One advantage of term life insurance is that it is generally the most cost-effective way to achieve the maximum life insurance protection you can afford. Many people first purchase term life insurance to protect their family's financial interests after a significant life event, such as getting married or the birth of a child. You may have done the same for your family when you purchased your policy years ago. And chances are, other than paying the premiums, you probably haven't … [Read more...]
Have You Made Any of These Financial Mistakes?
As people move through different stages of life, there are new financial opportunities — and potential pitfalls — around every corner. Have you made any of these mistakes? Your 50s and 60s Raiding your home equity or retirement funds.It goes without saying that doing so will prolong your debt and/or reduce your nest egg. Not quantifying your expected retirement income.As you near retirement, you should know how much money you (and your spouse, if applicable) can … [Read more...]
Quiz: Financial Facts That Might Surprise You
If you have a penchant for financial trivia, put your knowledge to the test by taking this short quiz. Perhaps some of the answers to these questions will surprise you. Questions 1. The first organized stock market in New York was founded on Wall Street under what kind of tree? a. Maple b. Linden c. Buttonwood d. Elm 2. Who invented the 401(k)? a. Congress b. Ted Benna c. The IRS d. Juanita Kreps 3. Which three U.S. bills together account for 81% of the paper … [Read more...]
What are some tips for creating a budget and sticking to it?
It's a common problem for many individuals — wondering exactly where your paycheck goes each month. After paying expenses, such as your mortgage, utilities, and credit card bills, you may find little left to put toward anything else. Creating a budget is the first key to successfully manage your finances. Knowing exactly how you are spending your money each month can set you on a more clear path to pursue your financial goals. If you become sidetracked when it comes to your finances, consider … [Read more...]
Government Report Details Household Finances
Every three years, the Federal Reserve sponsors the Survey of Consumer Finances (SCF), which collects information on the financial state of U.S. households. The survey is one of the nation's primary sources of information on the financial condition of different types of households. Here are a few interesting observations gleaned from the most recent surveys conducted in 2013 and 2016, with the latter comparing changes during that timeframe. Income The typical household's median family income … [Read more...]
Don’t Delay: The Potential Benefits of Starting to Save Now
For long-term investment goals such as retirement, time can be one of your biggest advantages. That's because time allows your investment dollars to do some of the hard work for you through a mathematical principle known as compounding. The snowball effect The premise behind compounding is fairly simple. You invest to earn money, and if those returns are then reinvested, that money can also earn returns. For example, say you invest $1,000 and earn an annual return of 7% — which, of course, … [Read more...]
Don’t Wait to Ask Aging Parents These Important Questions
It's human nature to put off complicated or emotionally heavy tasks. Talking with aging parents about their finances, health, and overall well-being might fall in this category. Many adult children would rather avoid this task, as it can create feelings of fear and loss on both sides. But this conversation — what could be the first of many — is too important to put off for long. The best time to start is when your parents are relatively healthy. Otherwise, you may find yourself making critical … [Read more...]
What’s Your Money Script?
Money is power. A fool and his money are soon parted. A penny saved is a penny earned. Money is the root of all evil. Do any of these expressions ring true for you? As it turns out, the money beliefs our families espoused while we were growing up may have a profound effect on how we behave financially today — and may even influence our financial success. Beliefs drive behaviors In 2011, The Journal of Financial Therapy published a study by financial … [Read more...]
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