This post was last updated on January 20, 2021, to reflect all updated information and best serve your needs.
Full Disclosure: This article is not a get-rich-quick scheme of how to become a millionaire in no time. Rather, it's a list of sound principles and practices that you can put into place to become a millionaire at some point in your life. Becoming a millionaire and/or achieving financial independence takes discipline, hard work, and savings. I can assure you it WILL NOT happen overnight.
This post was last updated on January 20, 2021, to reflect all updated information and best serve your needs.
Full Disclosure: This article is not a get-rich-quick scheme of how to become a millionaire in your 20's. Rather, it's a list of sound principles and practices that you can put into place to become a millionaire at some point in your life even if not in your 20's (which is extremely difficult). Becoming a millionaire and/or achieving financial independence takes discipline, hard work, and savings. I can assure you it WILL NOT happen overnight.
This post was last updated on January 20, 2021, to reflect all updated information and best serve your needs.
Full Disclosure: This article is not a get-rich-quick scheme of how to become a millionaire in your 40's. Rather, it's a list of sound principles and practices that you can put into place to become a millionaire at some point in your life even if not in your 40's. Becoming a millionaire and/or achieving financial independence takes discipline, hard work, and savings. I can assure you it WILL NOT happen overnight.
This post was last updated on January 20, 2021, to reflect all updated information and best serve your needs.
Also, note that this article does not provide any type of get-rich-quick strategies...because I firmly believe those do not exist. If that is what you're looking for, then this article is not for you. All of these strategies are proven to be successful, but only if you are able to put in the work required.
This post was last updated on January 15, 2021, to reflect all updated information and best serve your needs.
No matter how old you are right now, you should already be saving for retirement. Whether you're contributing to a 401(k), IRA, or other long-term investment (or all three), you have to make sure that you'll have enough money to last the rest of your life.
This post was last updated on January 15, 2021, to reflect all updated information and best serve your needs.
As family members, we have a natural inclination to volunteer when it comes to helping with managing end of life affairs and estate planning. It’s what we do. We make sure our parents, siblings, and other extended families can count on us to pitch in now and in the future.
As you transition into retirement, one of the most pressing issues to consider is applying for Social Security. Although these monthly payments probably aren’t your entire income source, they can be a vital part of your retirement budget.
If you’re married when applying for Social Security, your spouse may also be entitled to benefits, even if he or she is not at retirement age. However, while this process is relatively straightforward for current married couples, what if you’re on a second marriage?
For the recently widowed, there are many painful questions that have to be answered. Unfortunately, many of those questions are about money. When you should be focusing on family and saying goodbye, you instead have to deal with questions about loss of income and the decisions that need to be made.
For widows and widowers approaching retirement, many of the money-related questions have to deal with Social Security. Because a spouse has spent his or her entire life working and paying into the system, it doesn’t seem right for it all to go to waste. Shouldn’t the widow be entitled to the Social Security benefits of the deceased?
For married couples, filing for Social Security comes with several options. Depending on the situation of the couple, there are different strategies that couples can employ to maximize their life-time benefits. We’ll cover each of these in more detail below but, for now, here is a brief overview to get you started.
First, for couples that have a long life expectancy, the best strategy is to wait as long as possible before filing. Because waiting to file (up until age 70) increases the monthly size of your Social Security payments, a couple that expects to live a long time can earn more over the course of their retirement by waiting to file.
There are many perks to retirement, such as freedom, traveling, spending more time with friends and family, and for most, becoming Medicare eligible. Most seniors become eligible for Medicare when they reach age 65. Though, some seniors believe they do not need Medicare due to retiree or Veterans Affairs (VA) coverage.
That is not always the case, so it’s important to know the facts when you approach your Golden Years. Here’s why you should have Medicare in retirement.
If you want to save money for retirement, you need to start doing it right now, no matter how old (or young) you are. While there are multiple methods for building a nest egg, one of the most reliable is contributing to an individual retirement account (IRA).
There are two primary types of IRAs available - traditional and Roth. Both options have benefits and downsides, so it’s crucial to understand the differences between them. Here is what you need to know.
As you get older, there’s a possibility that your health will decline to the point where you need assistance. This assistance can range from part-time help all the way to full-time assisted living.
This long-term care is expensive, and without proper planning can financially devastate a person or couple. Paying for care with your own dollars will erode your nest egg and, depending on how big it is, it might even dwindle it all down before Medicaid swoops in.
As you get closer to retirement, it’s crucial to plan for every detail. While your primary concern will be whether you’ve saved enough, one element that can come into play is life insurance.
Typically, most individuals believe that life insurance coverage is only necessary when they have dependents. However, it can be a valuable asset at any stage of life, including retirement. In this article, we’re going to outline the steps you should take to determine whether you need life insurance in retirement or not.
Every working adult will eventually want to retire, but not everyone does the proper amount of planning for that event to actually happen. Without savings and a plan in place, this happy time might actually be more stressful than necessary. If you are a few years from retirement now, it’s time to really consider what the shift into this stage of life will mean for you.
It is completely normal to feel concerned or scared. After all, this is uncharted territory, and the unknowns are many. How will your finances change? What will the social, mental and physical differences be in your life from this point onward?
This is one of the most common questions that I am asked on a regular basis. It’s certainly a fair question and one that’s probably even gone through my head a few times.
We live in an instant gratification world – what have you done for me lately?” We expect to see the results of our saving and investing efforts immediately. While there are times you’ll actually notice faster growth within your investments because of a specific sector or company, for the most part it’s a long-term process.
Budgeting software has totally changed the way that we think about our money. They give us the ability to customize our budget which can help us:
With budgeting software applications on our mobile devices, we can take them with us everywhere to inform our spending and saving decisions. They have given us intuitive and easy-to-use tools that make budgeting easier. With so many budgeting software and applications on the market though, how can you be sure which one is going to be the best for you?
Modern budgeting tools simplify managing your money. Some of these tools don't cost anything, but some can still really benefit you for only a small fee. Mint and Quicken are perfect examples of these tools.
Mint is free, while Quicken will cost you a small fee. However, both can be extremely helpful and keep your finances organized. Let's take a closer look at both of these great budgeting apps.
There was a time when monitoring your financial situation was relatively complicated. Whether it was balancing a checkbook or writing expenses in a ledger, you had to input everything by hand and do a lot of math to get accurate results.
Thankfully, we’re living in the golden age of technology. Instead of using old-fashioned financial tracking methods, all you need to do is download an app, and you’re ready to go. However, with so many options available, it can be a bit overwhelming to determine which one is best for your needs. Fortunately, we’re here to help with our review of Mint vs. Personal Capital.
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.
Let’s get right to it and answer the question before getting into the details. A power of attorney is a legal action that offers someone else of your choosing to make decisions on your behalf if you’re unfit or under contract.
Its most common use is for people to have a go-to friend or family member to act on their behalf if they become sick or injured and can’t make decisions themselves. Power of attorney agreements are an essential part of the estate planning process and are usually connected to a will or trust fund.
