Creating an investment portfolio is a long-term journey that begins with a few simple investments. While the start of this journey can pose a challenge, it's oftentimes more difficult to figure out what to do next. If you believe that you aren't maximizing your investment potential, it's highly recommended that you look into diversification.
After managing the grief of losing a loved one comes the potential burden and stress of managing an inheritance. Here are a few tips to help you through the process.
Consult a financial professional AND a tax professional. The laws surrounding inheritance are currently in flux and it is hard to know what the news rules are and how they apply to your situation. Working with professionals can help you navigate those rules easily and they can help guide you in how the different types of inheritance may affect your financial situation.
Any conversation about planning for incapacitation or death is uncomfortable for many people, especially if you are having the discussion with your parents. It is important to remember however, that this discussion while uncomfortable will spare you additional stress and pain when you and your family are going through a crisis.
Your biggest wealth building tool is your income. If your debt payments leave you with nothing left over at the end of the month, it’s time to get serious about paying off your debt.
Start with a financial inventory of your current assets (savings and retirement accounts, business accounts, home equity) and liabilities (credit cards, student loans, mortgage payments, car payments).
Gray Divorce refers to an increasing divorce group that involves older couples who have been married 20-30+ years. This is becoming a common occurrence as boomers age and their offspring settle out on their own. Because the stigma of divorce has greatly diminished and older couples no longer have an obligation to young children, many couples are choosing to separate. Since 1990, the rate of divorce after age 50 has doubled. This causes some often-tricky circumstances especially when it concerns finances and assets.
