When you buy a house, the resulting mortgage can feel like a weight on you - mentally and financially. If you end up with a surplus of cash, you may wonder if it’s better to pay off your mortgage or invest the money in the stock market.
This is a common question in personal finance circles. Some people believe paying off your mortgage is a good investment, while others think putting your money in the market is a better option.
One of the most common risk management tools is insurance. Most people have insurance for their homes, their cars and their health. This limits their financial liability in case disaster strikes and costs start piling up.
If you own a pet, you also have the option to purchase insurance to cover your pet. According to the North American Pet Health Insurance Association (NAPHIA), there are 179 million pets in North America; however, less than 1 percent are covered by pet insurance.
Are you in the market for a financial advisor and looking to know who are the best in the Kansas City area? Well, you’ve come to the right place.
In today’s post, I’m going to provide you with who I believe are the best financial advisors in Kansas City. I respect and admire all of these firms and individuals and would have no problem at all referring a family member (as long as they’re a good fit, of course).
If you already have an estate plan, you’re ahead of the majority of Americans. According to a survey by Caring.com, more than half of people don’t have a will or living trust. Even if you have your estate documents in order, you’re not done.
Chances are you’re still many years away from needing to put your end-of-life plan into motion. There are still many changes in your life that need to be reflected by updating your documents. It’s an essential part of making sure everything is in order for your family and heirs.
One of the best ways to save for retirement is to use tax-advantaged accounts. Most employers offer the option of contributing to a 401(k) account, which can be a great idea for stashing cash for your golden years.
Maxing out your 401(k) account for a few years can give you a good foundation for retirement. The earlier you get started, the longer the money will have to grow and earn interest.
If you’re looking for some ways to earn extra cash, getting a side hustle can be a good idea. Having extra money can help you cover your bills or pay down debt. Maybe you want some spending money for the weekend? Or you’d like to save up for a vacation? Earning money on the side can make a big difference and help you achieve your goals faster.
There are many different ways to make extra cash. Some require you to have specific equipment while others don’t need much in terms of startup costs. Browse through the ideas below and pick a few you can try out over the next few weeks.
If you want more freedom over your time, building passive income streams should be a priority. Finding ways to convert active income, i.e. your job, to a passive model will give you more agency over your waking hours.
Working a day job means you’re trading time for money. Every day, you wake up and get ready to go to your job, get in the car and sit in traffic until you finally make it to the office. On the other hand, earning passive income requires little time and effort on your part once you have everything set up.
One of the best ways to get ahead financially is by making a budget and sticking to it. However, many people shy away from budgets because they think of them as too restrictive. A budget shouldn’t limit you; it should give you more freedom.
Think of a budget as a spending plan, a way to tell your money where to go rather than the other way around. It is a critical financial tool that will help you build wealth and set yourself up for financial success.
Making a lot of money and being wealthy are not synonymous. Even if you make six figures, you can still feel stretched to pay your bills if you don’t take the appropriate steps to build wealth.
While having a high income is a good starting point, if you spend everything you make, you’ll find yourself feeling strapped. Getting the right financial planning information can help get you on the right track toward growing your net worth.
Many people consider hiring a financial advisor to manage their investments. But is a financial advisor really the best person to handle your investments day-to-day?
While a financial advisor or Certified Financial Planner® should be overseeing your investments, this shouldn’t be their main focus. They should be looking at the big picture and quarterbacking all areas of your financial life and not getting into the nitty-gritty of managing your portfolio.
Planning for the future often takes a backseat to today’s problems. Most people want to know their families are protected financially in case something happens to them. This is where having life insurance can make a big difference.
However, there is conflicting information out there when it comes to getting a life insurance policy. If you’ve ever worked with someone who works for an insurance company (an insurance agent...regardless of what they call themselves), you may have been pushed to a whole life insurance policy.
If you’re already using credit cards to make the majority of your purchases, you may be wondering if you’re getting the best rewards. With so many reward card options out there, it can be confusing trying to figure out which one you should use.
Before going further, a quick disclaimer: if you are in credit card debt, work on paying that off as quickly as possible. Don’t get new credit cards - in fact, just don’t use credit cards at all. Using credit cards can be a great way to earn rewards and get cash back but only if used responsibly.
Having enough money for all your needs in retirement is crucial. In order to identify and avoid shortfalls, proper retirement planning is absolutely essential. Just like planning for a long vacation, planning for retirement takes time and careful consideration of where you want to go.
A good retirement income is going to be different for everyone’s specific needs. We’re going to focus on optimizing retirement income to achieve your dreams – not just how to end up with more money. We want you to be happy and fulfilled.
This post was last updated on July 16, 2023, to reflect all updated information and best serve your needs.
Just because you’re retired, doesn't mean you can’t still have a little side hustle or create new goals. Passive income is a great way to generate a little extra income without feeling like you’re “coming out of retirement” so to speak.
This guest post was last updated on June 21, 2023, to reflect all updated information and best serve your needs.
A Donor Advised Fund (DAF) is like a charitable-giving savings account, helping you maximize your tax benefits while making a bigger impact on your favorite charitable causes.
This post was originally published during the COVID-19 pandemic and was last updated on June 21, 2023, to reflect all updated information and best serve your needs.
Recent outbreaks of the coronavirus (a.k.a., COVID-19) outside of China raised concerns about health and safety. These increased concerns have sent stocks quickly lower over the last few trading days.
This post was last updated on 20 June, 2023, to reflect all updated information and best serve your needs.
Money touches everything in our lives, but it doesn’t need to be the focal point of everything we do. Scrutinizing your money habits is a good thing, but you don’t want to constantly worry about each tiny detail of your spending. A full understanding of your money is good, so you don’t get carried away either – just don’t go overboard.
This post was last updated on June 16, 2023, to reflect all updated information and best serve your needs.
Check out Clint’s interview on the Crushing Debt podcast! In the episode Clint and Shawn talk about the Financial Freedom Blueprint course and the financial planning process NextGen Wealth uses to help clients. You can listen to the episode on your favorite podcast player or just click the play button below.
One of the key functions of retirement accounts is they “lock up” your money until you’re ready to retire. What happens if you need to access your money sooner? There are several reasons, and options, to gain access to your retirement funds early.
As with anything, you need to understand the consequences of pulling money out of your retirement accounts – early or otherwise. There may be options which may be better suited to your situation. Just make sure you know what you’re getting yourself into.
Retirement is an exciting phase of life where you can finally relax and enjoy the fruits of your labor. However, it's essential to maintain good health in retirement to make the most of it. As we age, our bodies undergo various changes, making it crucial to take extra care of our health.
In this article, we'll explore some tips for maintaining good health in retirement, including staying socially engaged, pursuing hobbies and interests, practicing mindfulness and relaxation techniques, regular check-ups with healthcare providers, and staying up to date on preventative health measures such as vaccines and screenings.
