The couple had made every mistake you could: retired too early, spent too much, took on too much house and too much debt. “This is killing me,” Sarah told the advisor, as she burst into tears.
Is there hope for Greece, Europe’s worst economic sinkhole? No. Regardless of how many new bailouts or austerity renegotiations they get, the country is such a mess that optimism is fruitless.
According to his death certificate, my dad died of myocardial infarction, aka a heart attack. His health deteriorated for some time beforehand, so his loss wasn’t a total surprise. But what really killed him?
Your net worth is a barometer of your financial health. Regularly checking this number helps you assess where you’re at, measure your progress toward your goals and build a financial plan.
Tax authorities demand to know why a fourth grader never reported thousands of dollars in income from a factory job. Collection agencies suddenly hound a college student for more than a decade’s worth of credit card debt. Shocking but true: Children and minors are actually almost as likely as adults to be victims of identity theft.
Working out with a partner keeps you motivated and holds you accountable for showing up at the gym. The same goes for your finances. Working with an advisor makes you more likely to be consistent and disciplined.
Here’s a neat strategy if you look to save more for retirement, college or for paying down debt: Stop spending on the wrong things. Easier said than done, of course, and implementing this tactic starts with changing how you look at using your money.
You’ve likely seen commercials that urge you to consolidate all your debt into a loan on which you make the heralded “one low payment.” The concept promises to free some cash so you can more easily live paycheck to paycheck. The consolidation plan also, if you use it too soon, does nothing to address the root problem of your debt.
Adults born between 1980 and 2000, Generation Y, must use more innovation, attention and creativity to build a financial future. Here are additional ideas.
As winter fades, it’s time to seriously gear up to make your financial goals for 2015 real. They range from the simple and quick to the complex and long-term. Here’s a checklist to get you started and keep you going.