For those of us with little goofers of our own running about, a 529 college savings account is a great way to start saving for their college education expenses. Updated tax law allows for the use of 529 funds for private k-12 tuition, up to $10,000 annually. These plans are no longer used only for
All You Need Is … A Financial Plan!
It’s never too early to begin planning ahead for your financial future.
“If plan A fails, remember there are 25 more letters.”
— Chris Guillebeau
It’s not only important to think about your short-term goals, but also factor in long-term goals and “what if” provisions as well. Yeah – we get it, these are super not fun topics. We don’t like thinking about injury or death, either. But, everyone’s gotta do it, so here you go…
There is nothing that can kill the romance of upcoming nuptials more quickly than your partner asking you to sign a prenuptial agreement (aka prenup). But do you know what can really kill the romance? Divorce! Perhaps you are thinking, “our relationship is going to last… we’d never get a divorce.” Well let’s face it,
My wife and I are slowly turning the corner from having two babies to two full blown toddlers. Like most parents, the question “where did the time go?” seems ever so true. It was not easy, and we still have a lot more fun chaos ahead, but we are glad we took the following steps
Cars are a rapidly depreciating asset, meaning they quickly decline in price soon after you buy them and steadily decline in value over time. Thus they (like other items in their same category including clothes, furniture, jewelry and electronics) should go through extra scrutiny to determine if you really want and/or need them!
Plastic is the easiest way to deal with gaps in paychecks when buying major items, but they are also the easiest way to destroy your financial picture early. Continually holding credit card debt across several months allows interest to build on these balances anywhere from 12% to more than 20%.
Full transparency: Before I had kids, I looked at day care graduation photos with a certain level of judgment and cynicism. It seemed silly to me, like participation trophies. I liked the idea of celebrating just one major graduation, which represented the culmination of all a child’s academic achievements over the years. But then I
It seems odd, and somewhat frightening, to be thinking about incapacity, death and estate planning when you are young and don’t have much of a net worth, but it’s important for everyone to understand a few concepts and take several basic steps to make it easier on your family and loved ones.
Navigating the health insurance market can be challenging and even overwhelming. Let’s take a look at two different types of health plans. Low Deductible vs. High Deductible Health Plans What is the difference? A High Deductible Health Plan (HDHP) has a higher deductible, just as the name implies, that an individual or family must pay
When starting a new job, you are bombarded with forms to complete. Some, like tax withholding forms, are familiar. Anything related to insurance benefits can be overwhelming. It does not matter if someone is starting a first job or has been in the workforce for decades. It can be daunting. Let’s take a brief look
Not having the appropriate insurance coverage in place to protect you from the unexpected can wreck any well thought out financial plan. If you lose your ability to earn and save and are under or uninsured from a loss of life or disability, then all of the reading you have done thus far will be of little to no help to you.
Student loans are, for many, a necessary means to an end. Whether you are the borrower or the spouse, one of your main concerns upon graduating is how to pay off student debt and/or how to have those loans forgiven ASAP. I am a “lucky” spouse whose husband had a cry-worthy amount of law school debt upon graduation. When he landed
Though annoying to have an overhang, don’t rush to pay off your student loans since your interest rates on these loans likely ranges from 4 to 7%. This rate is well below returns you can expect by fully funding your 401(k) to get an employer match and long-term equity return averages of about 10%.
In summary, taxes stink. So it is good to know how they work and how you can avoid them in cases where you are able to do so. Due to the complexities of the IRS tax code this section could be a website by itself, so what follow is a brief focus on how the tax code applies to young professional readers.
Marriage, no matter your current stage in life, is a huge and exciting life change. In the midst of all the excitement, it can become financially stressful. I hope to provide you with some tips and tricks to take on this challenge with confidence so that you can enjoy this amazing time in your life.
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