Financial planning is a key cornerstone that plays a crucial role in not just shaping but also determining the overall life trajectory of an individual's wealth and financial well-being. By meticulously crafting and implementing a well-thought-out financial plan, individuals can pave the way for a more secure and prosperous future for themselves and their loved ones. Think it doesn’t matter? Just ask a Rockefeller!

National Financial Literacy Month (NFLM) is all month long every April. Did you think I wouldn’t give you more resources for this important month? Regular readers will recognize these resources. Here are a seven free resources for National Financial Literacy Month 2024 that you can use to learn more about personal financial planning. These links are provided solely for educational purposes and I recommend no source over another. Nor do I receive any compensation from these resources. If the link is broken, please search by name in your browser. If that doesn’t work, contact me and let’s talk.

I think it’s fortuitous that spring cleaning and National Financial Literacy Month (NFLM) seem to coincide. Decluttering your living space can be a freeing and uplifting experience. A clean, well-organized space is a pleasure to be in. Let me share my recent experience with you.

Regular readers of this blog know that April is a big deal in personal finance. It’s National Financial Literacy Month (NFLM) and boy, do we need it! It seems the retirement crisis in America is not getting better. Based on a survey by Pensions & Investments, Gen Xers have a savings shortfall for retirement of about $451,000. Boomers are a little better off, but still need another $291,000 for retirement. A study produced annually by Northwestern Mutual, found in their 2023 Planning & Progress Study, that Americans believe they need to save $1.27 million for retirement. Those percentages and averages represent a large number of Americans. And, the median 55- to 64-year-old's 401(k) account balance for 2023 was $71,168 (that’s a decrease from $89,716 for 202), according to Vanguard data (How America Saves, 2023). Note the term median, not average. The average 401(k) balance for 55- to 64-year-old’s is $207,874. It's a bit easier to read your generation’s summarized stats at The Average 401(k) Balance by Age at Bankrate.com. So, what is financial literacy and what can we do to improve ours? Read on to find out. Pay attention to terms and who is reporting what as the numbers can be wide-ranging due to average, median, and age groups.

Do you have one of the following four basic equity awards from your employer? Many of us are familiar with retirement plans such as a 401(k) or 403(b). Some of us even have a TSP (Thrift Savings Plan). However, when employers share a bigger slice of the pie and reward employees with equity, it can get a little more confusing for recipients. What is equity? Well, at its most basic form, it’s an ownership interest.

Warehouse membership stores such as BJ’s, Costco, and Sam’s Club offer a multitude of benefits to savvy shoppers looking to save money and make the most out of their purchases. These membership stores require a fee which usually ranges from the low $40s to over $120 per year depending on membership level. Many are dedicated to one brand membership store over another. In the west, Costco seems to dominate. In the middle of America and the south, Sam’s Club dominates. But are these memberships worth the money?

In celebration of Women's History Month, it is essential to highlight the importance of financial planning specifically tailored for women. Despite progress in gender equality, women still face unique challenges when it comes to financial security. Financial planning can help make their future brighter and more secure.

Paying for professional advice can offer immense value in various aspects of life, especially when it comes to financial matters. Seeking guidance from a qualified, fee-only advisor can empower individuals by providing them with personalized strategies tailored to their specific goals and circumstances. By having a pro on your side, you can benefit from their expertise and experience, which can empower you to make informed decisions and achieve your goals more effectively.

It may seem too early in the year, but it’s time to think about vacation planning. In our house, we tend to plan our vacations way in advance, sometimes, up to a year in advance. Not everyone has that luxury, but with advance planning and some strategy, you can make your vacation a true getaway, and a financial success. When planning your next vacation, consider these tips to make the most of your travel budget. By scoring great deals on airfare, cruises, and train travel, you can enjoy a memorable trip without breaking the bank.

How much do I need to retire? This is a perennial question I get asked, and it’s a loaded question. It’s a valid question, and it is definitely a number you should noodle over. However, there are a lot of variables that will greatly affect this number. There are several factors to consider when trying to figure out this goal. How much you need to retire, will be completely different from someone else. Let’s dive in!

Have you heard of Frugal February? Well, Frugal February is a challenge that encourages individuals to save more money by adopting a more frugal lifestyle for the entire month. By making small changes in daily habits and spending patterns, participants can significantly increase their savings. Once you have one month under your belt, it’s easy to expand this frugality and apply your new skill all year.

This is the time of year that many folks come into a mini-windfall of cash. If you are one of those folks, and you complain about not being able to save money, fund an IRA, add to investments, or pay down debt, this is a golden opportunity. That mini-windfall is a potential tax refund. Instead of envisioning all of the lovely, disposable, quickly forgotten things you could buy with your refund, consider buying some financial peace of mind. Here are three things to do with this windfall that would be financially beneficial.

Can you believe it’s already time to prepare and file taxes? Tax preparation can be a daunting task, but with proper organization and preparation, it can be made much easier. When it comes to tax prep for the year 2023, there are a few key steps to keep in mind. Read on for steps you can take to make this year’s filing easier and less stressful.

With the New Year it’s time for a debt review. You may have lingering holiday debt that needs to be addressed, or debt you’ve put on the back burner. Either way, it’s time to address your debt. When it comes to reducing debt, two popular strategies that often come up are the avalanche and snowball methods. Both approaches aim to help individuals eliminate their debts, but they differ in their approach and priorities. Avalanche generally saves you the most over time in hard dollars, while snowball can help clear small debts faster for a winning feeling.

It’s important to know that each year in the fourth quarter we usually get new financial thresholds and limits from the IRS for various retirement plans, annuities, filing credits, Medicare surcharges, and a whole lot of other vital numbers for the coming year. Many of us tend to fixate on the amount of our 401(k) annual contribution limit and don’t realize that this number changes from year-to-year.

Happy 2024! Our first post of the year discusses goals, or a.k.a., New Year’s resolutions. Setting goals is an essential practice that helps individuals and businesses strive for success and personal growth. The start of a new year is a perfect time to reflect on aspirations and set meaningful goals for the coming months. It’s all the rage every January, but you can set new goals and reflect on your progress and aspirations at any time.

As we bid farewell to 2023, it's important to reflect on the year that has passed and take stock of our personal situation and not just the economy's performance. In 2023 we witnessed various economic trends and developments, which have had a significant impact on businesses and individuals alike. The summer months put us on alert for a potential down year in the markets. However, as of this writing, it looks like all the major indices will end the year on a positive note. That said, we never know until the final closing bell on the last trading day of the year.

Issues around financial decisions and money stress can be a significant barrier to seeking and receiving necessary financial help. This stress can create a cycle of anxiety and uncertainty that prevents individuals from taking proactive steps towards their financial well-being. However, engaging in the financial planning processes and talking about the issues can go a long way to help achieve positive outcomes and can help alleviate this stress.

The holiday season is often associated with joy and celebration, but it can also bring about stress and anxiety. However, there are several strategies you can employ to keep holiday stress under control and ensure a more enjoyable and relaxing experience. It’s good for your health, and your finances!

The retirement crisis in America is a pressing issue that is impacting Generation X, also known as the sandwich generation, and causing much angst among this group. This generation, born between the early 1960s and late 1970s, finds themselves caught between the financial pressures of supporting their aging parents and providing for their own families. Let’s take a look at some of the issues Gen X is facing, and what their retirement just may look like.