Four Personal Finance Rules That Need a Revamp

Some of the best-known rules of thumb in personal finance have outlived their usefulness.  While it’s helpful to have a starting point for a housing budget or savings target, or for splitting an investment portfolio between asset classes, many popular guidelines date back to a time when the growth in real estate prices and wages was more closely aligned, student debt hadn’t breached the trillion-dollar mark, and …

Trusts Offer A Wide Range Of Benefits In The Wealth Planning Process

For many families, trusts can be a useful vehicle for passing wealth to the next generation or generations. That’s not their only benefit. Trusts also can be used to help reduce taxes, avoid probate, give to charity and even manage assets if the trust owner becomes disabled. While sometimes considered the domain of the ultrawealthy, trusts can be beneficial to …

How Does A Recession Affect Me?

Are we officially in a recession? No. This economic cycle has not been called an official recession just yet. Key Takeaways The harsh reality is a recession will impact every single person in some way. We’re all noticing the impact of inflation on the price of basic consumer goods and higher interest rates already. During a recession, unemployment rates go …

How to Make the Most Out of Daydreaming

Research shows that letting our minds wander and engaging in certain kinds of daydreaming can give us joy, serenity and even make us more creative. Here’s how to start making the most out of those rare moments of solitude and reverie. Illustration: Guillem Casasus FIND THE RIGHT TIME AND PLACE. Daydreaming — when our attention shifts to thoughts unrelated to …

The Paradox Of The Herd

In 2016, I had dinner with two men: the Chief Investment Officer of a firm that provides both cap-weighted and factor-weighted indexes and the top investment strategist of one of the largest investment consulting firms in the world. After a few glasses of wine, our discussion turned to how we would invest $100 million if we won Powerball. Both gentlemen …

The Inflation Reduction Act: What It Means For Retirees

The Inflation Reduction Act of 2022 may bring changes to many Americans – what does it have in store for retirees? While it’s designed ultimately to reduce inflation, there are components that relate to the ACA, Medicare, taxes and energy, so it will impact other aspects of your life. What does the inflation reduction act mean for retirees? (Photo by …

Do You Qualify for Student Debt Relief? What Borrowers Should Know About Biden’s Plan

Broad student debt forgiveness has been a long time coming — Democratic presidential candidates including Joe Biden campaigned on the issue in the 2019 primaries. So when President Biden announced that debtors would see as much as $20,000 in loan forgiveness, borrowers temporarily crashed the federal student aid website to see if they qualified. Some 90% of student-debt relief will …

To Make Money in the Stock Market, Do Nothing

The stock market fell so sharply at the beginning of the year that it felt at times as if it would never come back. But it did, in a weekslong rally that lasted through mid-August and would have been more widely celebrated if stocks had not plummeted so badly in the first place. Now, for the last week or two, …

Are You Too Responsible?

Summary: Do you often pay attention to the needs of others but neglect your own? Do you frequently remind others what needs to be done and get annoyed by how irresponsible they seem? Or say “yes” to most things you’re asked to do but then feel resentful? If something goes wrong, do you feel the entire weight of that outcome? …