Thoughtful Insights
Your trusted resource for mastering wealth management, financial planning, and smart investing. Explore thoughtfully curated articles, and clear, in-depth guides that help you to make informed decisions at every stage of your financial journey.
Save Money with this Fun Filled Vacation: Visit one of our National Parks
Summertime is in full swing which means vacations are just around the corner. According to a poll by The Associated Press-NORC Center for Public Affairs Research , nearly half of Americans say they don’t plan on taking a summer vacation this year, mainly because they can’t afford it. Trips can be costly with airfare, hotel expenses, restaurant meals and more quickly tallying up. It can be difficult to manage expenses when on vacation, however it’s still possible to have fun and indulge without breaking the bank.
Women and Retirement: Seventeen Surprising Facts and How to Approach Them
The number of wealthy women in the United States is rising twice as fast as the number of wealthy men according to CNBC. Many experts estimate that by 2030, women will control as much as two-thirds of the nation’s wealth. As these indicators all pointing to financial risings for females, it is important that women plan their retirement savings accordingly.
Factoring in Health Care Costs when Saving for Retirement
One of the biggest issues in retirement remains the cost of health. With the enjoyment of a longer retirement comes the cost of extended healthcare coverage. Furthermore, healthcare costs are increasing more than two-and-a-half times the rate of inflation. Additionally, as life expectancy rates continue to climb, so does the amount of money needed to sustain an individual’s costs over his or her lifespan.
How Stay-at-Home Spouses Can Better Prepare for Retirement
A Federal Reserve report on the economic well-being of U.S. households in 2015 found, among other things, that 31 percent of non-retirees reportedly “have no retirement savings or pension whatsoever.” Where households are supported by two incomes, some may only have one spouse contributing to the retirement fund. As they approach retirement age, many couples are left wondering how they can contribute to the nest egg.
SEP IRA: The Roadmap to Retirement for Self-Employed Individuals
In today’s workforce, a variety of employment models are becoming increasingly prevalent. Ideas of traditional employment are shifting, especially in regards to self-employed individuals. Whether you are a freelancer, independent contractor or another form of self-employed, making smart choices in saving for retirement is important.
How Spending after Children Leave Home is Worsening the Retirement Crisis
It has been long assumed that once children grow up and leave home, reductions in spending will follow as parents handle a more disposable income. However, recent findings have shown that many households aren’t showing an increase in savings as one may expect. For many empty-nesters, a later in life savings jump is crucial for families that have been supporting their children for the past 20-some-odd years. According to certain estimates, empty-nester’s savings are supposed to increase by as much as 12 percentage points. But a recent study performed by the Boston College Center for Retirement Research found that 401(k) savings plans are only showing a mere increase in saving of 0.3% to 0.7%.
Retirement Check-Up: What Your Finances Should Look Like in Your 50’s
Many 50-somethings are at some sort of crossroads in life. Several major events like getting married, having kids or buying a house have already happened to them. Their children are growing up, becoming financially independent and could be headed off to college in the fall or are even beginning to start a family of their own. When expenses start to taper off, it is the ideal time for 50-somethings to take a closer look at their retirement savings and start ramping up contributions, especially if they aren’t on track to reach their goals.
Don’t Let Your Wedding Break the Bank: How to Budget and Plan Accordingly on Your Big Day
Nowadays, the cost of a wedding amounts to a small fortune. Whether you waited until later in life to tie the knot, are starting over with another marriage or plan to contribute to your child’s wedding, don’t let it derail your life’s savings. There’s a healthy balance of having a dream wedding and not breaking the bank. In order to do this, you must create a budget that includes all the details, find creative ways to save money and remember that at the end of the day it’s not about the wedding itself, but a celebration of a lifelong commitment.
Not Saving For Retirement? Here’s Why You Should Start Now
There are many reasons why you haven’t starting thinking about your retirement. You might think that because it’s so far away you have plenty of time to put it off for another few years. According to psychologist Daniel Goldstein, it can be difficult for many people to imagine themselves growing old. In our heads, we all realize we will grow old, but the concept doesn’t seem real to us. We often don’t even want to think about it -- let alone plan for it.
