Curated Links: 06/24/2024 – Preparing Your Estate Plan
Last Will and Testament Guide for 2024
One of the most important estate planning tools is a last will and testament, often referred to as a “will.” In a will, you state where your assets should go when you die and, sometimes more importantly, where they shouldn’t go. Whether you choose to leave your assets to your loved ones or support your favorite cause, you should have a will.
https://www.ncoa.org/adviser/estate-planning/last-will-and-testament/
Source: NCOA
Dying Without a Will - What Happens?
Dying without a Will can precipitate a myriad of burdens for the deceased’s family members. Think of a Will as your “voice” after you’ve passed. You have the ability to dictate the future of your assets if you plan in advance; and it’s not that hard to get started!
https://trustandwill.com/learn/dying-without-a-will
Source: Trust & Will
4 Reasons Estate Planning Is So Important
Estate planning isn’t only for the rich. Without a plan in place, settling your affairs after you go could have a long-lasting—and costly—impact on your loved ones, even if you don’t have a pricey home, large IRA, or valuable art to pass on.
Source: Investopedia
What Is Your Legacy, And How Is It Different From Your Estate?
Our legacy comprises the spiritual, intellectual, relational, and social capital we pass on. It’s the sum total of the beliefs you embrace, the values you live by, the love you express, and the service you render to others. It’s the you-shaped stamp you leave when you go.
Source: Forbes
To Avoid Probate, Use Trusts for Estate Planning
How revocable and irrevocable trusts ensure assets go to beneficiaries without them having to endure the long, expensive and public process of probate.
https://www.kiplinger.com/retirement/to-avoid-probate-use-trusts-for-estate-planning
Source: Kiplinger
Curated Links: 06/17/2024 – Avoiding Keeping Up with the Joneses
When Keeping Up with the Joneses Costs a Fortune
Designer clothes, lavish birthday parties, tech toys and private tutors. Doting parents trying to keep up with the Joneses can end up spending shocking amounts of cash to keep their kids on the cutting edge.
https://finance.yahoo.com/news/when-keeping-up-with-the-joneses-costs-a-fortune-161722788.html
Source: Yahoo News
Spending as Social and Affective Coping
The Spending as Social and Affective The Spending as Social and Affective Coping (SSAC) scale is a new measure of the ways people spend money to cope with difficult emotions and to connect with others in their social environment. The use of this scale could help us better understand how people’s coping is shaped by social values around spending, identify when this spending becomes problematic, and explore how this type of spending money might be effected by interventions aimed at helping people cope with their emotions and connect with others.
https://www.apa.org/education/ce/spending-social-affective-coping.pdf
Source: The Counseling Psychologist
Choosing Between Making Money and Doing What You Love
If you’re really passionate about what you do, but it’s not going to make you a lot of money, should you still do it?
https://hbr.org/2012/03/choosing-between-making-money
Source: HBR
Money and Impressions: A Fool’s Game
In a society that is quick to measure worth by the number of zeroes in a bank account, it is easy to get swept into the temptation of displaying our financial well-being—hoping to impress others with how much we can afford.
https://www.becomingminimalist.com/money-and-impressions-a-fools-game/
Source: The Minimalists
Save Yourself the Stress of Trying to impress
So don’t work so hard to impress your dates that you become someone else. If you’re a slob, be the best slob you can be. If you like making out on the first date, go for it, and see if she’s into it too.
https://www.chicagotribune.com/2006/06/28/save-yourself-the-stress-of-trying-to-impress/
Source: Chicago Tribune
Curated Links: 06/10/2024 – Managing Your Roth IRA
Why Should You Consider a Roth IRA Conversion?
A Roth IRA conversion involves moving assets from other retirement plans into your Roth IRA. Learn how to convert a Roth IRA and whether it's right for you.
https://www.schwab.com/learn/story/why-consider-roth-ira-conversion-and-how-to-do-it
Source: Schwab
Backdoor Roth IRA What it is and how to set it up
"Backdoor Roth IRA" is simply a term to describe a strategy used by high-income earners who can't contribute to a Roth IRA because their income is above certain limits. Rather than contribute directly to a Roth, you contribute to a traditional IRA, and then convert it to a Roth.
https://investor.vanguard.com/investor-resources-education/article/how-to-set-up-backdoor-ira
Source: Vanguard
Roth IRA vs. traditional IRA: Which is better for you?
