Emotional spending is the act of spending money on things that you don’t necessarily need, because the items or act of spending makes you feel good. Sometimes, we emotionally spend because something stressful is going on in our lives, like job difficulties, a divorce, etc. Other times, it’s used a way to pass time when we aren’t fulfilled in other aspects of our life.

Regardless of the reason, it can wreak havoc on your personal finances. Here are some steps to prevent finding yourself with no money leftover at the end of the month.

How can I stop emotionally spending?

It can be hard to stop…

A Registered Investment Advisor (RIA) is a financial firm that provides their clients with best-in-class financial advice. They are advisors who have a fiduciary duty to act in their client’s financial best interests and can help parse through a client’s individual situation to determine the best course of action.

What Is an RIA?

An RIA is a firm that is registered with federal or state agencies allowing them to provide investment advice to consumers. RIAs have stricter guidelines to follow than other financial advisors, so their level of services is often unparalleled when making comparisons. …

When money is tight, it can be tempting to want to pull out money from retirement accounts. When retirement seems far away and you need the money now, withdrawing from your accounts early may seem like the right decision. But, there are penalties that you need to know about early retirement withdrawal and how it will cost you in the long run.

What is an early withdrawal?

Early withdrawals from your retirement accounts like your 401(k) or IRA is just what it sounds like-it’s taking distributions from your accounts before the age of 59 ½ . If you withdraw before this age, you will most…

Prioritizing saving overspending will help you get the retirement you’re after. But, what if you’re already in debt and are now planning out your retirement? Here are some steps to help get out of debt before retirement.

Create a budget

‘Budget’ doesn’t have to be a four-letter word. It’s one of the best financial tools that you can have no matter your situation, but it’s especially important when you’re trying to become debt-free. …

An inherited RIA requires you to take annual distributions no matter your age, but there are different rules depending on your relationship to the late account holder and how old they were when they passed. We break down some of your options.

Your options when you inherit an IRA from your spouse

There are several options for you if you inherited an IRA from a spouse. However, those options do change depending on how old your spouse was.

If your spouse was under 70 ½ years of age

You have four options for your inherited IRA.

  1. Transfer the inherited IRA and assets into your own IRA — With this option, you will transfer the inherited assets into your existing or…

Holidays look a little different this year, but that doesn’t mean you can’t stick to your budget. Every year the increase in only holiday shopping increases, but this year it’s expected to increase by unprecedented amounts. Due to COVID-19 and statewide restrictions, many are choosing to shop online this year. Similarly, many are also facing unemployment, so holiday shopping plans may take a hit. Let’s look at some ways to save money around the holidays without sacrificing any of the fun.

Set up a holiday budget

The last couple of months of the year are when we tend to throw our budgets out the window…

No one likes thinking about end-of-life situations, but it’s essential to take care of some necessary items to make things easier on your family when you die. It will save a lot of heartache and time on your loved one’s part if you have everything in line.

Have a will in place and update it accordingly

Making a will doesn’t have to be complicated, but many Americans put off writing one for several reasons. Generally, there are rules in place where the deceased belongings will go to in the case of larger assets. This includes items such as bank accounts, retirement accounts, and other life insurance policies.

When it…

If you’re a senior or nearing retirement age then your financial needs will differ from those who are in their 20s, 30s, or 40s. It’s important that you find the right advisor to suit your individual needs.

Can all financial advisors be senior financial advisors?

It’s true that most certified financial planners have experience with retirement planning regardless of if it’s their area of expertise or not. Financial planning is essentially your current strategic plan based on your current paycheck, how you spend and budget, and making smart (but sometimes risky) investments to help ensure a healthy financial future.

Those who are nearing or at retirement age are…

The 2020 US presidential election has already had effects on your finances. It’s important to be prepared for any potential financial changes that could come with the presidential elections and how to prepare for them.

Are my investments in the stock market stable?

Generally in the year leading up to presidential elections, the market tends to show a more muted performance-that is the market underperforms slightly. For the most part, this doesn’t affect portfolios in a major way, but it is something to keep in mind.

2020 has been a rollercoaster year for the stock market, with unprecedented highs and lows. The coronavirus pandemic and subsequent economic fallout…

2020 has been a difficult year for many American’s finances. However, mortgage rates keep falling to record lows. When should you refinance your home?

Mortgage rates are falling at a record pace due to COVID-19

The COVID-19 pandemic has caused mortgage loan rates to fall pretty dramatically. Throughout the course of 2020, mortgage rates have hit a record low four times this year. On average, a 30-year fixed-rate mortgage loan has dropped to around 3.13% APR. The combination of more Americans working from home and low-interest rates have caused an increase in houses selling fast.

Should I always refinance my mortgage if interest rates are lower?

For many, it seems like refinancing your mortgage as rates fall is an obvious choice. But…

Senior Finance Advisor

Your retirement planning resource. We connect individuals, seniors, retirees and families to local investment and financial advisors. Call today: (888) 346–0211

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store