Category: Financial Planning

  Before they can legally drive a vehicle, individuals must obtain a minimum level of automobile liability insurance. Similarly, dealerships are also legally required to carry certain types of insurance to operate in most states. If you haven’t reviewed your store’s insurance policies recently, now might be a good time to do so. Your goal is twofold: to make sure you have the right coverages for the risks involved in operating your dealership and to keep your insurance premiums as… Read more ›

You may think you don’t need disability insurance — but you probably do. Whether you have group disability insurance from your employer or buy it yourself, chances are you’re underestimate and may not be able to afford what you need for short-term or long-term insurance in the event of sickness or injury. Even if you have group disability insurance, it may not be enough. The drawbacks include: Coverage may be limited to a short term, perhaps only two years, Coverage… Read more ›

When a divorce happens, there are often major financial consequences and some important tax issues too. Here are the tax rules that generally apply when a couple’s assets are split up in a divorce property settlement. State Law Is Important How assets are split up in a divorce depends largely on where the divorcing couple lives. The following nine states are community property states: California, Texas, Washington, Wisconsin, Arizona, Nevada, New Mexico, Louisiana, and Idaho. In these states, the general… Read more ›

When planning a trip, you probably focus on making the travel arrangements, ensuring you’ll have enough spending money and other practical issues, such as having someone cover you at the office and someone else keep an eye on your house or pets. The last thing on your mind may be putting your financial and other personal documents in order. However, if you expect to be away for any length of time — especially if your loved ones won’t be traveling… Read more ›

For 2022, the amount you can sock away into your 401(k), 403(b) and most 457 plans will rise another $1,000 to $20,500. If you’re at least 50 years of age, you can put away up to $27,000 thanks to catch-up contributions. The limit on “total additions” to those plans — that is your deferrals and employer contributions combined — rises to $61,000 in 2022 or $67,500 if you’re at least 50. While you’re contemplating how much to put into your… Read more ›

Many people invest in marketable securities, including stocks, bonds, money market funds and real estate investment trusts (REITs). But a less conventional investment option that’s historically paid off for many investors is purchasing a home or condo to rent out to third parties. This alternative may help diversify your existing portfolio and hedge against public market trends. With any investment, there are no guarantees of success, especially if you have a short time horizon. But rental properties may be a… Read more ›

If you’ve seen someone wave his or her smartphone near a payment terminal — maybe at the grocery store or at a restaurant — that’s a mobile payment in action. You may also have noticed a merchant using a handheld device to scan a customer’s phone screen. That’s also a mobile payment. According to many financial experts, mobile payments are more than just a cool new way to use your smartphone. They could actually be safer than using your physical… Read more ›

Graduation can be one of the most exciting — and intimidating — times in your life. You’re officially an adult, and with that new-found independence comes financial responsibilities. No pressure, but the decisions you make today about spending and saving can mean the difference between struggling for the rest of your life and building a solid financial future. Here’s a list of important questions to ask yourself as you start your journey: 1. Where Should I Live? Depending on where… Read more ›

For an investor, managing money is a lot like managing manure for a farmer. Both live by the credo, “spread it around and it will grow.” But as both successful investors and farmers know, you’ve got to know how and where to spread money and manure, or they end up yielding stinky results — or even getting flushed away. While we can’t help with a manure problem, we do have definite thoughts about spreading money around — in a way… Read more ›

  Some people are worried that they will wind up in a nursing home with their life savings wiped out. But that doesn’t have to be the case. You can buy some peace of mind with long-term care insurance. But caveat emptor: These policies can be expensive, complicated and they don’t always cover all the costs involved. First, the good news: If you purchase long-term care insurance, you may be able to get a limited tax deduction. Plus, benefits received… Read more ›