The importance of budgeting is undeniable, but many don’t do it because it is time consuming and difficult. Learn how to build a basic budget in 15 minutes which meets both your financial needs and goals.
The debate about whether a budget is a necessity or a waste of time often centers on a fundamentally flawed definition of budgeting. The exercise of budgeting shouldn’t be designed to limit you, but to give you the freedom to spend money in the manner you wish to spend it.
There is a lot of talk in the financial media about the benefits of automating your finances. But what exactly does that mean? And how do you go about doing it? Here’s one simple method of automating your finances which ties your budget in with your pay.
The importance of budgeting is undeniable, but many don’t do it because it is time consuming and difficult. Learn how to build a basic budget in 15 minutes which meets both your financial needs and goals.
Inflation is an insidious beast, and it’s surprisingly more dangerous than a market crash.
How would a slight increase in expected inflation impact your retirement plans? For the vast majority of my clients, inflation is the single biggest concern when stress testing the analysis and statistical models of their retirement plan.
The DOL Fiduciary rule is now in force, but there is a loophole for commissioned advisers which can allow them to maintain their current compensation model. Make sure you understand the Best Interest Contract Exemption and the implications it has on potential conflicts of interest which could influence the investment advice you recieve.
Congress recently reversed rules which allowed states and cities to create Auto-IRA programs. Although I like the intent and am a big fan of encouraging retirement investment, the program wasn't ideal. A lack of ERISA protections, potential for poor management, and poor investment options all mean I won't mourn the death of the Auto-IRA.
Historically, there was a "three-legged stool" of retirement which provided Americans with a comfortable and safe retirement. The stool, however, has been eroded away, leaving many without sufficient income in retirement. Making small changes now can net a massive improvement in your lifestyle in retirement, and may provide you with the option to retire earlier or wealthier.
If you don't currently have a Roth IRA, open one today. Adding a Roth IRA to your retirement plan provides you with a wide variety of benefits, including tax diversification, access to early retirement, increased limit on retirement contributions, and greater control over your retirement investment options.
Health Savings Accounts, if you qualify for them, provide you with a wide variety of advantages, including: lowering your income taxes, providing tax-free growth for investments, allowing you to increase your retirement savings caps, and giving you greater flexibility for spending your 401k and IRA funds.
