As you know, your financial plan is comprised of many parts. This would equate to what one of the greatest investors and CEO of Berkshire Hathaway, Warren Buffett, calls the “economic trees.” In other words, let’s not get too caught up on any one investment.
Robo-advisors have been heralded as the “future of investing” by their fans, but can computer algorithms really replace human financial advisors?
Credit card debt left unchecked can significantly hamper your efforts toward securing a comfortable retirement. Instead of contributing to your 401(k), you end up forking out precious dollars toward interest payments on revolving credit lines each month. Having an actionable debt pay-down plan can make the difference between a relaxing retirement and feeling the pinch.
It may be hard to see sometimes, with the often apocalyptic 24-hour news cycles, but there is a lot of good out there in the world. One of the good things is how generous Americans have been with their charitable giving. Part of this widespread generosity is tied, no doubt, on the internet connecting people all over the world. Americans gave $410.02 billion dollars to charity in 2017, breaking a record and 70% of that was given by individuals.[i] As wealth grew, so too did charitable giving and generosity. Within that huge number, over $400 billion, some interesting patterns and data appear. Within this article, we will discuss why people practice charitable giving, who is giving, and how, if inclined, you could give more as well.
There are so many in need and for so many reasons. Between medical research, animal charities, environmental disaster, the refugee crisis, health crisis, homelessness, drug addiction, food instability, arts organizations, you name it, and there is a cause that could use the help. There is also solid evidence that your donations actually do make a difference to these causes. They do need and appreciate every penny they receive. But did you know that giving is actually good for you too? In fact, giving triggers a pleasure point in our brain, the same area of reward processing that is activated by pleasurable activities like sex and food.[ii] Donating our time and money to a cause makes us feel good, helps contribute to our overall happiness, and can actually help our health and mortality rates.[iii] On top of helping others and feeling good, charitable donations can be tax deductible, and for some, that is motivation enough. A good rule is before donating to anything you plan to claim, do your research and confirm that they are a recognized non-profit organization by the IRS and always get a receipt.
In a few short years, it seems as though the banking industry has revolutionized. It is now easier (and more convenient than ever) to tend to your banking needs, all from the comforts of your pajamas. Gone are the notions of banking hours, and the never-ending lines when you want to deposit your paycheck.
Earlier this week, the Federal Liberal Government tabled their election-year budget, albeit through historically unorthodox methods. As expected, several measures were included that were designed to appeal to voters, especially the segments that the current government had seemingly lost approval with.
While owning a home is the quintessential American dream, not everyone is able to purchase a home when they desire. If you’re fresh out of school with a boat load of student debt, it’s probably best to wait until you’ve been working for at least a year before you start looking to buy.
A report by Federal Reserve economist Joanna Stavins combined Equifax data with the 2015-2016 Federal Reserve Bank of Boston’s Survey of Consumer Payment Choice (SCPC) on how consumers pay for purchases. Comparing self-reported measures with objective data, she found that people tend to have fewer credit cards with higher limits than they report.
If you’re looking to diversify your investment portfolio, you may want to consider purchasing investment property. Depending on how hands-on you want to be, you may want to purchase real estate as a short-term investment; fixing up the property and then selling it immediately for profit.