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.
Creating Financial Plans
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.
Ironically, the same traits that drove you and your business to success can also lead to missteps when time comes for you to sell the biz. The biggest culprit may well be your own eternal optimism. While a positive outlook on your business’s valuation spurred growth, viewing details of your sale through that lens can devastate your exit deal.
Here are common misconceptions.
Your financial planning and investment management often require solutions unique to you. Several key tenets of personal finance require no customizing, though. If you can follow these principles, you enjoy a better chance of financial security.
Understand your financial goal and work backward to define how much planning, money and time you need to achieve it. Figuring out where you want to be makes for a better route than letting whatever money you end up with determine how you live then.
Parents and grandparents who signed on to their kids’ private student loans are having trouble getting out of them, even when their student is successfully paying back the debt, a new report suggests.
About 90% of co-signers who applied to be released from a private loan were rejected, according to a Consumer Financial Protection Bureau review of more than 3,100 complaints about private student loans. Often student borrowers can’t qualify for a private loan without a co-signer and even if they do, a more credit-worthy co-signer could give them access to a lower interest rate.