Personal priorities and disposition will naturally influence one's financial ambitions. However, as you progress through life's stages and encounter new economic challenges, your goals will shift. A person in their 20s will have a very different outlook on life than someone in their 60s, and their financial planning needs to reflect this.
You may already be beating yourself up over your crazy year-end spending, and the holiday season isn’t over yet. If so, know that you’re not alone. Many individuals easily rack up debt during the last quarter of the year because, well, everyone’s in the mood to shop and indulge.
There’s always the risk of an economic downturn due to unforeseen circumstances. In the last 15 years alone, we’ve experienced both the Great Recession in 2008 and the effects of COVID-19. However, as the economy recovers, it could mean that we see an acceleration thanks to efforts to return the world to normal.
A massive monetary windfall like winning the lottery, receiving an insurance payout, or gaining an inheritance is far more exciting than any financial planning or saving strategy. However, it comes with equally colossal responsibilities. As American businessman and author Robert Kiyosaki once said, “It’s not how much you make that counts but how much you keep.”
When the unimaginable or the unbearable happens, and you lose a spouse, parent, child, or sibling, the last thing you want to deal with is collection agencies calling you to ask you to pay for your loved one’s debts. Unfortunately, many family members experience exactly this and aren’t sure what their legal responsibilities are or what their consumer rights are.
If you dread the idea of filling out a few B-309 forms, perhaps some perspective can help soften the blow. History is laden with famous bankruptcy filers. While they all have celeb status or history on their side with their own unique stories, they have one thing in common: They all rode the tailwinds of their financial success only to find misfortune at some point in their careers.
No path to financial independence has you simply sitting on your couch, drinking coffee, and watching daytime television while money pours into your accounts unless you bought Bitcoin a few years back, and then, well you pretty much only had to hold it! Regardless, the point is, you’ll need to develop a strategy that meets your needs, but first, let’s look at what ‘passive income’ refers to.
Should you give your kids an allowance? Some parents argue that kids shouldn’t have an allowance when they can find everything they need at home. There is some truth to that, but giving them pocket money can teach them the valuable skill of properly handling money.
It’s once again almost time for seasonal cheer, joyous celebrations, and for many people, endless holiday spending. From vacations to gifts to parties, it’s easy to lose track of your expenses. While there are so many reasons to enjoy the season, you will be far less stressed if you celebrate Christmas on a budget.
The good news is, saving money during the holidays is possible! You don’t have to go into debt to have a smashing good time. Read on to discover ways to avoid going broke during the holidays — but still enjoy every minute of it.
If you die without a surviving spouse, and if your will specifies certain assets (cash, property, etc.) should go to your child(ren), sibling(s), or parent(s), keep in mind that your estate will have to pay your debts and financial obligations throughout the probate process first.
In these hard times, it’s not just our health that we need to take good care of but also our financial status. Given that a lot of jobs were lost or in peril, as well as both small businesses and large companies struggling or worse going bankrupt, staying on top of finances has been hard to do.
Credit card debt has ballooned and Covid-19 has forever changed the way we do banking or the way we use a credit card. Remember that you are not alone and that there are certain measures in place to help you out if you’re struggling.