Financial Planning

Do you have a financial plan? A real, written plan with goals, targets, and timelines, not just “I plan to stay out of debt this year”? If you have no such plan, you have plenty of company. According to Charles Schwab, only 25% of Americans have a written financial plan. The good news: Schwab’s 2018
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You’ve made some life decisions that you’ve regretted, and some of those decisions surely involve money. What sort of money mistakes have you made? Don’t be shy about admitting your financial mistakes. According to the latest version of Finder.com’s annual America’s Biggest Money Mistakes survey, you have 192 million fellow Americans to keep you company.
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We know the stereotype of the unmotivated millennial, living at home with their parents without any long-term plan or concern about their situation. Is that a fair representation? Do millennials disproportionately live with their parents? If so, is this from necessity, lack of motivation, or part of a grander strategy? It’s logical that younger generations
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Have we bridged the gender gap when it comes to household roles, domestic duties, and career choices? Not entirely – but a new survey suggests that women are leading the way in closing the gap and preparing the next generation of men and women to continue the fight. According to the YouGov survey Women’s Voices:
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Are you financially literate? How about your kids? MoneyTips can help, but there may be something special soon going on in your neighborhood to help you learn more about personal finance. Money Smart Week®, a public awareness campaign designed to help consumers better manage their personal finances, will take place April 21-28, 2018. The effort,
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What’s in your savings account? If you’re a millennial, there’s a decent chance that there’s nothing in your account but IOUs and promises. A 2017 survey by GoBankingRates found that 46% of millennials aged 18-24 have $0 in their savings account – a sharp increase over the 2016 survey where 31% of millennials reported empty
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1. Lead by example – Great leaders operate with humility and a “Do as I do” rather than a “Do as I say” mentality. They never ask anyone to do anything they are not willing to do themselves. 2. Use the 7 P’s – In the military, I learned that Proper Prior Planning Prevents Pitifully
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What sort of structure makes the most sense for your small business – a corporate structure or a sole proprietorship? If neither structure fits you well, perhaps the best choice for you is a Limited Liability Company (LLC) – a structure that represents a middle ground between a regulated corporate structure and a simplified sole
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Do you consider yourself a financial risk-taker? If so, what is the standard that you use to analyze risk? If you don’t fully understand risk, you may be looking at the wrong criteria to make the best financial decisions for you and your family. A recent survey by AMG Funds suggests that very few investors
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For many people, the end of the year represents a hectic time, and the last thing anyone wants to do is add to an already full plate. However, building the following financial moves into your fourth- quarter routine can really pay off over the long run and give you greater peace of mind for the
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Do daily finances give you daily heartburn? You aren’t alone. According to a new survey by the Consumer Financial Protection Bureau (CFPB), 43% of Americans have trouble making ends meet. One-third of survey respondents reached the level of financial or material hardship during the past year, such as running out of food or being unable
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Have you ever seen ads for “Get Rich Quick” books? We suspect the only person getting rich quickly is the author selling his book! Perhaps the first page of the book reads, “The secret to quick riches is to publish and sell a book on getting rich quick.” At MoneyTips, all of our eBooks filled
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April is National Financial Literacy Month. Why do we dedicate this calendar page to highlighting financial skills and education? The tax deadline? Sound financial decisions are important all year long, but most Americans never learned how to manage money or save for goals, so financial security is a bigger challenge than it needs to be.
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Getting out of debt can be challenging, especially if you have little experience in managing your finances and need support. Using a counseling agency can be a great way to get debt relief. The agency can possibly negotiate reduced interest rates for you to pay back all your unsecured debt. You then make a single
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Individual Development Accounts (IDAs) may be the best resource for low-income Americans that you have never heard of. They are matching savings accounts that are targeted to promote savings in lower-income families and help them to achieve a savings goal that might otherwise be beyond their reach. Typical goals are buying a home, starting a
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Are lottery tickets a component of your retirement program? Then you sound like an extreme risk-taker when it comes to investing. Do you throw up every time you hear that the stock market dropped? Then odds are you are a conservative investor. All kidding aside, it is wise to take time to seriously assess your
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You can finally see retirement in the horizon – lounging on the beach, jetting around the world, or puttering around in your backyard. Whatever your goals are, you will soon be realizing them, assuming you have saved and invested wisely. How should your investments be rebalanced as you approach your retirement goals? The answer to
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Ever since you were a child, you were told to save your money. But as an adult, you are told that saving money, as opposed to investing it, isn’t always the best strategy. What’s the real story? You should, of course, maintain a liquid safety net and manage your debts wisely. But sitting on a
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