Matthew Sheets, CFP®, shares important factors to remember during times of heightened market volatility.
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Matthew Sheets, CFP®, shares important factors to remember during times of heightened market volatility.
The book, “The Five Love Languages,” outlines general ways in which individuals express and experience love and affection in romantic relationships. They are Acts of Service, Quality Time, Receiving Gifts, Words of Affection and Physical Touch, and while they may not cover all kinds of communication, they can be a good shorthand to decipher yours and that of your partner.
When it comes to money, it is important to notice and understand how we feel and communicate as individuals and then reflect further how that impacts our partner and finances as a couple or family. If an individual grew up in a home where money was tight and employment was unstable, finances may represent anxiety and worry. For another, a privileged upbringing where money was rarely discussed may later manifest as apathy around budgeting and savings. Financial planners and therapists tend to share the same basic tenets around relationships and money.
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What happens if your child ends up not spending all (or any) of the funds in their 529 plan? Maybe they received a scholarship or opted to enroll in a U.S. Military Academy, and now you need to figure out what to do with the money you saved for them. Although it may seem farfetched that your child will not need every penny, about 10% of families end up having funds leftover that the original beneficiary did not need. To put that in perspective, there are more than 14.8 million 529 plan accounts, and at the end of 2020, they were holding a record-high of $425 billion! If you and your child find yourselves in such a predicament, don’t worry, you have plenty of options to ensure the remaining money is put to good use.
In this grand age of communication and technology, it is likely your teenager is on the internet and has come across the concept of investing. Perhaps their curiosity was sparked by reading the forum WallStreetBets on Reddit, seeing a Tweet about stocks, or a family member sharing an article on Facebook about saving for retirement.
If they are ready to start investing, the good news is they have options! Many custodians and platforms allow minors to open a retirement or taxable investment account with parental consent. This provides a great opportunity for teenagers to learn how to save and invest, all while gaining valuable financial literacy. In addition, the younger someone is when they begin investing, the more time their investments have to grow through compound earnings. It’s a win-win! [Read more…]
It’s no secret that the earlier you’re able to start saving for retirement, the better. Since private company pensions have virtually gone extinct and Social Security benefits are intended to only cover a portion of your working wages, the brunt of saving for retirement falls on your shoulders. With this in mind, you may wonder how much you should be saving as you progress through your career and how your current savings compare to others in your age range. Fortunately plenty of research has been conducted on these topics to help us all find clarity in the great feat that is saving for our later years!
We focus the discussion below on median retirement savings because it gives a more accurate representation as averages can be skewed by outliers: those with very low retirement savings or those with extremely high savings. [Read more…]