Student Loans: To Pay or Not To Pay? That is The Question
Posted by Megan A. Rinaudo, CFP® on Thu, 02/04/2021 - 14:58
The Federal Student Loan Relief has been extended through September 30, 2021. What does this mean for student loan borrowers? First, it only applies to loans owned by the Department of Education. Therefore private loans or loans not owned by the Department of Education do not qualify. Second, the types of relief available include student loan payment pause, student loan interest waiver, and stopped collections on defaulted student loans.
5 Simple Financial New Year’s Resolutions
Posted by Megan A. Rinaudo, CFP® on Tue, 01/05/2021 - 13:14
Ahh yes, here we are the beginning of a new year! The time when we’re all out to make a fresh start for the year and leave old habits behind us. If one of your resolutions has been to get your finances in check, here are 5 simple ways to do just that:
Financial Tips for my 20-Something Year Old Self - Tip #3: Understand Your Investment Options and DIVERSIFY!
Posted by Megan A. Rinaudo, CFP® on Thu, 12/03/2020 - 11:51
If you had asked me when I was 22 the difference between a stock and a bond, my response would have been, “Do I really need to know that?”. Ok, that might be a bit extreme, I’m pretty sure I knew the difference then, but my point is that I didn’t care to understand how investments really worked.
When I started participating in my first 401(k), I had no clue what investments to pick so I’m pretty sure I just invested 100% in my company stock at the time. If not 100%, it was definitely a large majority of my portfolio. Let’s think about this, I started investing in my first 401(k) around 2006…guess what happened a couple years later…the Great Recession. How do you think my 401(k) held up? Not so great to say the least.
Financial Tips for my 20-Something Year Old Self - Tip #2: Credit Cards are NOT Free Money!
Posted by Megan A. Rinaudo, CFP® on Wed, 11/04/2020 - 09:08
Ok, this might be a tip more for my 18 year-old self, but the lesson followed me into my 20’s. “YOLO” and “FOMO” weren’t actual acronyms when I was in college, but I sure lived by those mantras, “You Only Live Once” and “Fear Of Missing Out.” When asked if I wanted to go shopping… Heck yeah! When asked if I wanted to go out for dinner…You betcha! When asked if I wanted to take a trip to NYC…DUH! All of these “Yes” answers led me to over-extending myself and spending money I didn’t have. The $500 worth of parking tickets I racked up in NYC certainly didn’t help! I maxed out a credit card in a span of 6 months and spent the next 4 years paying it off.
Financial Tips for my 20-Something Year Old Self - Tip #1: Save Early
Posted by Megan A. Rinaudo, CFP® on Thu, 10/15/2020 - 10:12
Picture this, circa 2005 I’m 22-years old fresh out of college with the world ahead of me! I haven’t landed my dream job yet, but I’m working full-time as an assistant manager in a retail store and making okay money. I know this isn’t where I plan to end up, but it will do for now. STOP! Right then and there I wish I hadn’t just looked at that as a job to make money and get by. I was making enough to be saving, but I had a “spend what you make” mentality.
Posted by Megan A. Rinaudo, CFP® on Thu, 09/24/2020 - 11:18
We’ve already established that your most valuable asset isn’t your house, car, or retirement account; it’s YOU and your ability to earn income. That is why it’s so important to protect that asset with disability insurance.
According to the Social Security Administration, the chance of becoming disabled before you retire is 1 in 4 - and for most people, disability will result in a lower living standard due to the loss of income. Having a disability insurance policy can replace lost earnings.
Deductibles vs Premiums
Posted by Megan A. Rinaudo, CFP® on Wed, 09/02/2020 - 11:25
One of the biggest factors in choosing insurance, whether it’s auto, homeowners, or health insurance, is the cost. But the cost isn’t just the monthly premium you’re paying; it’s the entire out-of-pocket cost you will pay if you have a claim.
It’s easy to elect the least expensive premium plan because so many of us have the “it could probably never happen to me” mentality and paying less on a monthly basis is much more appealing. But consider why you’re buying insurance in the first place…or the peace of mind of knowing that even though it “probably” couldn’t happen, there’s a chance it will and you want to be covered.
Protecting Yourself with Insurance
Posted by Megan A. Rinaudo, CFP® on Wed, 08/19/2020 - 13:13
When it comes to insurance, we’re used to insuring our cars and homes and other important tangible assets that we may not be able to afford to replace easily. But nothing is more important than your life and ability to earn a living. YOU are your greatest asset that you need to protect.
The ESG tipping point: Are we there yet?
Posted by John Streur, President & CEO Calvert Research & Management on Wed, 06/24/2020 - 13:56
Washington - During the course of the past few weeks, markets have been volatile, and across our industry many asset classes have experienced outflows. However, some environmental, social and governance (ESG) strategies have continued to experience net inflows. Observing this, many investment consultants and members of the media have been asking us, "Have we reached the tipping point for ESG investing?" Incongruously, we have also been asked if the pandemic will derail ESG momentum.
As we have said in the past, we believe a tipping point for investors has already been reached and we see ESG increasingly embedded in the corporate and public psyche. Even an event as tragic and massive as the pandemic will not derail this trend, for at least three important reasons:
The importance of simplifying accounts
Posted by Whealthcare Planning LLC on Wed, 05/27/2020 - 09:08
There are many reasons you may have multiple investment and banking accounts.
- Job changes resulted in multiple retirement plans located at different institutions
- You started investing in companies or mutual funds by directly buying a small number of shares over a long period of time
- A family member gifted shares of stock to you
- A bank offered great rates on savings or loans that you just could not pass up
- You don't trust the financial services industry, and decided to keep multiple accounts to decrease the risk of an institution going out of business or someone stealing your money
These all seemed like good ideas at the time, but there are many reasons you should simplify.