A Roth IRA and a traditional IRA (individual retirement account) offer valuable retirement-planning benefits, but with different structures, income limits and pros and cons.
https://www.bankrate.com/investing/traditional-ira-vs-roth-ira/
Source: Bankrate
2023-2024 Roth IRA Contribution Limits
Roth IRA contributions are made on an after-tax basis or through a 529 rollover starting in 2024. However, keep in mind that your eligibility to contribute to a Roth IRA is based on your income level.
https://www.schwab.com/ira/roth-ira/contribution-limits
Source: Scbwab
What is IRA Recharacterization?
The IRS has given you the prerogative to change your mind—when it comes to your IRA contributions, that is.
https://investor.vanguard.com/investor-resources-education/iras/ira-recharacterization
Source: Vanguard
Curated Links: 06/03/2024 – Managing Liquidity Risk Matters
Don’t Confuse Budgets and Cash Flows
Cash is the lifeblood of your finances. Without it, you would be hard-pressed to pay your debts, cover your living expenses and prepare for essential savings decisions.
https://legacygenone.franklinmadisonadvisors.com/dont-confuse-budgets-and-cash-flows/
Source: Gen One Legacy
How Family Offices Can Broaden their Risk Mindset in a Volatile Time
A survey shows how leaders are focused on financial risk but are overlooking ways to gain agility and confidence before the next crisis.
https://www.ey.com/en_us/insights/family-enterprise/family-offices-need-broader-risk-mindsets
Source: EY
The 3 Most Common Reasons Why People File Bankruptcy
Too many people still rely on the advice of misinformed friends and family regarding common bankruptcy myths. Bankruptcy is designed to give people a fresh start suffering from financial troubles, and the following three bankruptcy triggers can happen to anyone at anytime.
https://www.abi.org/feed-item/the-3-most-common-reasons-why-people-file-bankruptcy
Source: American Bankruptcy Institute
Emergency Funds Can Reduce Stress
Your savings can bail you out of a situation you may not think of as an emergency.
https://www.kiplinger.com/article/saving/t065-c047-s002-emergency-funds-can-reduce-stress.html
Source: Kiplinger
Why High Income Earners Go Broke: 5 Wealth Killers
An investigative look at the paradox driving 51% of six-figure salaries into living paycheck-to-paycheck.
https://medium.com/illumination/why-high-income-earners-go-broke-5-wealth-killers-0c1320eb221c
Source: Vic Danh
Curated Links: 05/27/2024 – Saving for College Expenses
The Cost of Private vs. Public Colleges
Private colleges are typically associated with higher sticker prices, but they can also offer more financial aid.
Source: US News
The Types of Colleges: The Basics
Is a college the same thing as a university? What does "liberal arts" mean? Why are some colleges called public and others private? Knowing the basics in regard to different types of colleges is imperative to making the right decision.
Source: College Board
How Much Does College Cost?
Average college tuition is roughly $21,130, but it varies widely by type of school. Find average costs associated with college in our report.
https://www.bestcolleges.com/research/average-cost-of-college/
Source: Best Colleges
9 Best Scholarship Websites And Search Engines
Even if you’re already sold on the value of scholarships, it can be difficult to actually find them. Here are some of the best resources to find scholarships that fit your talents and interests so you can get a leg up on funding your education.
https://www.forbes.com/advisor/student-loans/best-scholarship-websites/
Source: Forbes
10 Steps to Minimize Student Loan Debt
These 10 tips can help students either avoid borrowing altogether or keep their student loan debt at a manageable level.
