- What’s Considered Marital Debt and What Are Examples of It?
Marital debt refers to financial obligations incurred during a marriage, such as mortgages and credit cards. Because a marriage is a complex legal partnership, it’s not as easy as looking at the name on a loan or account to determine who is responsible for marital debt. So whether you’re entering a marriage, managing finances with… read more…
- What Should My Net Worth Be at Age 40? How You Compare
The median net worth at age 40 is around $135,300. This is according to the Federal Reserve’s most recent Survey of Consumer Finances (SCF). However, what your net worth should be depends entirely on your personal situation. Your net worth should reflect not only your income and opportunities, but also your financial plans and long-term strategy. Households… read more…
- How to Build a Month-By-Month Financial Plan
Building a financial plan month by month can help you create a manageable path toward achieving your financial goals. It allows you to break down your larger financial objectives into smaller, actionable steps. By focusing on one month at a time, you can track your progress, adjust your budget as needed and prioritize saving, investing… read more…
- What Are Some Examples of Financial Goals for Couples?
When you are in a committed relationship, it is not just your personal finances you need to consider. Setting financial goals as a couple is an important step in building a secure future together. Whether it is saving for a home, planning for retirement or ensuring you have an emergency fund in place, financial goals… read more…
- 12 Ways to Achieve Financial Freedom
Financial freedom can mean different things to different people. To some, it means having enough income and assets to cover your living expenses without relying on a traditional paycheck. This level of financial freedom lets you make life choices without the constraint of financial limitations, creating more flexibility and security in your daily life. Achieving… read more…
- Differences of Liquid vs. Non-Liquid Assets
Liquidity refers to how quickly an asset can be converted into cash without drastically affecting its value. It could also be considered a measure of how easy something is to sell for cash, although how readily an asset can be used to secure a loan can also be seen as affecting its liquidity. Liquidity exists… read more…
- How Much to Save for Vacation Each Month
If you want to figure out how much you will need to save for a vacation each month, you will first have to estimate the total cost of the trip. This will include travel, lodging, food and activities. Then, you will need to divide the total by the number of months that you have until… read more…
- 5 Ways to Generate Passive Income This Year
If you’d like to boost your income so you can put away more for retirement, reach your savings goals faster or get out of debt, consider generating some passive income this year. In general terms, passive income is money you earn from work or investments that don’t require your regular involvement. Generating passive income can… read more…
- 6 Ways to Earn Passive Income Online
A little extra income can go a long way when you have a tight budget. And in today’s digital age, earning passive income online has become more accessible than ever. Though passive income isn’t a get-rich-quick scheme by any means, it involves frontloading the majority of the work and enjoying the payoff with minimal direct… read more…
- How to Work on Your Long-Term Financial Planning
Long-term financial planning involves defining your financial goals and creating a strategic plan to achieve them over time. This strategy can help you prepare for different goals, like saving for a child’s education, buying a home, building a comfortable retirement nest egg and planning your estate, among others. Working on your long-term financial plan starts… read more…
- 7 Money Saving Hacks to Help You Invest More
By setting aside additional funds for investment, you can grow your wealth over time and take advantage of compounding interest. Many people struggle to find extra money to invest, but adopting smart money-saving hacks can change this. Whether you’re saving for retirement, a home or another long-term goal, learning how to save more can significantly… read more…
- 8 Budgeting Tips to Help You Invest More
Budgeting starts with tracking your expenses. This can include planning for seasonal expenses, prioritizing high-interest debt and setting clear goals to help you stick to your budget. Setting financial goals and reviewing your budget allows you to make adjustments based on changes and circumstances. Finally, using financial products and investing every month can also help… read more…
- 7 Tips to Help You Lower Your Cost of Living
If your bills and regular shopping trips have been increasing at an alarming rate, you may be wondering how to reduce your cost of living. Cutting costs is one effective way to better manage your finances and make progress toward long-term financial stability. There are plenty of strategies, big and small, you can use to… read more…
- How to Build a 5-Year Financial Plan
While short term in duration, building a five-year financial plan gives you a structured approach from which you can manage your finances in pursuit of your chosen life goals. Whether it’s aiming to buy a house, saving for higher education, or building an emergency fund, a five-year financial plan can help you make financial decisions… read more…
- How to Build a 10-Year Financial Plan
Creating a 10-year financial plan requires a long-term view. Planning a decade into the future could encompass goals like buying a house or sending a child to college, but such a length of time will also be key to your lifelong financial health and stability. It will not only impact your retirement, but can also… read more…
- A Guide to Financial Planning in Your 60s
Entering your 60s heralds the approach of retirement, or at least what is considered the full retirement age. In this decade, it’s important to finalize your retirement preparations. Your focus will be on maximizing your retirement accounts, deciding when you want to retire, planning for healthcare costs and, of course, enjoying your golden years. If… read more…
- A Guide to Financial Planning in Your 40s
Entering your 40s often comes with increased stability and clearer long-term goals. And as you’re approaching retirement, this decade is key in preparing for it. It’s a time to manage your debt, check in on your asset allocation, and make sure that you have enough saved for retirement. When it comes to financial planning for… read more…
- A Guide to Financial Planning in Your 30s
Coming into your 30s brings a mix of new financial responsibilities and opportunities. This is an important time to lay the groundwork for your long-term financial health, taking into account your career growth, family planning and future security. Financial planning for 30 year olds can help you navigate these transitions and set the stage for… read more…
- A Guide to Financial Planning in Your 20s
Creating a financial plan in your 20s can have a big impact on your long-term financial health. Your 20s are a good time to establish sound financial habits, manage your debt and begin investing. By creating a budget, building an emergency fund and starting to invest, you create a strong foundation for future growth. The… read more…
- Wealth Building Principles When You Don’t Come From Money
Many wealthy individuals were not born rich; they learned how to build wealth from nothing. There’s no doubt that inheriting wealth can help build more wealth. But it’s entirely possible for someone who doesn’t come from a wealthy background to join the ranks of the affluent. Accumulating significant wealth without the benefit of coming from… read more…
- 10 Books That Can Help You Build Wealth
Reading books on wealth building can provide valuable insights, strategies, and inspiration to help you develop the mindset and skills necessary for achieving financial success and long-term prosperity. The list of wealth building books is long, and for every approach to creating wealth, there’s a book or two devoted to it. Whether you want to… read more…
- Understanding the Wealth Effect and How It Works
The wealth effect occurs when you perceive yourself to be getting richer and increase your household spending. This perception does not necessarily correlate with the reality of your spendable income, which may not have increased accordingly. Here’s what you need to know to keep your finances secure. A financial advisor can help you create a financial… read more…
- Who’s Responsible for Credit Card Debt In a Divorce?
Sorting through the financial aftermath of a divorce can be complex, especially when determining who is responsible for credit card debt in a divorce. Typically, the responsibility for shared credit card debt depends on the nature of the debt itself and one of two sets of state laws: community property or equitable distribution. Community property… read more…
- Rules for Dividing Military Pensions During a Divorce
When military service members or veterans divorce, their ex-partners may be entitled to receive a portion of their military pension benefits as part of the property settlement. State courts oversee the division of property, but federal law also plays a role by specifying the amount of the military pension a court may award to a… read more…
- How Is Child Support Calculated in North Carolina?
When the parents of a minor child separate or divorce in North Carolina, one may be required to pay a monthly amount to help cover the child’s expenses. Family law courts in the state use a set of guidelines to calculate the amount of the support that will be ordered. The calculation is largely based… read more…