Financial Planning for All of Life

Financial planning is extremely important, whether you are in high school or are approaching retirement.  However, many people appear lost when it comes to setting financial goals for their future and achieving them.

There are three steps to successful financial planning, no matter your current situation.  First, according to financial coach Ross Riskin, it is crucial to split your monetary objectives into short, intermediate and long term goals.  This step is relatively simple.  Goals such as getting rid of student debt, purchasing property or building a retirement nest egg can easily be categorized based on their timeframes.

Step two of financial planning is to carefully calculate what you need to do to meet your objectives from step one.  Know how much your end goal will cost and assign it a timeframe.  If you are successful in this step, you will likely be able to see yourself moving closer to achieving your … Read More

Millennials Struggling to Invest Wisely

Several recent studies have found that millennials are struggling to manage their investments. According to bankrate.com, 69% of individuals currently under age 30 haven’t started a retirement savings account. This is due to numerous reasons including unemployment, student-loans and recessions. However, Business Insider has pointed out that “You don’t have to choose between saving for retirement and paying down your debt.” If you start early and utilize the value of compound interest over time, your retirement is almost certain to be pleasant.

Greg McBride of the Wall Street Journal has another piece of advice for young professionals. For those who have already started a retirement account, he encourages an aggressive investment strategy. He argues that while safe investments can provide a sense of immediate security, they are often quite risky down the road. This is because they don’t provide a sufficient rate of return to grow a retirement nest egg. In … Read More

IRS Scrambling as Refunds Vanish

With digital crimes such as identity theft becoming more and more common, government agencies like the IRS are frantically trying to protect themselves and U.S. citizens. But it isn’t easy. Organized crime groups have begun to be more cooperative with one another, turning once small attacks into “epic wave[s] of fraud”, according to Alabama revenue commissioner Julie Magee.

Tax identity theft (which the IRS is battling) occurs when a person’s social security number (SSN) is compromised by thieves. When thieves steal an SSN, there are two common outcomes. First, they can use the number and attempt to file for a refund before the taxpayer. If successful, this means that the taxpayer will not receive a refund when he or she files since the system has already paid out the money owed. Second, a thief could apply for employment with the stolen SSN. If they obtain the job, it usually causes the … Read More