Life insurance is one of those financial products that we put off thinking about. No one wants to talk about the eventuality of passing away and we especially don’t like to talk about what would happen if we passed away suddenly. However, life insurance is an important part of any financial and protection strategy. For National Life Insurance Awareness Month, we wanted to share some helpful information about life insurance, including what it is, its different types, and how it
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The White House recently forgave up to $10,000 to student loan borrowers as part of a larger debt forgiveness program. There are still quite a few questions to be answered, but here are some key points to know. Pell vs. non-Pell: Loan forgiveness of up to $10,000 is available to non-Pell Grant recipients and up to $20,000 for Pell Grant recipients. Only Federal student loans are able to be forgiven. Loans held through a private lender are ineligible for this program.
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If you have a child, you may want to read the recent analysis from the Brookings Institute which details just how expensive raising kids can be. It’s downright frightening. According to the Brookings Institute analysis, the average amount a married, middle-income couple with two children would spend to raise through age 17 is estimated to be $310,605. That’s over $18,000 a year, a 9% increase from the previous estimate due to inflation. Again, that $18,000 per year is per child.
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August is National “Make a Will” Month, and it’s a great annual reminder to update your will if needed and create a will if you don’t have one already. A will is an important estate-planning document that can help you transfer your assets with ease. Having a proper will can make the difference between a smooth transfer of assets and a probate nightmare. Let’s learn more about what wills are, why you need one, and some tips on how to
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“Will I outlive my retirement money?” This is one of the top fears for people who are starting to prepare for their retirement years. Determining how much money you need in retirement is a process. It shouldn’t be a number that you pull out of thin air. The process should include looking at your current financial situation and developing an approach based on your goals, time horizon, and risk tolerance. The process should take into consideration all your potential sources
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College tuition is at an all-time high. As of 2022, the average student loan debt is about $39,000 per student, and the average monthly student loan payment is nearly $400.1 It’s no wonder parents want to help their children pay off their student loans as quickly as possible. Paying off this debt could help set your child up for success as they make important financial choices, such as applying for a mortgage. However, is paying off your child’s student loans early
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Markets Stumble In The Second Quarter Global equity markets had a disappointing second quarter with all major global equity markets in the red, leading to overall market declines not seen in decades. To underscore how bleak it has been so far in 2022, consider that the S&P 500 recorded its worst first six months in 52 years and the Dow Jones Industrial Average recorded its worst first six months since 1962. For the second quarter of 2022: The DJIA dropped
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Passing along sound financial advice is just one of the many ways dads show they care. In honor of Father’s Day this past weekend, we wanted to share some of the wonderful words of wisdom dads have bestowed upon their children. Here are some of our favorite financial lessons from famous dads. Make Your Money Work for You Robert Kiyosaki, the author of Rich Dad, Poor Dad, is arguably everyone’s father figure because of how much wisdom he shares with his
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It seems like when summertime hits, time slows down. The hustle and bustle of the holiday season is over, the taxes are complete and the vacation days are scheduled. If you find yourself with a bit of extra time on your hands in the upcoming months, you may want to use this opportunity to check in on your family’s finances. While doing a thorough analysis of your wealth may sound intimidating, we’ve broken it down into eight simple steps to
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The older we get, the more critical it is to ensure our affairs are in order and have an estate plan. But what exactly is an estate plan, and what should be included? Estate Plan Basics An estate plan is the management and organization of your assets should you pass away. It also includes documentation determining who can make medical and financial decisions should you become incapacitated. Most people think that estate planning just includes a will. While a will
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