Imagine you have been out in the work world for nearly a decade and are doing well in your career. As your salary increased, you prioritized reducing your student debt by increasing your student loan payments each year. Suddenly, you realize your short-term future includes what once seemed nearly impossible — in a year or so your student loans will be paid off! Uh-oh, new financial decisions to be made. Let’s explore your financial future beyond paying off student debt and how to evaluate and choose the best options for you and your family.
Money and You
Just about anyone can start a business.
Get an idea. Fill out some forms. Register with the necessary local and state agencies. Tell the world about your fantastic new service or product.
But following your dreams is never easy — it’s hard work, fear of failure, loneliness, and mistakes. Running a successful business over time takes a lot more than starting up. And running a successful business without undermining your personal life and finances is an entirely different story.
Changing gears from earning and saving your money to spending your savings is a major challenge for most of us. It’s not that sudden massive shopping sprees or a lavish lifestyle are planned by most retirees — the spending usually involves buying routine things. The challenge is in adjusting to where the money comes from during your retirement.
No, It's not only for the wealthy.
You know it. I know it. Just about everyone knows it. Setting up a will and other “in case of emergency” documents is important. But procrastination and misperceptions make it easy to put off getting your affairs in order. One 2019 survey found that 76% know a will is important, but only 40% have one. Let’s look at 5 common myths that may be keeping you from enjoying the satisfaction and peace of mind that comes from accomplishing an important task for yourself, your family, and/or your business.
Buying or starting a business used to be unusual if you were considering a second career. But encore careers as a business owner become more popular each year despite the wide-spread perception of risk. Let's explore what is driving the trend and your options for transitioning in a way that can help safeguard your business dream and your financial well-being.
Three Numbers to Remember: 5 – 2 – 9. Every year we hear that private and public college education costs are rising. And now we hear that college graduates’ debt loads are climbing right along with tuition prices. (According to the 2019 student loan debt statistics the average undergraduate who borrows leaves school with about $30,000 in debt.) The COVID-19 Pandemic added more fuel to the fire for those asking “Is it worth it to go to college?”. College enrollment sank 25% among graduating high school seniors in 2021. Most chose to delay their college plans due largely to their parents or guardians being less able to provide financial support due to the pandemic.
Whether you are a member of the baby-boom generation born between 1946 and 1964, or a member of the generations of younger people that follow, you may be surprised to learn boomers are as likely to buy a business as to sell one.
How to Have the Best Financial Date Night Ever!
Flowers…chocolate…401k? Let’s face it — talking money and financial planning with your significant other on a “date” may not be your first choice for spending quality time together. Even in the best of relationships, discussing money and finances can send two people running in opposite directions. Yet establishing the habit of scheduling an annual financial date night nurtures your long-term relationship and future together.
Back in second grade, it didn’t really matter much if you failed to make a decision. If one of your parents called out into the back yard to ask if you wanted a PB&J or grilled cheese sandwich for lunch and you were intent on climbing the tree and didn’t answer, you suffered no lasting harm from being served your second choice lunch option that day. But things are different now that you’re a business owner.
After the grueling pace of graduate school, obtaining that advanced degree, and finding a great course for your professional career – you can finally turn your attention to other life choices. One choice that you’ll be faced with is what to do with the substantial student loan debt. More importantly is, how do you balance enjoying life while starting to pay-off those looming large loans?