- 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…
- What Is the Chained Consumer Price Index (CPI)?
The Chained Consumer Price Index (CPI), or Chained CPI, can provide a more refined approach to measuring inflation than the standard CPI. It does so by incorporating consumer behavior and the substitutions they make when prices change. This is a valuable tool to help determine policy adjustments and it can also help you understand how… read more…
- Ways to Build Wealth With a Low Income
Building wealth on a low income might seem challenging, but it can be achievable with the right strategies. By adopting practical financial habits and making informed decisions, individuals can steadily increase their financial stability and security. From reducing debt to finding ways to supplement your income, there are numerous steps that can lead you to… read more…
- How the Federal Reserve System Works
The Federal Reserve System can have a powerful effect on our personal finances. Instead of being the type of bank that offers checking accounts, makes auto loans or provides credit cards, the Fed oversees the nation’s monetary supply, sets interest rates, supervises the banking system and performs other important tasks. By working with a financial… read more…
- Examples of Intermediate and Medium-Term Financial Goals
Intermediate and medium-term financial goals generally refer to goals that are set for a period ranging from a few years to a decade. These financial goals can help you bridge the gap between short-term needs and long-term aspirations. Examples can include saving for a down payment on a home, funding a child’s education and building… read more…
- How Debt Is Divided in a Divorce in Florida
In Florida, the division of debt during a divorce is governed by equitable distribution principles. This means that the court aims for a fair, though not necessarily equal, division of both assets and liabilities. Florida courts classify debt as either marital or nonmarital. Non-marital debt, such as obligations incurred before the marriage or after separation,… read more…
- Alimony vs. Spousal Support in California
In California, the terms “alimony” and “spousal support” are often used interchangeably, but they have slightly different meanings. Alimony traditionally refers to payments made from one ex-spouse to another following a divorce to maintain the recipient’s standard of living. Spousal support, however, is a broader term that includes alimony but also encompasses temporary support provided… read more…
- How Is Health Insurance Calculated in Child Support?
Health insurance costs are included in child support calculations. The process considers premium costs, out-of-pocket expenses and any existing health insurance coverage provided by either parent. The rules and methods for calculating these costs can vary by state, with each jurisdiction having specific guidelines to determine how health insurance expenses are allocated between parents. If… read more…
- How Child Support Is Calculated in Alabama
Child support in Alabama is determined using a specific formula that takes into account various factors to determine a fair contribution from both parents. The primary elements considered include the combined income of both parents, the number of children involved, and additional costs such as healthcare and childcare. The state uses these figures to establish… read more…
- How Is Child Support Calculated in Arizona?
In Arizona, child support calculations are determined by using the income shares model, which estimates the amount parents would spend on their children if they lived together. The calculation considers several factors such as the parents’ incomes, the number of children and additional costs like health insurance, childcare and educational expenses. Deviations from the standard… read more…
- How Child Support Is Calculated in Kansas
In Kansas, the child support system plays a vital role in ensuring that children receive the financial support they need from both parents, even if they are not living together. The Kansas child support system is designed to be fair and equitable, taking into account various factors such as parental income, the number of children… read more…
- How Is Child Support Calculated in Georgia
How income is calculated for child support will directly influence the financial well-being and future stability of the children involved. Georgia’s legal framework, as outlined in the Georgia Code Section 19-6-15, provides a structured approach to ensuring that children maintain their standard of living through adequate financial support from both parents. For help understanding how… read more…
- How Is Child Supported Calculated in Illinois?
In Illinois, child support is calculated using the income shares model. The income shares model takes into account the number of affected children, the parents’ combined income, and the time each parent spends caring for the child or children, among other factors. If you are divorcing or separating, and have minor children from the partnership,… read more…
- How Is Child Support Calculated in New York?
When parents of minor children divorce or separate in New York, one of the parents may be ordered to provide financial support to make sure the child’s needs are met. The court uses a guideline set out by the state to determine how much the non-custodial parent will pay. The payment is based on the… read more…