Source: US News
Curated Links: 05/20/2024 – Stick to Your Investment Plan
Market Timing: What It Is and How It Can Backfire
Many investors, academics, and financial professionals believe it is impossible to time the market. Other investors—particularly, active traders—believe strongly in market timing. Whether successful market timing is possible is a matter for debate, though nearly all market professionals agree that doing so for any substantial length of time is a difficult task.
https://www.investopedia.com/terms/m/markettiming.asp
Investment Strategies for the Long Term
Investing is one of the best ways to increase your money over the long term and achieve your financial goals, but you shouldn't approach investing with the expectation of getting rich quickly. History shows that the most dependable way to create wealth is to take a long-term approach.
https://www.fool.com/investing/how-to-invest/stocks/investment-strategies/
Financial Navigating in the Current Economy: Ten Things to Consider Before You Make Investing Decisions
Given recent market events, you may be wondering whether you should make changes to your investment portfolio. The SEC’s Office of Investor Education and Advocacy is concerned that some investors, including bargain hunters and mattress stuffers, are making rapid investment decisions without considering their long-term financial goals. While we can’t tell you how to manage your investment portfolio during a volatile market, we are issuing this Investor Alert to give you the tools to make an informed decision. Before you make any decision, consider these areas of importance:
Here are the reasons these investments are bogus
That bluntness aims to cut through the soft, misleading, and in my opinion, near-criminal “guarantees” annuity firms have peddled for decades – to investors’ detriment. Whatever you think an annuity can do for you, it can’t. Or there is likely a cheaper, better, more flexible way to do it.
https://www.usatoday.com/story/money/columnist/2019/04/14/annuity-reasons-why-annuities-bogus/3447557002/
Are Annuities A Good Investment?
Despite the prospect of annuities helping Americans better enjoy their golden years, few actually sign up—it’s what’s known as the “annuity puzzle.” Many would-be users don’t like the prospect of giving up a large portion of their portfolio, and they’re unsure about the prospect of high fees or indecipherable contracts.
https://www.forbes.com/advisor/retirement/are-annuities-a-good-investment/
Curated Links: 05/13/2024 – Buy Back Your Time
Hiring a Contractor Checklist and Tips
As you plan your next home renovation project, choosing the right contractor for the job is a critical first step in your planning process. You want to make sure you vet the quality of their work in advance, spell out in writing what work you want performed and agree upon the scope of the project, and inquire whether the contractor is properly licensed and insured in case something goes wrong.
Need a house cleaner? Here are hiring tips to ensure your home is both tidy and secure.
Finding a good, trustworthy house cleaner or cleaning service can seem like a real challenge, especially for anyone who hasn’t hired one before. After all, giving a stranger or strangers access to your home is unnerving. Though customers may be uncertain at first, they often decide employing cleaners is worth the cost because it allows them to buy back their time.
How to Avoid Getting Ripped Off by an Auto Mechanic
Don’t be easy prey for a dishonest mechanic: Here are five tips on how to get your car fixed without getting ripped off.
Choosing and Instructing a Babysitter
Finding a qualified babysitter takes time and effort. But your reward is knowing that your child is in capable hands. You'll want to find someone who is mature and friendly, has common sense, and is genuinely fond of children.
How To Hire A Landscaper: Checklist And Tips
A landscaping contractor is responsible for installing and maintaining outdoor plants and other hardscape elements on residential and commercial properties. How you go about hiring a landscaping contractor depends on several factors, including budget, timeline and the size of your project. Moreover, the landscape professional should also have the right qualifications, licensing and insurance.
Curated Links: 05/06/2024 – Knowing Concentration Risk
Love Your Company Stock? Here’s What to Know.
Owning a stake in the company you work for might have some advantages. You might feel optimistic about your employer’s future and want to share in the wealth. As an employee, you may even be able to purchase stock at a discount. However, there are risks you should consider.
Source: Finra
Having Too Much Employer Stock in Your 401(k) is Dangerous. Just Look at GE.
When General Electric was kicked out of the Dow Jones Industrial Average in 2018, many participants in its 401(k) retirement plan were likely in shock. Over one-third of the plan’s assets had been invested in the shares of General Electric, as shown by the company’s federal filings.
Source: Brookings
Workers with Company Stock Might Have Too Much risk in Their Investment Portfolio
If company stock is part of your compensation package at work, you might want to give your entire investment portfolio — including retirement savings — a closer look.
Source: CNBC
Asset Allocation and Diversification
When it comes to investing, asset allocation is the equivalent of deciding how many of your eggs you're going to put into how many different baskets—or asset classes. Diversification is the spreading of your investments both among and within different asset classes. And rebalancing means making regular adjustments to ensure you're still hitting your target allocation over time. All are important tools in managing investment risk.
