Paying off debt is a team effort once you are married. If you and your partner have debt on your hands, sit down and honestly discuss how to deal with it together.
The market skyrockets one day, plunges the next. Is this the wobbling before the crash? Should you invest now? If so, how? Everything at once? That’s tempting, but not always wise.
A common question we received over the last several months from people like you: “Is it too late to invest in the stock market?”
Many people maintained large cash positions since the Great Recession ended in early 2009. These people watched the Standard & Poor’s 500 index rise from 677 to around 2,000.
If you recently graduated from college and landed a good job, congratulations. You may face a dilemma: Begin saving for your future or pay off student debt now?
Of course, avoid missing payments on your loans and at least meet your monthly minimums. The big question depends on whether your income exceeds your monthly expenses (including your minimum payments). How do you best put that money to work?
Owning your home is fantastic — if you are financially ready. Here’s a quick checklist to help you determine if you can afford to be a home owner.
The first home purchase is not only a major life milestone, but it’s also a big financial commitment, a decision you should not take lightly. There’s a lot more to buying a house than just the price of it. Other items to factor in include mortgage origination fees, closing costs, interest, homeowner’s insurance and property taxes, which can fluctuate depending on the yearly assessed value of your property.
What traits of the wealthy make them good at managing money? That question assumes a direct correlation between your wealth and your skill at managing that wealth. Wrong idea.
Better to ask, “What are the traits of someone who is a good steward of wealth?”
One set of financial goals is hard enough to manage. Two sets can seem impossible until you learn how to merge finances with your spouse – and how to keep some assets separate.
Coming together with your spouse for big-picture costs – homes, a college education – is probably easier if you share financial goals and values. Some couples match up from the start; other couples grow into such simpatico. (Amazingly, some couples succeed in planning despite having many different goals and values.)
Financial advisors are not just for the wealthy. If anything, the financially insecure need advisors more. If you can’t afford one, the good news is, free advisory services exist to help you stand on your feet.
“We do tons of planning for people with very limited assets,” said Anthony Canale, president of the Financial Planning Association, New York Chapter, during a panel discussion.
Today’s college grads carry unprecedented amounts of debt. How should they deal with it? Here are some strategies.
The problem sneaks up on many young borrowers. Wall Street Journal reporter Veronica Dahger, moderator of a panel of advisors, noted that a lot college grads will wake up to discover that they are burdened by an “overwhelming amount of debt.”
One of the most ticklish situations in a marriage is dealing with money – often because couples don’t talk about it, or if they do, not well. Advisors explored this fraught subject at National Financial Advisor Week.
“Being compatible romantically does not mean being compatible financially,” said Hilary Hendershott, on a panel of advisors that dug into the issue.