The thing to remember is that time is on your side. This means you’re young enough to recover from even the most spectacular financial failures. On the flip side, making good, informed choices now can have a huge impact on your lifestyle in the decades ahead. The thing to remember is that time is on your side. This means you’re young enough to recover from even the most spectacular financial failures. On the flip side, making good, informed choices now can have a huge impact on your lifestyle in the decades ahead. Be smart and avoid these six common missteps.
My wife and I went tandem bungee jumping together on our honeymoon. There’s something about an adrenaline rush like that that gets you thinking about the bigger picture. And as a newlywed financial planner, it prompted me to think about the planning we had in place and have a conversation about what our future goals looked like.
First, just talking about it is the biggest step. Open communication between you and your new spouse about your joint financial goals is one of the most important things you can do so you can avoid financial surprises down the road. Once you know where you stand and where you want to go you can take the proper steps to get there. Here is what we learned.
I wanted to remind everyone about a simple yet very effective financial literacy tool: Monopoly.
There are few better lessons in life than on-the-job training. Monopoly is a great tool to simulate financial lessons. I’d recommend that you wait for a rainy day to pull the popular board game out, but when that day comes, you’ll find tons of excitement for children of all ages.
The financial lessons inherent in the game include …
Most of us take more time planning our vacations than our financial futures. That’s why we decided that a quick chat with a top financial advisor might do us all some good. We spoke with Sarah Kaelberer, CFP, ChFC, who is a partner and President of Business & Estate Advisers Inc. in the Minneapolis area. She led us through some common misconceptions about life insurance and who actually has an “estate.”