Not all financial goals are alike, so the way you save for each one should be different, too. Think about it. You don’t save for a vacation in an IRA and you don’t save for retirement in a low-interest savings account.
There’s nothing wrong with wanting the best for your children and your grandchildren. Specifically, the best tools for them to succeed. Therefore, you might not bat an eye when a child or grandchild asks you for help to pay for college.
Although our financial lives are all different, we tend to look for one-size-fits-all solutions to our financial challenges. Take debt, for example. There are two effective methods that will help you pay down debt: the debt snowball and the debt avalanche. Instead of taking the time to consider which method is most appropriate for their financial situation, most people just want to know: “Which method is the best, the snowball or the avalanche?”
Retirement is about utilizing each dollar of your accumulated wealth to live comfortably on your terms and, hopefully, fulfill some of your biggest dreams. At least, this is how retirement is supposed to work. Unfortunately, people too often find their financial futures hindered by debt.
The end of the year is giving season, but tax reform has changed the rules for charitable contributions. Many donors won’t receive the same tax breaks like in years past. However, there are two giving options available that will allow some donors to preserve those charitable tax deductions.
You’ll recall one of the biggest financial stories last year was the Equifax security data breach. It was estimated that personal information, such as Social Security numbers, credit card numbers, driver’s license numbers, home addresses and birth dates, for over 140 million Americans was exposed.
The majority of U.S. households donate to charity, according to the most recent data from the Indiana University Lilly Family School of Philanthropy. Although our reasons for donating may vary, a plan can help all of us successfully make charitable giving a part of our financial lives.