We spend most of our time focused on the acquisition of wealth telling ourselves it’s for our future. To an extent, this is true and it is a very worthy ideal. But why are we saving and investing for our future self? The obvious answer is security. We save and invest to be able to afford a secure retirement lifestyle. However, all too often people forego the style and focus only on the life. We spend miserly in retirement out of fear of running out and forget to spend on experiences that will bring us joy.

We’ve all gotten used to talk of inflation, possible recession, interest rate hikes and yet our economy marches on. The markets in general are still a rollercoaster ride but seem to be gaining their legs. We started off July at around 30,000+/- on the DJIA and now we are at just over 34,000 as of this writing. So, with mixed messages from the markets, is now a good time to buy certain major purchases. That answer, it could be.

Years ago, checking your credit report and knowing your FICO score was a challenging task and few of us ever bothered. It also took time, because in many cases you had to write to each credit bureau and ask for your report. These days, with the increase of readily available credit, and the constant threat of identity theft, checking your credit report is more vital than ever. With online access to the bureaus and services such as Credit Karma and Credit Sesame, it’s now easier than ever to access and monitor your credit report.

It’s that time of year where Christmas ads permeate even though we are barely past Halloween and pumpkin spice has just started filling the air and invading many baked goods. As we prepare for the upcoming holidays and look forward to travel, days off, and spending time with friends and family, there is still time to for a few end-of-year financial planning maneuvers. Let’s take a look at a few things that can be completed.

For many, financial planning boils down to their investments and how they are allocated. Of even bigger concern seems to be “the number.” That magic dollar figure that says to a person, yes, you are safe, you can retire. But in reality, it’s much more than that. And that number; it too could use a little attention.

It’s midterms! Many people want to make financial decisions based on who they think may win, or which party may take control of the Congress. While periodically making tweaks or adjustments to your investment strategy over time may be good, making emotional based decisions is not.

Here we are at week 5. The final key to financial independence is to take the previous keys and rinse and repeat. Just keep going! The most common refrain I hear from investors is that they wish they had started earlier. Stay vigilant and monitor your success. In week one, you learned that you need to decide to be financially independent, week two you learned the key to stop living paycheck-to-paycheck and get out of debt, week three the key was to rightsize your lifestyle, and week four the key was to start amassing wealth for your future. Each of these keys takes time, patience, vigilance and determination.

Want to know a secret? By conquering your debt and living within your means, your wealth building has already started. Retiring debt, or slashing outgoing cash flow really increases your wealth. Let’s discuss the next step. This week we’ll cover the tools needed to take your wealth building to the next level. To start investing, start with yourself. By now you’ve made the decision to change your life (week one), and you are getting debt under control and paying yourself first (from week two), and rightsizing your life (week three). What to do with that extra cash? Your first investing goal is to build, or top up an emergency fund of three-to-six months of fixed expenses. Your first investment is and always will be YOU!

It’s week three of our financial independence journey and this week’s key is lifestyle. Time to tackle rightsizing your life and living within your means and setting some goals. Living within your means does not equate to living like a pauper. It’s not about that. It’s about matching your monthly cash flow to your basic needs and to your goals. Obviously, food, clothing, and shelter are your top priorities otherwise you will not be able to earn a living. There also has to be some room in your cash flow for the non-necessities, those discretionary items that make life fun and worth living. Plan and budget for both the discretionary and non-discretionary expenses. So, how do you rightsize your life?

This second week of our financial freedom quest we explore key 2. We’ll take a look at that cash flow that comes in and goes out every month because this is an immediate action you can put in place. It’s also easy to master. This is where the rubber meets the road. This week, we explore how to correctly pay debts and get started paying yourself first!

Years ago, I wrote a quick overview of what I called the Five Keys to Financial Freedom. Since that time, there have been some pretty dramatic changes in our economy and our world. Starting this week, I am going to revisit those keys and update them for 2022. The keys may seem aimed at those who are just starting their financial journey; however, they are great reminders for all of us. No matter where we are on our financial journey. This week we start with Key 1, Decide to be Financially Independent. It would seem obvious, but personally, I find this key to be the hardest step to master.

As with any prediction, new data changes everything! That’s the case with the current I bond craze. Everyone wants to know whether to buy in October at the current initial interest rate of 9.62%, or wait for the new initial rate in November. The problem is not knowing the rate due to changes in the Consumer Price Index for All Urban Consumers (CPI-U). Now, before we go any further, I am not advocating either way that you purchase I bonds, or that you shouldn’t purchase I bonds. The additional purchase of I bonds should be considered only if you have discussed it with your advisor, have already met your other financial planning targets such as emergency savings, debt reduction, and are on track with retirement savings. The I bond purchase should be considered as extra, and only if it fits within your personal plan. Let’s look at what’s changed.

The excitement for many around student loan forgiveness has started to fade, and the questions are starting to form. The biggest question for many is, when can I apply? Millions of borrowers should be able to start their application as early as next month if their loan hasn’t already been forgiven. Let’s look a few key dates to be aware of.

If you’re a parent, grandparent, or even a doting aunt or uncle, you may want to pay for a child’s college tuition. We all want the best for the little ones in our lives so why not start early with a 529 plan to pay for college? Many families put off funding for college until the child is in high school and that makes paying for education much more challenging. Instead, you should start early; like at birth. Little deposits invested over time can grow to substantial balances!

It looks like 2022 is very much on track to be one of the worst years in the market for quite some time. This can be very unsettling for any investor. It’s also a new experience for a lot of younger investors who have not been through a down year. As retail investors, we cannot control the ups and downs of the markets, but we can do a few things to alleviate the feelings of frustration and helplessness. Start by taking a breath, and if needed, call your financial planner for a chat. Let’s look at steps to take during a down year.

Given that it is the hot topic of the moment, let’s look at the potential effects of canceling student loan debt. We will intentionally set aside the debate over whether it should or should not have been done. That argument in itself is an entire debate but one that is not the focus of this blog. This blog focuses on the personal finance side. Let’s jump in and take a look at how this windfall can boost the personal balance sheet.

You left your company. Maybe you decided to quit, retire early, or maybe you got fired. Now what do you do with your 401(k) plan? For the most part, the treatment is governed by your 401(k) plan rules to some extent, and also by IRS regulations. But you do have some options. Let’s take a look at what the most common options are for people leaving a company with a 401(k) plan.

Paying your bills on time every time can boost your FICO (which can lead to lower interest rates) and help you maintain good cash flow and avoid building up too much debt. Bill paying helps keep you in touch with your budget as well. How to pay your bills may seem obvious, but some folks still struggle to pay their bills on time, every time. Here are a few tips to keep you in the green when it comes to bill paying.

How much does $14.99 per month really cost you? Ok, it’s an easy lead-in to our topic. We can all calculate that it is $179.88 per year. This is part of the appeal of marketers, and a main culprit of wrecked budgets. If a marketer can successfully sell you on the fact that their item or service is only x-amount per month, they’ve won! Rarely do we look at it from an annual total perspective and how it will really hit our budget. Mostly because it seems like a small amount, we think we have that amount to spend, but we’ve forgotten all of the other $14.99 per month items we are already spending on. That leads to this month’s topic – budgeting!

It’s almost back to school time in many parts of America. Teachers have faced a difficult and challenging past few years. Whether you are a new teacher entering the field, or you have been in the field for a long time, this is the perfect time to assess your financial situation. Here are some savvy financial tips to consider.