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!