AdviceIQ Articles

  • Reboot Your Financial Life

    Are your finances drowning you? Here’s how to resurface.

    Maybe you took out loans you didn’t need, bought crap on your credit card you can’t afford or delayed saving. You’re not the only one. Time to take action.

    Recognition factor. Highlight the positive financial aspects of your life by answering the following questions:

  • 7 Ways to Spend Less

    Many of us want to reduce spending in the new year. Aside from typical advice such as brown bag your lunch and skip pricey lattes (great advice, by the way), here are some other steps to take to keep more money in 2014.

    Cap the price of impulse purchases. Set a limit of $100 or whatever works for your budget; wait 24 hours before deciding to buy anything costing more than that (limited time sale or not).

    Spend the 24 hours determining:

  • The Big Question: Why?

    The most important thing you can ask when setting out a financial plan is: “Why?” For what purpose are you building wealth? The answer is far more crucial than how you acquire assets.

    Children have a knack for asking a question that gets to the heart of the matter. You tell them what to do, or how to do it, and they look at you wide-eyed and ask, “Why?”

    Your response? “Because I said so.” Yes, your cute little why-machine may be exasperating, but you really did not answer the question. Consider the wisdom behind the why?

  • Retire Early: Lower Benefits

    If you intend to retire in this year, think twice about claiming your Social Security benefits early. Taking it early means you get a lower payout.

    You receive your full monthly Social Security benefit if you retire at your full retirement age (FRA), which ranges from 65 if you were born in 1937 or earlier to 67 if you were born in 1960 or later.

  • Saving While in a War Zone

    If you or your loved one serve in the military and are about to deploy in a dangerous area overseas, know your savings options. They are generous.

    The Department of Defense’s savings deposit program (SDP) allows combat-zone service members to allocate fractions of – and in some cases, all – their combat pay to a savings account up to $10,000 per deployment.

  • Where Good Values Dwell

    Hidden strengths lurk among some little-loved stocks. Finding them is what makes stock investing interesting – and potentially lucrative. Just ask Warren Buffett. The biggest mistake is not to recognize the real strength of their cash generation capabilities, which are still present, though perhaps not as lush as before.

  • Passing on a Family Business

    Many dream of leaving their business to their children. There’s more to it than simple estate planning. Here’s how to avoid the pitfalls.

  • Coping With a Bad 401(k)

    Your retirement rests in your hands like never before. Here’s how to take advantage of even a bad savings plan offered by your employer.

    Financial advisors generally suggest maximizing contributions to your company’s 401(k) plan, under which you contribute part of your salary on a post-tax or pretax basis.

    In my blog article “4 Signs of a Lousy 401(k) Plan,” I discuss these telltale warnings:

  • When Government Backfires

    Government agencies strive to improve the nation’s economic life. Too often, they fail. The question of government involvement in the economy continues to roil Washington. 

    A good place to start is with the Fed, which is its own branch of government. Since the Federal Reserve just celebrated its 100th birthday in December, it’s a good time to look back on the past century to see how the central bank has fared.

  • What to Ask an Advisor

    When you seek a financial advisor, what questions should you ask? Your aim is to find someone who handles clients like you – and who is financially savvy.

    If searching for an advisor to manage your assets, one question that’s of marginal help is: What’s your investment record? A money manager whose investment performance touched the sky last year may stumble this year.

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