Source: Finra
Concentrated vs. Diversified Portfolios
Most basic articles on personal finance advise investing in a diversified portfolio. Diversifying investments is touted as reducing both risk and volatility. While a diversified portfolio may lower your overall risk level, it also reduces your potential capital gains. The more extensively diversified an investment portfolio, the more likely it is to mirror the performance of the overall market.
Source: Investopedia
Curated Links: 04/29/2024 – Writing Your Family’s Story
Hold On to Your Kids: Why Parents Need to Matter More Than Peers
This parenting classic is as relevant today as it was when it was first published, shining a light on one of the most misunderstood trends of our how the influence of peers, magnified by social media and video game culture, is replacing parents in the lives of children, and what parents can do about it.
https://www.goodreads.com/en/book/show/106744
Source: Good Reads
Setting Healthy Family Goals This Year
Does your family make New Year’s resolutions? On January 1st do you create a list of changes you’d like to make during the year? You might want to eat healthier food, exercise consistently, or spend more time together as a family. Although making resolutions is a good way to kickstart healthy habits, the problem is that most people don’t follow through (80% to be exact).
https://www.wholefamilyliving.com/setting-healthy-family-goals/
Source: Whole Family Living
4 Questions to Answer When Creating a Family Vision Statement
Have you ever noticed a father’s reaction to his child’s birth in the movies? He often sheds tears of joy. His face shows all his hopes and dreams coming true. In every depiction, there is almost always an instant connection between father and child. That may be a realistic response for some, but it is also common for fathers to feel no connection at all. They may feel guilty as they hold their new baby and think, “Who is this stranger?” Sometimes the connection doesn’t come until we start changing babies’ diapers, holding them, comforting them, or making them laugh. In other words, it doesn’t come until there is an investment.
https://www.allprodad.com/creating-family-vision-statement/
Source: All Pro Dad
How to Choose Core Values for Your Family
Core values might sound aspirational (and in some ways, they are!), but once you and your family have named them, they provide a very practical framework by which to make decisions.
https://cultivatewhatmatters.com/blogs/cwm/how-to-choose-core-values-for-your-family
Source: Cultivate What Matters
A Guide to Family Core Values
Family values are similar to personal and professional values, but they include your whole family. No matter what and how many members your family has, these values determine how the family as a unit copes with difficulties and rises to challenges.
https://startwithvalues.com/a-guide-to-family-core-values/
Source: Start with Values
Curated Links: 04/22/2024 – Why Market Timing Doesn’t Work
Why Market Timing Soesn’t Work
S&P 500 is up 14% this year, but just 8 days explain the gains. If you want a simple indication of why market timing is not an effective investment strategy, take a look at the data on the S&P 500 year to date.
https://www.cnbc.com/2023/11/08/market-timing-doesnt-work-sp-500-14percent-rally-explained-by-just-8-days.html
Source: CNBC
The Psychology of How to Stick to Your Goals
One exciting thing about new year time for many, is that you get to make new goals and resolutions, perhaps with a renewed sense of vigour and enthusiasm. With every new year, you are availing yourself a great new opportunity to reflect, restore and turn a new leaf and though I appreciate you can do this any time of year, the new year tends to be a time that many choose to do so.
https://www.adam-eason.com/the-psychology-of-how-to-stick-to-your-goals/
Source: Adam Eason
Overthinking Your Money: Avoiding analysis paralysis
When it comes to your finances, there are a couple of ways to sabotage yourself. One is not putting enough thought into it.
The other is putting too much thought into it. Overthinking – becoming obsessed with minor details, twisting yourself into a pretzel, getting overwhelmed with choices and doing nothing – can be just as damaging to your financial future as the opposite.
Source: Reuters
4 Steps to Get Over Investor Paralysis
As common as investor paralysis is, it can be avoided. Having a plan, diversifying holdings, understanding how markets work and streamlining information are a few ways investors can build up their courage and flex their investing muscles.
Source: US News
What Happens When You Fail at Market Timing
The impact of being out of the market for just a short period of time can be profound, as shown by this hypothetical investment in the stocks that make up the Russell 3000 Index, a broad US stock market benchmark.
https://www.dimensional.com/us-en/insights/what-happens-when-you-fail-at-market-timing
Source: Dimensional