wealth, while encouraging disciplined saving habits and reducing impulsive spending. A financial advisor can help you… read more…
- How Is Debt Divided During a Divorce in Illinois?
Divorce involves emotional and legal challenges, including how debt gets divided. As an equitable distribution state, Illinois divides debt and assets fairly, though not always equally. The court considers factors like each spouse’s financial situation, contributions to the marriage and the purpose of the debt. Marital debt, incurred during the marriage, is usually shared, while… read more…
- Should You Invest Your Emergency Fund in I Bonds?
Most people keep their emergency funds in traditional savings accounts because of the safety and easy access they offer. However, some turn to I Bonds, which provide inflation protection and a guaranteed return, unlike regular savings accounts. While I Bonds are safe, they offer less access to your money when compared with a bank account,… read more…
- 6 Emergency Fund Investment Strategies to Consider
An emergency fund serves as a financial safety net, providing liquidity when unexpected expenses arise, such as medical emergencies, car repairs or job loss. While most people keep their emergency funds in a traditional savings account, you may also consider investing your emergency funds. Done well, this can boost returns while maintaining access to your… read more…
- Investing in an IRA CD vs. Money Market Account
Picking between an IRA CD and a money market account depends on your financial goals, your need for liquidity and risk tolerance. Both options can provide market interest earnings and offer advantages over traditional savings accounts. IRA CDs are suited for long-term growth with tax benefits, while money market accounts offer more flexibility, liquidity and… read more…
- Should You Pay Off Your Car Loan or Invest?
If you have come into some extra cash, you may be faced with one dilemma: pay off your car or invest? Both options have their benefits, but the decision largely depends on your financial goals, interest rates and risk tolerance, among other factors. Paying off your car loan can offer peace of mind and free… read more…
- How Many Years in Advance Should My Financial Plan Go?
A solid financial plan can provide clarity for both short- and long-term goals, but you may be wondering: How many years should my financial plan cover? There’s no one-size-fits-all answer, but understanding the factors that influence the time horizon for a financial plan can help in making an informed decision. From life goals to market… read more…
- 9 Financial Milestones to Hit by Age 40
Turning 40 can be an important checkpoint for evaluating your financial progress and strengthening your long-term stability. Many people use this stage of life to reach key financial milestones, such as maintaining a solid emergency fund or setting aside money for their children’s education. Focusing on these objectives can help position you to handle future… read more…
- How Much It Costs to Own a Small Plane
Owning a small plane is a dream for many aviation enthusiasts, offering the freedom to explore the skies at your leisure. But before taking the plunge into aircraft ownership, it’s crucial to understand the financial commitment involved. The cost of owning a small plane extends beyond the initial purchase price, encompassing a range of ongoing expenses… read more…
- How to Track Expenses for Your Financial Plan
Tracking your expenses is key to developing and maintaining a financial plan. Whether you’re paying off debt, building an emergency fund, or planning for retirement, monitoring your expenses gives you a clear view of your financial situation and keeps you on track to meet your goals. If you don’t have a financial plan yet, consider… read more…
- Creating a Financial Plan Both Personally and for Your Family
Creating a financial plan that covers both your needs and your family’s is important for protecting your financial future. Personal and family goals may differ, but they often overlap, so it’s necessary to coordinate efforts to achieve both. A good plan prepares you for unexpected events while working toward long-term goals like homeownership, retirement and… read more…
- What Is a Financial Goal Planner Document?
A financial goal planner document is a tool that helps individuals outline, organize and track their financial goals. Whether you’re saving for a major purchase, planning for retirement or building an emergency fund, having a clear financial plan in place can help you stay on track and achieve your objectives. This document serves as a… read more…
- How to Choose a Suitable Financial Goal for You
Setting goals is an important part of any financial plan. Without goals, it’s impossible to know if you’re on the right track. Choosing a good financial goal starts with understanding your current financial situation and envisioning where you want to be in the future. Whether you’re aiming to save for a comfortable retirement, buy a… read more…
- 5 Financial Milestones to Hit by Age 30
Your 30s are an important stage in your financial journey. It is often a time when you start thinking more about long-term goals like buying a home, saving for a child’s education, building a retirement fund or paying off debt. By the time you turn 30, hitting certain financial milestones can set you on a… read more…
- 4 Financial Goals to Set for Your 20s
Your 20s are an exciting time full of new opportunities, whether it’s starting your first job, getting married or gaining new independence. While it’s easy to get caught up in the whirlwind of new experiences, setting financial goals during this decade can help set you up for success in the future. After establishing a strong… read more…
- How to Set and Achieve Your Short-Term Financial Goals
Setting and achieving short-term financial goals can be a transformative step in managing your personal finances effectively. These goals, typically set for several months or a few years, help you focus on immediate financial priorities and lay the groundwork for long-term success. Whether you’re aiming to build an emergency fund, pay off a small debt… read more…
- Examples of Financial Goals and How to Reach Them
Establishing financial objectives is a crucial step in preparing for your future. Typical financial goals might involve creating an emergency fund, setting aside money for retirement, eliminating debt and investing to achieve long-term growth. Reaching these goals requires discipline and strategies tailored to each individual objective. By breaking larger financial goals into smaller, manageable steps,… read more…
- 5 Milestones to Help You Reach Financial Independence
Achieving financial independence can seem like a daunting task, but breaking it down into clear, attainable milestones can make the journey feel more manageable. Financial independence milestones act as guideposts, helping you measure progress and stay on course as you work toward greater financial freedom. From creating a solid emergency fund to diversifying your investments,… read more…
- 7 Financial Milestones to Help You Reach Your Goals
Financial milestones serve as benchmarks that help us track progress toward long-term financial goals, such as purchasing a home, sending a child to college or being prepared for retirement. By breaking down your financial journey into manageable steps, you can stay motivated, make informed decisions and ultimately reach your financial objectives. Need help creating a… read more…
- What Does a Financial Therapist Do?
A financial therapist helps individuals and couples address the emotional and psychological aspects of money management. By blending financial planning with therapeutic techniques, a financial therapist provides guidance on issues like money-related stress, financial behaviors and communication around finances. This specialized professional works to uncover the root causes of financial challenges, whether they stem from… read more…
- How to Open a Custodial Account for a Minor
Custodial accounts allow you to manage assets on behalf of a minor until they reach adulthood so that you can provide a structured approach to financial planning for their future. You may want to save for their education or a future purchase, or perhaps, you simply teach them about the importance of saving and investing.… read more…
- How to Save Money for Your Kids
There are many reasons to save money for your kids, whether you’re trying to pay for their education, help them buy a first home or simply create a financial cushion for their future. You can do this in different ways, depending on your financial situation, needs and goals. Starting early, however, can give your children… read more…