What are the pros and cons of paying cash for a home? What to consider when deciding if it’s better to take out a low-interest mortgage or pay in cash. Q: I know mortgage interest rates are hovering at an all-time low. But, is there anything wrong with paying cash for a home? A: There’s [...]
How Will COVID-19 impact retirement planning? New research finds older Americans might have to delay retirement due to the coronavirus pandemic. The financial fallout from the coronavirus pandemic is already devastating to millions of consumers. More than 40 percent of Americans say their level of financial security has deteriorated since the COVID-19 pandemic began. Around [...]
3 tips for financial success in 2020. Make improving your financial wellness and preparing for an economic downturn a top priority this year, here's why. How Are Your Personal Finances Doing? How Much Have They Changed Over the Past 10 Years? Overall, average income hasn’t increased much over the past ten years, while home values [...]
Millennial burnout and financial stress delay the American Dream. Millennials dream of a future with financial independence before anything else. Millennial Burnout and Financial Stress Delay American Dream Millennial burnout caused by financial stress is a huge reason why this generational cohort is rethinking the traditional American Dream. Burnout is a sense of chronic physical [...]
It’s time to start thinking about New Year’s resolutions, and you may want to put saving for retirement at the top of your list. I’ve found that for many people, saving for retirement isn’t a priority. If you’re young, you might think that retirement is years away and you have plenty of time to save. [...]
People who have a financial plan build roughly 20 percent more wealth over their lifetimes than people who don’t. That's according to a National Bureau of Economic Research study, “Wealth Accumulation and the Propensity to Plan.” If you have a budget, it gets even better. For households making between $50,000 and $750,000—quite a wide range—budgeting [...]
How do you feel about your finances—are you scared to death? Are you on track to meet your financial goals for this year? Has your financial life derailed instead? If your finances are more frightening than watching a scary movie alone at midnight on Halloween, treat yourself to these five money management tricks. It may [...]
You may have heard a lot about the importance of buying life insurance, but you may not be sure if it applies to you. Well I have a newsflash for you: It does. Before buying life insurance, it’s important to consider how much coverage you and your family will need. One of the biggest excuses [...]
Many people wonder if they should prepay their mortgage. Prepaying a mortgage isn't the best thing for everyone and requires financial planning. Q: I enjoy your articles but I think you left out a couple of extremely important items in your questions to ask about taking out a mortgage loan. In some states, prepayment penalties [...]
No one wants to talk about death, but unfortunately far too many people put off discussing life insurance until it is too late. When you have others relying on you and your income, your death can spell disaster for them. The bottom line is that it is imperative to have a good life insurance policy in place [...]