Easy Hacks For Saving Money on a Memorial Weekend Getaway
Whether you’ve already arranged a Memorial Day weekend getaway or are waiting until the last minute to make travel plans, whatever you do, you certainly won’t want to miss out on the first opportunity to take a summer vacation. In fact, you’ll be amazed at how much you can see and experience during the long weekend. Learn about three easy ways to save the most money on your getaway, no matter your destination.
Three Ways Millennials Are Managing (and Saving) Money
It’s no secret that life for twenty-somethings is vastly different than it was in the 1970’s, 80’s or even 90’s. The internet and mobile technology have completely changed how we carry out our professional and personal lives. Personal finance is yet another area in which millennials are doing things a little differently than their parents and grandparents.
Three Steps for Helping Family Members Who Struggle With Finances
It’s never easy to watch family members struggle with their finances. Even though it can be tempting to loan them money, it is only a temporary fix that won’t last if they’ve instilled bad money habits in their financial routine. When it comes to addressing your concerns with a family member who’s struggling with money management, it can be scary. On one hand, you want your loved one to get his or her financial situation under control, but you don't want to destroy your relationship in the process. Read on to learn more about how to better help family members who are bad at money.
Three Financial Challenges Holding Millennials Back from Starting a Family
Millennials now account for the majority of new and expecting parents. By growing up during the greatest economic downturn since the Great Depression and holding more student loan debt than any previous generation, millennials are faced with a very unique set of challenges when it comes to starting a family. With the cost of raising a child now equalling a small fortune, millennial parents need to be better prepared financially.
Three Lessons for Teaching Your Children Good Financial Habits
In order to raise financially savvy children, parents must begin to teach them a variety of skillsets like budgeting, planning, earning and saving.
How Technology Can Save You Money: Best Mobile Apps for Financial Fitness
When your budget is tight, saving for your future can be especially difficult. We live in a world where the vast majority of mobile apps are designed to help you spend money, not save it, with simple “one click” checkout experiences. Fortunately, there are a few apps on the market that have actually made it a little bit easier to make saving a priority in your everyday life.
Three Common Money Scams and How-To Avoid Them
Money scams have existed for years, but criminals continue to discover and implement new, sly tactics. Their current efforts focus on sending out phony emails, pretending to be a trustworthy person, to seek out personal information from victims like credit card numbers, bank accounts and personal identification information, such as a passport or Social Security number.
A Big Risk to Your Portfolio is Hiding in Plain Sight
Dividing up an investment portfolio into its various pieces can reveal both hidden drivers of risk and overlooked opportunities. A recent analysis by Goldman Sachs Asset Management of professionally managed investment portfolios shows that many investors are missing important potential sources of return as a result of putting too many of their “risk” eggs in one basket – US stocks!
3 Steps for Transitioning from a Dual Income to a Single Income Household
According to CNN, 46 percent of households with male/female married couples are dual income, with both parents working full-time. That said, there are many reasons why a couple would decide to live off of only one income. Whether you and your partner have made the decision that one of you will be staying home with a new baby, or going back to school, living off a single income requires planning, communication and willingness to make sacrifices. Before making any decisions to transition to one income, you’ll want to to practice living on one income (if possible), discuss healthcare and other benefits and prepare a budget.
Three Things to Consider When Deciding Whether to Lease or Buy a Car
While the decision to buy or lease a car can be a tricky one, a quick evaluation of your financial situation can help you decide which option is best. People who lease a car typically do so because it allows them to drive a newer car for less money than it would cost to buy one. According to the car experts at Edmunds, young adults are far more likely to lease. In fact, more than one-third of millennials in 2016 were opting for auto leases.
The History of Women and Money in the United States in Honor of Women’s History Month
Many women take the lead with managing household finances and many have also increased the amount of money they earn in their careers. In honor of March being Women’s History Month, let’s take a closer look at the history of women, money and the power they've gained over the last few centuries.