Between work commitments, children’s schedules, and fall cleaning, how much time is left in our busy days to think about financial planning? Many of us choose to delay thinking about our finances until much later or to manage them on our own, confident that seeking the help of a professional is something we might defer indefinitely.You usually seek the help of a car mechanic only when your car has broken down. Similarly, people usually get financial advice only when they have landed in a f

You probably already know that insurance is something you should have in case of unforeseen events. When it comes to estate planning, insurance helps manage the distribution of your assets the way you see fit. It may also help prevent lengthy legal processes.Insurance provides some financial support for your family, which might cover estate taxes, debts, and other expenses. Including insurance in your estate plans gives you a bit of confidence that your family has a plan of support, even after y

Market turbulence is a challenge, but also an opportunity if faced head-on   In times of economic upheaval, the natural reaction for many investors is to react with fear and anxiety. Market volatility can unsettle the most seasoned of investors, but with strategic planning and a calm approach, it's possible to weather the storm and emerge in a stronger position. Whether it's a downturn in the stock market, fluctuating interest rates, or broader economic uncertainty, certain wealth

Although many things have changed in the financial world over the past 20 years, some nuggets of financial advice are timeless. Here are a few tips that have remained constant for several generations. Always Spend Less Than You Make Wealth creation is not about how much you earn. It is about how much you save.1 Spending more than you make incurs debt that you must repay with interest. Spending less than you make allows you to earn money through your investments. Pay Yourself First Have money

Annuities are a well-kept secret in the small business financing world. Businesses can use these products in various ways, both to meet their own financial goals and to provide retirement benefits to owners and employees. Below, we discuss a few ways annuities can benefit small businesses. What is an Annuity? An annuity is a financial product that provides a steady income stream over a defined period. The person purchasing an annuity will either make one lump-sum payment or regular payments to

Your goals and priorities will probably change as you plan to retire. Along with them, your insurance needs may change as well. Retirement is typically a good time to review the different parts of your insurance program and make any changes that might be needed. Stay well with good health insurance After you retire, you'll probably focus more on your health than ever before. Staying healthy is your goal, and that may require more visits to the doctor for preventive tests and routine checku

Tackle Your Tax Burden with a Well-Designed Life Insurance PolicyFor many high-net-worth (HNW) individuals, managing finances and minimizing their tax burden are top priorities. One strategy that often gets overlooked in the pursuit of reducing taxes is life insurance. While life insurance is traditionally thought of as a way to provide independence for loved ones after one's passing, it can also be a valuable tool for tax planning. This article explores how HNW individuals can use life insu

The Facts of Life Insurance: Debunking 5 Common Life Insurance Myths  Having a solid life insurance policy in place is crucial for any adult who has assets, a business, or a steady income. While most adults know that having a life insurance policy is a vital piece in their financial puzzle, there are many life insurance myths out there that are still believed. This inaccurate knowledge may cause some to make uninformed decisions or discount the idea of life insurance altogether. Below are s

A common piece of standard life insurance advice is to get it as early as possible — and there are good reasons why. If you're young and in relatively good health, purchasing a term life insurance policy is usually much cheaper than it will be a decade or two later.But while it can seem counterintuitive, there are actually several surprising benefits to getting life insurance later in life. Continue reading to learn more about what you can expect if you purchase life insurance in your

In golf, as in finances, there are a few rules of thumb that may improve your game: keep a level head, avoid traps, practice before trying something new and stay the course. Applying lessons from the golf course to your financial life and vice versa may help you improve your game in both arenas. Here are three tips that may help you work toward success on and off the golf course.

Spring is traditionally the time to clean the garage and to get the yard in shape. It’s also a great time to clean up your investment portfolio. Going into the final days of tax season, this is a perfect opportunity to get rid of clutter, review your asset allocations and make the necessary changes if your portfolio has strayed from your financial plan.

Personal finances are a lot like household chores. If you don’t pay much attention to how you are spending your money, it may be difficult to get a foothold on where you stand financially. If you haven’t taken a look at your overall finances lately, now may be a good time to “tidy” things up a bit. Here are some tips to help you straighten up your financial house:

Spring can be a fantastic time to refresh your retirement plan and savings habits. With 2023 bringing increased limits for 401(k)s, individual retirement accounts (IRAs), Health Savings Accounts (HSAs), and other tax-advantaged accounts, it's worth taking a closer look at your retirement savings. Below, we discuss three ways to refresh your retirement plan this spring.

March is National Credit Education Month in the U.S., which makes it the perfect opportunity to brush up on your credit basics. Whether you're a credit novice or well-versed in the art of the FICO score, below are four ways to potentially boost your credit IQ.

Credit is one of the most important factors of life that impacts all businesses. Having solid credit is necessary for securing a small business loan. Most lenders consider an acceptable business credit score of 75.

As Samuel Goldwyn once said, "The harder I work...the luckier I get" But when it comes to investing, luck may play a huge role in outcomes - no matter how hard you work.2 Below, we discuss some ways that luck may impact your investing, as well as some steps you may wish to take to try to make your own good luck this St. Patrick's Day.

