For those who have children, the urge to protect and provide for them never ends. Even as they grow into adults and start building their own lives, we still want to ensure they never go without the things they want and need in life. However, when it comes to estate planning, is it wise to give your children everything you own as an inheritance?
Financial planning is a pressing demand that most of us feel throughout our lives. However, ensuring you’re meeting the proper milestones for your age can be tricky, especially if you don’t have someone to guide you along the way. So, at what age should you start planning for your financial future?
Whether planned or unplanned, job changes can bring excitement, uncertainty, and hope for the future. If you are considering a change in your career this upcoming year or want to be prepared in case of a future job loss, your retirement plan is an essential factor to consider. How can you maintain your savings for life after retirement when your situation changes?
Working with a financial advisor may seem like something that only wealthy investors do. However, according to the National Financial Education Council, this common misconception costs the average American $1,200 annually in unnecessary spending or savings loss. People in all financial situations can benefit from professional help, whether they want to start saving for retirement, pay off debts, or simply eliminate unnecessary spending and taxes from their annual budget.
Nowadays, college is more important than ever for many careers. Young people are expected to have a college degree for most professions and pay hundreds of thousands of dollars for that education. In all likelihood, college tuition will only continue to rise. It’s essential to start saving now so that no matter what your children choose to do in the future, you are prepared to support them.
While it’s important never to cut corners and risk an audit, there are plenty of ways to reduce your tax rate that the IRS encourages legally. Deductions and tax laws are made to enable citizens to save, so take advantage of every opportunity you can, starting with these strategies.
Most of us are familiar with the term generational wealth. When we start saving for a child’s college fund or inherit something from a family member who has passed away, we are building wealth not only for ourselves but for the next generation. This article will help explain some common misconceptions of generational wealth and help you build your own for your children’s and grandchildren’s future.
The holidays are just around the corner, which hallmarks the beginning of the giving season for many families. Not only do we give to our own families, but many people like to include charitable giving as part of their holiday cheer. The easy part, however, is wanting to give. Finding the right strategies to give charitably can be tricky, especially if you don’t have a specific cause in mind.