Password Management – Best Practices
It seems like everywhere you turn online these days, you are being asked to create an account and subsequent password. Want to buy textbooks for your college student or reference your doctor’s advice from your last visit? Well, set up an account and create a password! Passwords are now needed for everything from retail websites, social media, and e–mail accounts to medical providers and financial institutions. According to the latest research by NordPass, the average person has 100 passwords to remember! Obviously, some of these passwords […]
Dollar-Cost Averaging – What Is It?
Dollar cost averaging has many different names which include constant dollar plan, unit cost averaging, incremental trading, and cost average effect. But they all speak to the same strategy. Simply put, dollar-cost averaging is dividing up the total amount invested across periodic purchases. The act of dollar-cost averaging was first popularized by Benjamin Graham in his classic investing book, The […]
Should I Use My Credit Card or Debit Card?
Most of us have our fair share of plastic in our wallets, purses or money clips. We have one or more credit cards issued by organizations such as American Express, Discover, MasterCard or Visa as well as a debit card, typically issued by your bank. When we go to pay for a purchase, we are […]
What Is The Best 529 Savings Plan For You?
When saving for educational expenses, one of the key decisions you must make is what savings and investment vehicle is best. We have previously written a blog “How Should I Save For College?,” which talks about which vehicle might be best for you. In many cases a 529 savings plan is the best option, but […]
President Biden’s Recent Tax Proposals
A couple of months ago, I wrote a blog discussing potential tax changes that might occur under our new President given his election and Democratic control of the Senate and House of Representatives for at least the next two years. That blog reviewed some of the changes President Biden proposed during his campaign. Since that […]
What Does It Mean To Have A Diversified Portfolio?
There are many misconceptions about diversification and what it means to have a diversified portfolio. One of the questions I get a lot is: “I own XYZ stock. Is it a good time to sell it?”. Usually, my immediate follow up, even before looking into the stock, is how big of a position is the stock in your portfolio […]
The Emotional Preparation for Retirement
As a person nears retirement, much of the conversation is frequently centered on financial preparedness. If you have done all the right things, you have been saving for retirement for many years leading up to this point and you have a financial plan in place, you have adjusted your portfolio, analyzed Social Security strategies, and planned for various what-if scenarios. That part is all mapped out for you. What is often a last-minute […]
When You Should Contribute to a Retirement Plan
Often the mantra you hear when it comes to contributing to retirement plans such as 401(k) or 403(b) plans is to “max out your plan”. And, if you have the annual income necessary to meet these thresholds, you should absolutely take that approach. But there are many people who cannot “max out” their plan and […]
4 Common Wealth Building Mistakes
Building wealth can be confusing and complex at times. To be successful, one must take a holistic approach, requiring an understanding of many different aspects of wealth management. Many of these components are intertwined. For example, ask yourself if you have a sound financial plan? If you answered yes, does the plan take into consideration […]
Potential Tax Policy Changes under the New Administration
The election of Joe Biden as President coupled with Democratic control of the U.S House of Representatives and U.S. Senate could mean tax changes are on the horizon. Although control does rest with the Democratic party, control is only by the slimmest of margins. Any changes to tax policy likely will be only modest as […]