After many years of hard work and diligent saving for retirement, many struggle with the fear that they will outlive their nest egg. Or, perhaps worse, that the financial systems will collapse. So what does one do? Plan! It is my belief that the Three Bucket Retirement Strategy will both guard against adverse market conditions and grow your nest egg so that your money will outlast you. Laying the Groundwork Before the Three Bucket Retirement Strategy can be implemented, you will need … [Read more...] about Using the Three Bucket Retirement Strategy
Steven Calabrese
Insurance Tips
Why do you need insurance? Insurance is how you manage risk. Essentially, you transfer the risk to the insurance company. When you buy insurance, you buy peace of mind against something bad happening. Listed below are three types of insurance that will protect you and your family. We’ll also discuss how to save money. Homeowners/Renters Insurance This is essential, in that they both will protect you against loss. If there is a fire, you will be protected. If someone breaks into your … [Read more...] about Insurance Tips
Are Target Date Funds Right for You?
Target Date Funds are all the rage! Do you have your investments in them? They can be used for retirement funds, HSAs and 529s. Is this the smart direction for your investing? Will you maximize your returns? Let’s take a look at them and then you can decide if this is your best course of action. What are Target Date Funds? Target Date Funds are sometimes referred to as Life Cycle Funds. These funds take an approach based on one’s potential life cycle. For example, if you plan on … [Read more...] about Are Target Date Funds Right for You?
Home Buying: How Much Can You Afford?
Many people want to live the dream of owning their own home. Paying rent is a waste of money, they say. What you don’t want to happen is to overbuy or overextend and turn that dream into a nightmare. How much can you afford? Owning a home is special, and you must prepare accordingly. We will discuss the safeguards you need to put into place to eliminate a nightmare scenario. Often, the concept is, “I am paying rent now so if I pay the same amount for a mortgage then I will be all right.” … [Read more...] about Home Buying: How Much Can You Afford?
The Debt Epidemic: Cure it Forever
America is drowning in debt. The average debt in America increased by $601 billion in the last quarter compared to the previous year. Mortgage debt rose by $120 billion. Student loan debt increased to $1.51 billion. Auto loans increased $16 billion. Credit card debt increased by $46 billion. A train wreck is in the making! Not only has the outstanding amount of borrowing been steadily increasing, but the delinquencies have grown as well. Credit card delinquencies stand at 8.36%. Student loan … [Read more...] about The Debt Epidemic: Cure it Forever
Cyberattacks: Is Your 401k Safe?
Cyberattacks on 401k assets are on the rise! Is your 401k safe? How often do you check? Do you just make contributions and think that it is growing? Or, do you pay it no mind, and never check? Because of a potential cyberattack, your money could be gone. Your account could be empty! Not only is it not growing, but you have become a victim. Here, we will discuss cyberattacks and what you could do to prevent the potential of you losing your hard-earned money. Is Your 401k Safe? Many … [Read more...] about Cyberattacks: Is Your 401k Safe?
Considerations for Dealing with Debt
When you consolidate your debt, there is the possibility that you could lower your interest rate. The payments may be lowered and there will be only one payment to make instead of numerous payments. When you consolidate into one loan, you most likely will be extending the time to repay. When you do that, it will take longer. If it takes longer, the lower interest rate will become irrelevant because you may end up paying more interest because the debt will be outstanding longer. So, is there a … [Read more...] about Considerations for Dealing with Debt
How to Have a Very Merry Christmas Without the January Hangover
Every year, many folks head out for Christmas shopping and do not have a plan. They whip out old faithful, their Visa or MasterCard or some other preferred credit card, and spend like drunken sailors. Then, January comes. The credit card company sends you a delayed Christmas card with a price tag! Now the hangover begins. You reach for that bottle of aspirin and your stomach hurts. You feel sick. Well, Christmas does not have to end this way. It can be merry and the memories can be … [Read more...] about How to Have a Very Merry Christmas Without the January Hangover
Creating a Budget: Ten Easy Steps
G et out of debt, build wealth for your retirement, fund the kids’ college, live a life without financial worries. Creating a budget is a best practice of millionaires. A personal budget is one of the most essential tools needed to create financial independence. A budget is simply a plan. A financial plan. Why don’t you have one? This is the foundation, the most essential building block. You would not build a house without a solid foundation. You should not plan your financial … [Read more...] about Creating a Budget: Ten Easy Steps
Identifying Seven Traits of Millionaires
When you want to achieve something, often, the best course of action is to do what the experts do. Find out what the best practice is and follow it. There are many traits of millionaires. I have chosen seven, as they are a bit broader in nature. Millionaires tend to: 1. Get Up Early Ben Franklin said, “Early to bed and early to rise, makes a man healthy, wealthy and wise.” And, it’s likely we’ve all heard, “The early bird catches the worm.” What exactly does this mean? If you get up early, … [Read more...] about Identifying Seven Traits of Millionaires