Being debt-free is possible for everyone, regardless of income. Learning to manage our debt and spending habits and then focus on saving can be life-changing and positively affect your net worth. Net worth calculates by subtracting your liabilities (debt owed) from your assets (not financed). Net worth is calculated...
Many people decide to ‘semi-retire’ early and start taking their Social Security Retirement benefit at the earliest age possible. It’s appealing to be able to work part-time or where you have an interest or start a small business while making an income and receive Social Security retirement benefits. While...
Effective January 1, 2020, the SECURE Act, a progressive change to retirement savings plans, is now law. The last legislation to retirement savings happened when Congress allowed for automatic enrollment of employees and the addition of Target Date funds to retirement plans in 2006. While the new law intends...
With 2020 barely started, preparation for tax season is underway for many investors. Now in the second year of filing taxes under the Tax Cuts and Jobs Act of 2017 (TCJA), focusing your attention on deductions you can use versus those that were eliminated will necessitate that you plan....
Review your saving and spending habits and assess what you can do to save more this year. Definition of Savvy: having or showing perception, comprehension, or shrewdness especially in practical matters. Money Savvy: smart with money, money-wise, financially astute, shrewd. If you started saving for retirement early, chances are you’ll hit...
What steps can you take to help transition the obligation of debt best in a divorce situation? When saying “I do,” to any relationship, seldom is the thought of ending the relationship discussed or the division of joint debt. For couples that combine both assets and liabilities, a split...
In November 2019, the Internal Revenue Service (IRS) announced the cost of living adjustments for 2020 for most retirement savings plans. However, IRA contribution limits will stay the same. If you plan to make the maximum contributions you can in 2020, here’s what you need to know: • The...
Dreaming and goal setting are interrelated; first, you dream about what you want, then you determine how to obtain it. Our dreams should help guide us to make the right choices at the right time and in the proper manner. But merely dreaming about something is not enough; we...
Here we are, already to the end of 2019! The end of a year and the start of a new one is when most people decide to clean up and implement changes in some areas of their lives. Whether it is financial or health-related, starting the New Year off...
Fixed income is something many investors don’t understand, according to the 2019 survey, “Fixed Income, Not Fixed Thinking,” by BNY Mellon Investment Management, one of the largest asset managers in the world. The study revealed that the majority of Americans surveyed have a limited understanding of fixed-income investments, regardless...