How To Create An Efficient Financial Life

Organizing your financial life is a fundamental, critical step for wealth building. Establishing a budget, planning your savings and ensuring you are preparing for retirement now secures your future and ensures you stay on track to meet your personal financial goals. Given the plethora of financial advice available, it can be difficult to find and develop the right plan for you. 

There are some fundamentals that can be applied to anyone’s financial situation though, and creating an efficient financial life is as much about getting started as it is maintaining smart financial planning and decisions. Here is our brief guide to creating an efficient financial life that meets your needs.

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How To Become A Millionaire In Your 20s

What would you do if you had a million dollars? This is a question that most people fantasize about, but few can make it a reality. For the most part, becoming a millionaire seems like a far-fetched goal, at least something that you can’t obtain in your early life or career - right? 

The fact is that making it to your first million doesn’t take a stroke of obscene luck like winning the lottery. As long as you make the right moves, you could potentially be earning seven figures before you turn 30. 

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How To Have a Happy and Healthy Retirement

You’ve put your time in, and now it’s time to enjoy the fruits of your labor. Retirement is all about taking it easy and living life on your terms. No more keeping a tight schedule, no more putting those celebrations and life experiences off until later. Now is your time. 

If this is how you picture your retirement, you’ve clearly got good goals in mind and you know how you plan to spend that time. Without a significant amount of planning, however, you may find it somewhat challenging to achieve your ideal retirement. Here’s a guide to ensuring you have that happy and healthy retirement you’ve worked so hard for all these years.

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A Guide to Choosing the Right Wealth Management Firm

With so many wealth management firms competing for a client’s favor and attention, you might be lead to believe that picking one is as easy as a walk in the park. Sadly, that's not the case. It's great that people have options nowadays, but the sudden increase in numbers also makes finding the right firm for your specific financial situation more challenging.

If you're at a point where your portfolio has become too large to manage on your own, then it's high time to call in the experts. The right wealth manager will help you identify solid investment choices and map out a strategy that will not only let you achieve your financial goals but surpass them, if possible.

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7 Planning Tips for 6 Figure Earners

Making a lot of money and being wealthy are not synonymous. Even if you make six figures, you can still feel stretched to pay your bills if you don’t take the appropriate steps to build wealth.

While having a high income is a good starting point, if you spend everything you make, you’ll find yourself feeling strapped. Getting the right financial planning information can help get you on the right track toward growing your net worth.

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When to Update Your Estate Plan

If you already have an estate plan, you’re ahead of the majority of Americans. According to a survey by Caring.com, more than half of people don’t have a will or living trust. Even if you have your estate documents in order, you’re not done.

Chances are you’re still many years away from needing to put your end-of-life plan into motion. There are still many changes in your life that need to be reflected by updating your documents. It’s an essential part of making sure everything is in order for your family and heirs.

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How to Make Passive Income: 15 Ideas to Get You Started

If you want more freedom over your time, building passive income streams should be a priority. Finding ways to convert active income, i.e. your job, to a passive model will give you more agency over your waking hours.

Working a day job means you’re trading time for money. Every day, you wake up and get ready to go to your job, get in the car and sit in traffic until you finally make it to the office. On the other hand, earning passive income requires little time and effort on your part once you have everything set up.

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The Easiest Ways to Save Money

Many Americans are one paycheck away from going into debt to pay for an emergency. A report by the Federal Reserve on the economic well-being of U.S. households found that 40 percent of American’s can’t afford an unexpected $400 expense. Having some extra cash can help you be prepared in case financial disaster strikes.

There are many different ways to save money – some easier than others. Pick what works for you and stick with it for a few months, setting aside the money that you save in a separate savings account. You can use the extra money to start an emergency fund or invest for retirement.

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How to have a difficult conversation with your spouse about finances

Talking about money with your spouse can be difficult. Not everyone enjoys talking about finances and it can seem easier to just ignore the subject. However, avoiding difficult conversations and money discussions can lead to many problems down the road.

If the idea of discussing money with your significant other stresses you out, you’re not alone. According to a survey by SunTrust Bank, 35 percent of people said money was the primary cause of friction and stress in their relationship. For respondents between 44 and 54 years of age, that number shot up to 44 percent.

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How You Can Utilize Airbnb or VRBO to Supplement Your Retirement Income

If you’re approaching retirement and looking for ways to beef up your monthly income, there are many strategies to consider. You could pick up part-time work or start a side hustle like tutoring or delivering groceries. Or, you could just rent out your home or part of your home for cash and travel the world.

If you think that final suggestion is intriguing, you’re not alone. Thanks to technology brought to use by companies like Airbnb and VRBO.com, it’s more common than ever for senior citizens or anyone approaching retirement to use their home as an income-producing asset so they can do…well….whatever they want.