Regardless of the stage of life, your credit score is an essential component of your financial health when you're in retirement. A consistently strong credit score can pave the way for greater confidence, easy loan access, and lower interest rates. Many retirees overlook the importance of maintaining a suitable credit score after they stop working or that credit scores lose relevance in retirement.

Life today is expensive, and contributing to a retirement plan is more beneficial than ever. Recently, the IRS announced it was raising the contribution limit for 401(k)s to $23,000 for 2024, up from $22,500. In a world where pensions are nearly gone, having the ability to put more money away can help you prepare for a retirement that may be here faster than you think.

Retiring early as a couple is a goal shared by many, and if planned comprehensively, it may provide opportunities for travel, passion projects, and more quality time together. Retiring simultaneously can bring many benefits, such as shared experiences and time together, which may result in a stronger bond. However, it is essential to note that simultaneously retiring means that the couple may stop earning money around the same time, which can impact their income and savings.

In the world of investing, risk and reward go hand-in-hand. To help manage risk and reward, investors often utilize a portfolio diversification strategy that mitigates risk while working toward accumulation across asset classes. Diversification mitigates the potential for unsavory pitfalls while offering a variety of suitable outcomes.

Wealth transfer is more than just a financial transaction; its an opportunity for families to pass on their values, wisdom, and a legacy of love. Navigating this process requires careful consideration, open communication, and a shared commitment to preserving family unity. Here are ten essential questions that families may ask themselves as they embark on the journey of wealth transfer.

In 2024, LPL Research believes markets will make a definitive turn to a more recognizable place. En route, the transition will be marked by meaningful shifts in a few key areas. Inflation is going down. The risk of a recession is bubbling up again as the effect of post-pandemic stimulus wanes. And the end of the Federal Reserve’s (Fed) rate-hiking campaign is indeed upon us.Where the last two years had investors focused on inflation, market volatility, and striving for a sense of economic

Financial wellness is a state of being when one is in control of their finances, can cover expenses, and save for future goals. Consider financial wellness as your relationship with money; it can be either healthy or unhealthy. Financial wellness is essential to being financially secure and meeting your goals. Here are ten tips to help you develop financial wellness this year.

Getting close to retirement is exciting, but it often brings a little worry about your financial future. The closer you get, the more you may be concerned with the rising living costs and if your finances are on track to allow you to live as planned when retirement comes.

While protecting your financial data has always been important, it grows even more critical as you start planning for retirement. From preserving your retirement savings to maintaining financial independence to avoiding stress, you want to keep all the assets you've accumulated by hard work. Here are a few steps you may take to protect your financial information now and in retirement.

The average family spends an extra $1,000 or more during the holiday season. From gifts and travel to dinners, shows, and decorations, each purchase adds up. How might you take full advantage of holiday cheer while avoiding the financial stress of going over budget? Here are four tips to help your budget have a happy holiday season.

Generational wealth involves proactive financial planning, especially when parents or grandparents pass on their wealth to loved ones after they die. Entrusting family members with receiving an inheritance is more than just getting a hold of assets or a check in the mail. It is about understanding how to steward the hard-earned wealth that you and your spouse spent your lives building.You are not alone if you are uncomfortable discussing your finances with your children or grandchildren.

The holiday season is quickly approaching, and with it comes more opportunities to spend time with friends and family; but also more money. There's a lot that goes into this time of year, from hosting family and friends to decorating your home to buying presents for everyone on your list.

If you or a loved one are approaching the point of needing elder care, you may be wondering what your options are. What level of care is right for your situation? How will you pay for care? What will happen when you need a more intensive level of care? Here we discuss some of the most important estate planning factors for elders and their caregivers.

A trust is a legal vehicle that protects your assets that contains instructions for your assets when you die or become incapacitated. When you set up a trust, you transfer assets from your name into your trust's name while you still retain control of the assets until you die. Trusts can hold many different assets, such as cash and bank accounts, real estate, securities, ownership interests in business entities, and other assets. For assets you want to preserve and transfer, it's essentia

A 401(k) plan is one of the most popular and effective techniques for saving for your retirement. A company will automatically withdraw and contribute money from each paycheck to your 401(k) plan. Some employers will even match a percentage of the contribution. Are you maximizing these contributions? There are also limits on how much you are allowed to contribute annually. Here is a 401(k) end-of-the-year checklist you may find beneficial in keeping up with your retirement strategy.

Those who receive an inheritance with the passing of a loved one are potentially given the gift of financial freedom if they choose to manage the wealth carefully. Did you know that only about one-third of adults have a prepared will, and about 40% with investable assets of $1 million or more never discuss their estate plans with their children?

One of the more difficult conversations for family members to have is talking about estate planning. There are several reasons for this, including the reality of our own mortality and that of our loved ones. In some families, it is an unspoken taboo to talk about money.