Imagine This Scenario Maria is 50 years old and vested in her employer’s defined benefit plan. She is not married and has a 22- year-old son named Jeff. He is a full-time college student and lives at home with Maria to save money. Maria intends to name Jeff as her beneficiary so he would receive… Continue reading
People who are serious about improving their physical health know that it requires effort and a series of small steps taken over time. It’s much the same with improving your financial health. Here are some steps you can take to start or continue your journey to financial wellness. Look for Savings in Your Day-to-Day Spending… Continue reading
Do you wait until May to take down your holiday decorations? Do you hit snooze on your alarm clock each morning? Do you put off grocery shopping until the only food in the fridge is a three-day-old leftover meatloaf? Then chances are, you’re a procrastinator. When it comes to managing your finances, procrastination can put… Continue reading
Investment markets, like Michigan’s weather, can have beautiful days and downright dreary days. While we all hope for mild temperatures and sunny skies, the clouds will eventually roll in. But with proper planning and an eye on your long-term goals, you can position your portfolio to weather various market conditions. Know What You Can Control… Continue reading
No one expects to be the victim of a disaster, yet every year people find themselves in the midst of fires, floods, earthquakes and other catastrophic events with little, if any, time to prepare. And every year personal and financial records are lost because they can’t be located quickly in an emergency. That’s why it’s… Continue reading
An ideal way to build up your emergency savings account is to set aside money each month, specifically for that reason. However, it’s not always possible, and we all have competing savings goals. For example, is it more important to save for retirement or save for an emergency? Well, they are both important and there… Continue reading
Loans are not a bad thing. They allow us to make major purchases that would be nearly impossible to pay for upfront. Therefore, it is important to establish a good credit history if you intend on making substantial loan purchases in the future. Establishing Credit It is important to establish credit if you plan to… Continue reading
Risk tolerance is the amount of risk you’re willing to take with your investments. As a general rule, younger investors have more time to keep their money invested and can accept more risk than older investors who will need to access their money sooner, such as in a few months or years. Market volatility is… Continue reading
What Emergency savings accounts are an important part of any financial plan. The purpose of these accounts is to cover or offset unforeseen financial emergencies. Such emergencies can include car repair, medical expenses, or even employment termination. Your account should ideally be separate from your primary savings account. This helps reduce the temptation to spend… Continue reading
Unless you’re planning to move to a new and more expensive city, you probably don’t give much thought to the cost of maintaining your lifestyle – or your personal “cost of living.” But your cost of living can change without a cross-country move. You might buy a car that’s more expensive than your last one…. Continue reading