Found Money: Your Health Savings Account
Key Takeaways Health Savings Accounts (HSAs) are tax deductible, tax deferred, and tax-free when used for health or medical-related expenses. Many people don’t realize HSA funds may be used for retirement. Once you’ve reached your limit on 401(k) contributions, your HSA may be an option for additional retirement savings.
The Importance of Risk Management
Key Takeaways When you’re examining your finances, risk management is an important part of the big picture. We have insurance for a number of things in our lives, but might be overlooking some that could have devastating effects if you need them and don’t have them. Disability, health, and life insurance are key for peace […]
3 Things You Need to Do to Be Successful
Key takeaways Rational optimism is far different that the stereotypical optimism. Successful people have a reasonable tolerance of risk. Become a rational optimist to be successful in your endeavors.
Having Money Discussions Is Important in a Relationship
Key takeaways Younger generations are handling money differently than those before them. Gen Z and millennials are much more comfortable discussing money. Money is one of the biggest reasons for divorce. Talking about money before marriage is a good thing.
Don’t Invest Too Much in the Next Big Thing
Key takeaways A recent study, conducted by the financial company Edelman’s, showed that 25% of affluent millennials were investing in Bitcoin. The pull of trends like Bitcoin is reminiscent of other trends that popped up in the past—trends that failed to pan out, causing people to lose a lot of their hard earned money. Bitcoin, […]
Advisors for Success Minded People
Key takeaways A catch-22 is a situation that keeps you from attaining your goals due to a set of inherently illogical rules or conditions. Younger, success-minded people need professional advice as they accumulate wealth over time. The majority of the professional advice available for success-minded individuals—at the beginning of their wealth building years—is either far […]
Do You Have a Plan In Place In Case of Death or Disability?
Key takeaways Mortality and morbidity are two intangible, yet very important and unavoidable topics to think about. Addressing these topics requires a discussion about death as well as potential medical and disability issues. Having life insurance, an estate plan, and medical and disability insurance in place will provide relief to those coping with the death […]
The Importance of Having Family Meetings
Key takeaways 2 million millennials are currently caring for aging parents or other aging loved ones. Having a family meeting with parents, in-laws, or grandparents to discuss their estates and other wishes before they need help is very important. Communication and understanding in this area will go a long way toward reducing the chances of […]
Saving Later, but Retiring Earlier?
Key Takeaways TD Ameritrade’s recent release of their Millennials and Money survey showed a big difference between the age Millennials expect to retire versus when they will start saving for their retirement. Saving for only 20 years for retirement is hard to do because the compounding effect of money needs longer than that to truly […]
401(k) Tricks You Probably Don’t Know
Key Takeaways Most people, when they are starting off in the workforce, end up working at a few different jobs for the first few years. Many companies offer matching 401(k) programs, and you can actually roll over one 401(k) at one company to another 401(k) at another company. Most 401(k)s have what’s called a loan […]