2020 has seen several unexpected market highs and lows. When it feels like the market is inconsistent, or there’s a fear that it could potentially drop, many people act emotionally in their investment decisions. Rather than staying on track with their investing strategy, they deviate from their plan. In some cases, investors may choose to stop contributing to their retirement or other investment accounts altogether if they’re concerned about losing a large percentage of their portfolio. They may even be tempted to sell while the market is low in order to have some sense of control over their investments.
Have you wondered whether or not now is a good time to refinance your mortgage? With interest rates at a recent low, many people are questioning whether now is the best time to move forward with refinancing at a lower interest rate. It’s true that a lower mortgage interest rate can potentially save you thousands of dollars over the life of the loan. However, refinancing isn’t for everyone! Let’s look at when refinancing may not make sense for you.
HENRY. FIRE. FIOR.
There are so many financial acronyms to become acquainted within our world!
But what do these terms mean, and how do they impact your financial journey?
In the world of financial planning, there’s often talk of having an emergency fund. This savings account is usually recommended to contain 3-6 months of living expenses (and possibly up to a full year’s worth depending on your unique financial situation). It’s recommended that you have an emergency fund that’s easily accessible, even if you’re retired or nearing retirement. What this conversation overlooks is the need for an “essentials only” or emergency budget.
Having an emergency fund is a fantastic way to protect you in the event of a worst-case-scenario. However, if you’re truly faced with an emergency, it can be helpful to have a spending plan in place, as well.
In the past week, the Senate passed the House’s bill that effectively modifies the Payroll Protection Program (PPP), and it was signed by the President on June 5, 2020. We originally covered the ins and outs of the PPP in our blog post here when the program was first signed into effect in April 2020. The new changes made to the program are intended to make it easier for borrowers to qualify for loan forgiveness, and ultimately extend some of the deadlines for qualification requirements to increase flexibility for small business owners. Let’s review a few of the changes that were made.
In light of recent world events, more and more people have realized the critical importance of their emergency fund. Many people are experiencing layoffs in light of COVID-19, and others are going through reduced work hours and income. Financial experts often advise that individuals and families who are mid-career keep between 3-12 months of living expenses in an accessible savings account in case of emergencies. However, there are rarely clear instructions for what retirees should do.
After all, retirees may be in need of emergency funds, too - so, do they need an emergency fund? And what does that look like during retirement?
The Payroll Protection Program went through its first wave of applicants in April of 2020 when the program was first launched. As of April 27, 2020, the application has been reopened to business owners and entrepreneurs seeking help as coronavirus impacts their businesses. There are several misconceptions around the Payroll Protection Program, particularly about when (and how) the loan can be forgiven. Let’s dig into how you can qualify for PPP loan forgiveness as a business owner, and what steps you need to take to stay compliant.
Many families are experiencing dramatic changes to their financial situation due to COVID-19. Even if you feel secure in your job and your financial life right now, your life may still be drastically different than it was two months ago. As schools have been shut down, and child care facilities debate whether or not to reopen for the summer months, many parents are planning to work flexible schedules from home for the foreseeable future to watch their kids. However, there’s one problem with this:
For families who contribute to a Dependent Care Flexible Spending Account, the funds are often sitting unused.
Whether you’ve been considering earning your MBA for a while now, or you’ve been recently motivated to further your education through online schooling while spending more time at home during the coronavirus quarantine, pursuing an advanced degree is on many people’s respective bucket lists. Before you dive in, it’s important to understand the pros and cons of enrolling in an advanced degree program.
Given the COVID-19 outbreak, many individuals and families are seeking financial resources and support. Regardless of your financial situation, knowing what national and local programs to look for can help alleviate the financial pressures you may be feeling right now.
The CARES Act is a 2 trillion dollar coronavirus economic stimulus bill that President Trump signed into law on March 27, 2020. It is designed to offer relief for businesses, families, and individuals who have been negatively impacted by COVID-19.
When you go through a divorce, one of the many questions you may ask yourself is where you’re going to live. Of course, one option (and often the most convenient) is to stay in your own home. However, this isn’t always possible, and every divorce is different. Let’s walk through a few of your housing options after you’ve gone through a divorce.
When you open a Roth IRA, the IRS stipulates that you’re only able to contribute up until you hit an adjusted gross income (AGI) of $124,000 if you’re single (or married filing separately). If you’re married filing jointly, this increases to $196,000.
Many people mistakenly feel that they’ve graduated out of being able to contribute to a Roth IRA. This is especially true as they near retirement, and have a notably increased annual income at the end of their career.
In 2020, the SECURE Act, or the “Setting Every Community Up for Retirement Enhancement” Act, went into effect. This new government spending bill will impact both current retirees and pre-retirees who are currently in the process of building their retirement savings.