When someone dies, he or she may have a will or a document outlining their wishes for the disposition of their assets. You may need to track down this will for a number of reasons, from finding out what happened to their assets to understanding more about someone for genealogical research. It doesn’t have to be difficult, and you can …
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How many times do we see people sharing their first choice of investment when they were barely 20 years old? With Warren Buffett admitting how he bought his first stock when he was 11 years old, many people have queued up on social media platforms gloating how their early investment choices had helped them buy a house without taking a …
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By the time you reach the age of 40, you would have ticked off a lot of your financial goals from your checklist. By this time, you are expected to figure out most things about your money, and other priorities. Since on an average, people these days typically live a little shy of 80 years, it can be safely assumed …
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If you die without naming a beneficiary for your 401(k) account, the rules for your retirement plan will likely require that funds in the account be considered part of your estate and have to go through probate. The probate process is governed by state laws that vary significantly, but can often add considerable cost and delay to settling your estate. …
Read More »Financial Wellness Strategies That Can Set You Up for the Decades Ahead Are you looking to build wealth in your 40s? You may be worried about ensuring you have enough saved for retirement and unsure how to reach your financial goals. If that’s the case, you’re not alone—the average 401K balance for Americans in their 40s is $120,800. The good …
Read More »Your net worth is an important indicator of your overall financial health because it combines your assets – liquid or not – with your debts and liabilities, giving you an idea of just how much money is at your disposal. Clearly, the higher your net worth, the better; but otherwise, it can be hard to know what number to use …
Read More »Inheriting a house with a mortgage requires making some decisions about what to do with the property. One option is to sell the home and pay off the loan with the sale proceeds. If you keep the home, you can assume the existing mortgage or refinance the loan. If you keep the home, you can live in it or rent …
Read More »So-called “toxic investments” gained notoriety during the 2008 financial crisis because they seemed to be everywhere. Even previously well-regarded blue chip stocks like AIG were inundated with investments that were essentially worthless, requiring the federal government to step in and buy them before they dragged down these companies along with the entire U.S. economy. Now, as the U.S. braves yet another recession …
Read More »People in their 40s may not be saving enough for retirement. Ideally, you should aim to have around three times your pre-tax salary saved for retirement by the time you enter your 40s in order to maintain your current lifestyle in retirement, according to Fidelity Investments. This means if you’re in your 40s and earn $60,000 annually, you should aim to have …
Read More »Managing your taxes can be one of the most complex aspects of estate planning and a new IRS rule change continues that trend. The rule, published at the end of March, changes how the step-up in basis applies to assets held in an irrevocable trust. If you need help interpreting the IRS rule change or setting up your estate, consider speaking with a financial …
Read More »Improving fuel economy not only saves a driver money but also benefits the environment by releasing fewer emissions into the air and helping to reduce the nation’s dependence on oil and oil imports. The most obvious solution is to reduce the amount of driving you do—by carpooling, using public transportation, and combining trips. That has the greatest effect on how …
Read More »Turning 50 might have you considering your retirement plans, by asking yourself the million dollar question: when would I like to retire, and what financial position would I have to be in to take this step? So, how much do I need to retire? While planning your retirement can mean different things to different people, more often than not, the …
Read More »Navigating a Successful Career Pivot Requires Intentional Planning Do you find yourself needing to prepare your finances for a career change? We don’t always land our dream job on the first try, meaning some of us may end up building careers that don’t put us exactly where we would like to be. Other times, we might build exactly the career …
Read More »The bad news for anyone whose budget is struggling to keep up with rising prices is that inflation is cooling — but not going away. The good news is there are things you can do to take the sting out of these tough economic times while waiting for prices to fall back down to Earth. Write It Down and Visualize It’s hard …
Read More »If you’re struggling to manage your debt and don’t have a plan to pay it off, start here. These easy ways to cut down your debt include financial strategies recommended by experts as well as simple tips to improve your money habits. Before you start repaying you debts, first make a list of each one you owe along with its type, remaining …
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