I’ve been reading this book about a man who can time travel. He keeps returning to the past to learn what happened to his baby sister who disappears from a carnival when they were young and was never seen again. The man, and his family, are devastated by her disappearance and the effect it has on their lives The story got me to thinking…If we could go back in time, what financial mistake would we want to “undo”? Most of us have lived...
How do you bank? Most of us are familiar with the phrase one size fits all and we are also familiar with the understanding, in the phrase “fit” in that phrase is subjective. We will find the shirt or item only fits certain people well and is either too big or too small for the rest of us. Technically we do fit the tee but it isn't what is best. That's also how we can begin to feel about our banking needs. Every financial institutions aren't...
What does it mean to be wealthy to you? A million dollars? Five million dollars? Maybe you think…billionaire? The question is quite subjective. We are constantly being told to have a wealth mindset without really knowing how wealth is defined. Without the definition, can we really say? So right here I am reminded of what Biggie once said, "Mo money. Mo problems." However, in my mind I believe it should have been, "Mo money. Same problems......
Just a reminder, tax season is in full swing. As always, April will be here before you know it. So below is a quick outline of a few upcoming tax-related deadlines. 73 Years Young! Required minimum distributions (RMD) must be taken from your retirement account by April 1, 2024. Required minimum distributions (RMDs) are the minimum amounts you must withdraw from your retirement accounts each year. You generally must start taking...
Still paying on your student loan? The U.S. Department of Education may be able to help. Per the Consumer Financial Protection Bureau (CFPB), the U.S. Department of Education (ED) will be conducting a one-time payment count adjustment. Specifically, ED will give borrowers credit towards loan cancellation through its Income Driven Repayment program (IDR) for repayment periods since July 1, 1994, and for certain deferments and forbearances. IDR...
What does an economic "no landing" look like for you and me? Groceries, consumer goods, will remain high. Also, expect higher interest rates on all forms of credit. Both of those translate into less money going to our personal bottom line for discretionary spending. When the necessities cost more, something has to give. Our already stretched budgets may be called upon to stretch even further. You can also expect higher interest rates on credit...
If you’ve listened to or watched the financial news lately, you’ve probably heard of the term, “recession”. In fact, not so long ago *cough* 2022 and 2023 *cough*, the financial experts were predicting we would be in a recession now. However, lo and behold, it didn’t happen, a recession didn’t materialize. We then began hearing another term “soft landing”, meaning the economic growth would slow gradually while managing to keep...
We often hear or read about the financial benefits of estate planning. Planning can protect beneficiaries, children and, of course, money and assets. However, there are also some very important emotional and mental benefits to Estate Planning. The Ultimate Self-Care Provides YOU with peace of mind: Planning your estate in advance grants you the peace of mind that your family is protected and taken care of. You can rest knowing critical...
Tax season is here. However, before you file, it’s best to know which deductions and credits you may qualify for. Most of us can take a glance back at last year’s filings and get a general idea, but if your status has changed, e.g. having a child, getting married, getting divorced and etc., your eligibility can change. Let’s take a look at the difference between tax deductions and tax credits. Tax deductions can reduce the amount of your...
This article is late. Usually I release my blog on Wednesday night, but after writing the blog, reading it, reading it again, then reading it for a third time, I scrapped it. It just wasn’t what was in my heart for you right now. I will most likely use the information at a later time, but for now, this is what is in my heart not only for you, but for me as well. Money is about eighty percent mental and only twenty percent actual work, meaning...
