One of the most important financial journeys we can take is the path to financial wellness. Building financial security and independence, while certainly important, makes up only one slice of the whole financial wellness pie. Financial wellness also incorporates the ways that wealth and income affect our emotional and physical well-being.
Creating Financial Plans
Great financial planning requires you to employ two contrasting skills: Focus intently on your end objective, whether a comfortable retirement or a certain net worth; yet remain flexible for the inevitable bumps in the road. How can you balance the two? What financial tools can help you most?
Do you and your spouse ever scream at each other over spending? You’re not alone: More than one in fourAmerican couples fight about money. Just in time for Valentine’s Day, let’s see how one couple with severe financial differences avoided divorce.
Your financial plan needs to keep pace with larger socioeconomic trends. Here are smart ways to manage the five trends that we think are important to you over the next five years.
You might view divorce as a series of distinct steps: filing the paperwork, negotiating with your ex, getting a settlement and reaching the end of your marriage. Yet still more work – sometimes lots of it – remains after your divorce.
First, your settlement agreement likely stipulates actions and tasks that you must finish, often under deadlines. Develop a checklist with each action item and due-date, with room for comments and additional steps.
Health-care costs for seniors receive a lot of attention, but many people fail to consider other important aspects of elder care. Tackling difficult conversations about elder care now helps you make informed decisions about this unavoidable stage of life.
Advances in medicine and nutrition mean that people live longer. According to the Center for Disease Control, Americans who live to age 65 have about 19 years of life ahead, including nearly 14 years in relatively good health.
Scary things happen in life. Here’s how to make thinking about them easier.
You love your family and want to make sure they’re protected if something happens to you. One way to plan for disaster: Manage your risk.
The right variety of personal insurance. You already hold insurance for your car or home. Chances you need other insurance loom greater than you think.
Weddings are a cornerstone of American culture. As with many cornerstones, the cost continues to rise. So does the price of not finding out beforehand how your betrothed feels about money.
Nuptials steadily become more complex and expensive: odd-shaped invitations that take $2 postage stamps; different brides’ dresses for the ceremony, the reception and the after-party; or waterfall decorations. Couples even hire photographers with aerial drones to capture overhead shots.
You likely hear all the time about how much couples spend on each other, the kinds of gifts they buy and how all of us can save money delighting our significant others. Less well-known: Most people actually find a mate more attractive if that person freely talks about personal finances.
Nothing ignites family arguments like inheritance. If you plan to leave money to more than a few beneficiaries, for the sake of peace and your own emotional legacy, know how to divide the proceeds fairly.
First, you can divide your estate among however many heirs you want: three, seven, 11 or 13 and so on. Here are best practices for how to divide your wealth.