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The Ultimate Blueprint To Paying Off Your Student Loans

With student loan debt, it can seem like your payments will last forever. But, there are ways to make paying off your student loans much easier. Whether you’re in the thick of paying them off, considering taking out student loans, or somewhere in the middle, knowing the right strategies to use will save you a lot of money and stress when it comes to paying off your student loans faster.

As the second highest consumer debt, the average student loan balance tops $37,000 for the Class of 2016. If most of your paycheck goes to pay student loans because you haven’t yet met your earning potential, you can feel trapped.  There is hope, and you can get rid of your debt faster by upgrading your student loan repayment options.

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How To Do A Background Check On Your Financial Advisor

In today’s day and age of the internet, you can find just about anything in no time. Looking for a restaurant nearby? Go to the internet. Need a place to get a haircut? Go to the internet. Looking for background information on a financial advisor? Yep, go to the internet.

It amazes me how we found things before we had the internet. I guess we just asked for referrals from our friends, looked things up in the phone book or drove around until we found out what we were looking for…the indignity.

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The Best Personal Finance Tips When Changing Jobs

Congratulations, you landed a new job! Hopefully, it’s the job of your dreams or at least a lot better than your previous one.

Now that you’ve said “I do” to your new employer, it’s now time to tackle the financial things to do when changing jobs. Don’t worry, the list isn’t overwhelming (although we certainly understand the stress of moving and changing jobs), but many of these items are time sensitive and could have a major impact if not handled correctly.

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5 Financial Must-Dos On Your Birthday

Oh the joys of having another birthday. It just means you got another year older… congratulations! You are probably wondering where in the world the last year of your life went if you’re anything like me - getting old can be rough.

I heard a great quote the other day that totally resonated – “The days get longer, but the years get shorter.” So true in my opinion. The older I get, the more time flies. I have no idea why, but that’s definitely how it feels.

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Acorns: A Cool App For Saving Money

Did you set a goal to try and save more money this year? If you’re like most people, this is a recurring goal that continues to rear its ugly head time and time again.

Let’s face it, saving money can be tough. Spending money is much easier and way more fun… hey, I’m a financial advisor, and I’m in total agreement. However, as much as we dread putting some money away for a rainy day – or for whatever reason, we need to do it. Some of us are good at, while others are not so good.

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If Your City Lands Amazon HQ2, How Will it Affect You?

In case you haven’t heard, Amazon is looking for a second headquarters. Now, why they need a second headquarters hasn’t exactly been explained, but they just do. Apparently, it’s kind of a big deal.

If the city you live in qualified to put in a bid, then it’s very likely they did just that. I haven’t actually come across any cities who met Amazon’s requirements, but didn’t actually put in a bid… although I would be very interested in learning why, since it would no doubt make them the outlier.So, what are these requirements that Amazon put out there?

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Why Home Ownership Shouldn’t Be The American Dream

Once we graduate college and get our first job, it seems like our next unwritten goal in life is to buy a new home. Right or wrong, that seems to be how life goes. I’m by no means saying it’s the wrong choice to make – heck I did it and still own a home – but should it really still be called the “American Dream?”

In my humble and probably subjective opinion, the answer is no. While home ownership can be an incredible feeling and certainly a feeling of “growing up,” it’s definitely not for everyone. There are plenty of pros and cons to owning a home just as there are plenty of pros and cons to renting. It’s up to each individual to determine what’s right for them.

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These Four Things Could Surprisingly Kill Your Personal Finances

We all know the old saying, “What you don’t know can’t hurt you.” But what does that even mean and where the heck did it come from? I can tell you for certain it definitely doesn’t apply to the world of finance.

In my world, what you don’t know can definitely hurt you. And, as bad as this is going to sound, a lot of the biggest banks in the world were built from people “not knowing.” Whether it’s hidden fees, even if they are legal (no offense, Wells Fargo), or paying interest, these seemingly little things can add up to a lot of money over time.

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How to Become Your Own Financial Advisor

Like it seems for just about every service profession today if you want to go the DIY route and figure it out for yourself, just Google it and you’ll be on your way. I swear I think there is a YouTube video for just about every DIY project you’re attempting to do around the house, with some being easier than others.

While it’s not quite that easy when it comes to managing your finances or becoming your own financial advisor, it can still be done. As long as you have the time and willingness to learn, you certainly can go at it yourself. Many people handle their personal finances themselves and do a great job.

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The Worst Things About Working with a Financial Advisor

As much as I try and paint the picture of how awesome it is to work with a financial advisor, there are a few unpleasant things that come with the territory—I know, I know, hard to believe.

We definitely try to make the experience as pleasurable as possible, but sometimes it just isn’t always rainbows and unicorns. We can be a little annoying at times asking for all the information we need. Difficult discussions come with the territory, and critical decisions have to be made about one's financial life—and that means sacrifices might have to be made in order to achieve one's goals.

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NextGen Wealth, LLC is a registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor, tax professional, or attorney before implementing any strategy or recommendation discussed herein.

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