A recent survey found that the majority of Gen Z and Millennials want to break out of working for someone and run their own business. The potential to “control their destiny” is the main motivation, and that makes plenty of sense. But it has to make financial sense too. I have a few rules for…
Someone who turns 65 this year and is enrolled in Original Medicare will still have out-of-pocket expenses of around $185,500 to cover health care fees and expenses over the rest of their life. That’s the latest estimate from Fidelity. And it’s likely to keep rising in the coming years. This year’s $185,500 average estimate was…
More than 90% of adults recently surveyed by Wells Fargo said they want to be more intentional and thoughtful about their spending. I am here for that! I also have a simple tool to help you do just that. Every time you are about to buy something, whether it be $10 or $1,000, stop and…
Beginning last month, any U.S. citizen under the age of 18 is eligible to have a Trump Account. You know I am always in favor of starting early to save for retirement, but I don’t think every parent or grandparent should open one of these accounts for a young child. When You Should Consider a…
I realize thinking about your spouse or partner dying isn’t anyone’s idea of a fun time. But what should make you even more uncomfortable is not doing the advance planning today to make the transition for the surviving spouse as easy as possible. Ignoring this inevitability is sure to leave the surviving spouse with a…
For many of us, having a car is a necessity. For some families, two are needed. But I see far too many households spending way too much on this need. The big tell is that nearly 30% of the cars traded in to purchase a new car these days still have a large unpaid loan…
You know my approach to building financial security is to hope for the best and plan for the worst. That’s why I have always been concerned when people tell me their retirement plan is to keep working through their sixties, or to maybe never retire. As I have often explained, this is a dangerous strategy…
High inflation is nobody’s idea of good news, but it is a fact of life — and right now, it’s hitting especially hard. Energy prices have surged more than 40% over the past year, and the overall annual rate of inflation is above 4%. For retirees, Social Security is one of the most powerful tools…
If you are fortunate enough to have a workplace retirement plan that offers a matching contribution, the goal should always be to set your contribution rate so you qualify for the maximum employer match. But for married couples who both have a workplace plan, that goal is a bit trickier. There is no standard formula…
