Many people who have saved millions of dollars to retire comfortably are now scared to spend it. A recently retired client, a woman with approximately $1 million in savings, was asked to join a group of friends on a girls’ getaway vacation costing approximately $3,000. Even though she had plenty of money to take the
Deciding not to expect repayment can reduce your anxiety. You still might second-guess your decision, especially if you have to come to terms with forfeiting a needed purchase or valued activity, or even delaying retirement, as you watch the funds vanish. Requests for financial help from family members can sabotage personal finances and emotional well-being.
Without initiative or proper guidance, many of us never learn about fundamental retirement-planning steps until we’ve already made a mistake. Here’s a list of the top seven mistakes that hurt your chances to achieve financial security in retirement. 1. Assuming we should plan to retire Rocking chairs, sunsets, golf and a sailboat. If you watch
But for a person going through a temporary hard time or in a chemical withdrawal period or on a new medicine, the desire may be short-lived. Making it hard for them to physically act may buy time for a change in the circumstances that led to the desire. Things change, and when they do, that
When it comes to your financial stability, planning ahead is essential. A home-equity line of credit can give you an added level of financial security for the future and is best considered while you’re in a healthy financial position. Having an open line of credit on your house can be a valuable tool. It serves
Every financial advisor — fiduciary or not — has to make money somehow, but the devil is in the details. If your advisor’s answer about his or her business model is vague or takes more than 30 seconds to explain, that’s a major red flag. You should never buy anything, especially financial advice, if you
You may want to try a combination of both. With this strategy, you take out a 30-year mortgage but plan to put extra payments toward principal over the loan to pay it off sooner. There are many ways to do this (putting extra toward principal each month, putting big chunks down here and there), but