I don’t know how much the rest of the country paid attention to a very early snowstorm in the Northeast, but I had to pay attention to it. It was a big part of the last week or so of my life. I travel to Connecticut a lot and nearly the entire state was without […]
Search Results for: emergency fund
We often hear that we should keep at least 3 – 6 months of expenses in savings for emergencies. Some experts suggest increasing it to 6 – 12 months or more because of the economy. The main reason usually given for emergency funds is to have something in case
Investing in your retirement account can be quite different from investing in a taxable account. Here are some options to consider when investing in a taxable account: Use it for short term goals. One of the advantages of a taxable account is that you don’t need to worry about any tax penalties on withdrawals. For that […]
Putting together a budget is one thing, sticking to it is another.
Inflationary times and recessions offer opportunities, and those who prepare can take advantage of them.
As much as we would love to avoid them, recessions are a natural part of the economic cycle. Unfortunately, whether we have a recession, how bad it is, and how long it is are all out of our control. Even the Federal Reserve can try to ease the pain, but they cannot prevent them from […]
Would you raid your Roth IRA or 401(k) to pay for car repair bills? I suppose if you have no other choice, you might. But ordinarily, we want to use our tax-advantaged retirement accounts only as a last resort because we want that money to grow tax-free or tax-deferred for as long as possible. The […]
Abstract: The state of financial wellness of the U.S. workforce improved in 2020 despite the economic challenges created by the COVID-19 pandemic. The greatest improvement occurred in the areas of cash flow, debt management, and homebuying. Employees that maintained a handle on cash flow and an emergency fund prior to 2020 fared best during the […]
Chances are that if you’re reading this, you’re probably considering taking a 401k loan, and you’ve most likely heard that it’s something to avoid. Generally speaking, we agree, but there are definitely reasons that it can make sense. Otherwise, why would the option even exist, right? Let’s go over the key things to consider so […]
As the world attempts to emerge from the Covid-19 lockdowns and tentatively eases up social distancing restrictions, I noticed something unusual. I haven’t been spending nearly as much money as I usually do. This makes sense, of course; I have hardly been going anywhere to spend money (except for online shopping at Amazon, that is). Being forced to limit our activities, and subsequently […]
Have you ever felt like you could reach your financial goals if you just buckled down and did not spend money for a certain amount of time? With travel and opportunities to dine out limited, quarantine presents an opportunity to save some extra money if you are able to do so. Those who have had their income impacted can refer […]
Financial Finesse’s 2019 Year in Review Research Study & The Impact of a New Normal Post COVID-19 View the entire COVID-19 best practices abstract “The Impact of a New Normal” here. 1. Question: What were the most significant takeaways from the 2019 Year in Review report? Answer: For this year’s report we looked at how engagement in online, group, […]
By now I’m sure you’ve heard that qualifying US taxpayers will be receiving a stimulus check, or what’s technically called your economic impact payment. If not, here’s what the IRS wants you to know. Beyond that, keep reading for a few tips on how to best make use of the funds once you receive them. […]
You may have joined our recent webcast titled Your Covid-19 Financial Survival Kit. We had a lot of questions come through during the sessions so we want to share the commonly asked ones, with their answers! Our facilitator, Bruce Young, CFP, has provided written answers below. Take a look at the different topic areas, and […]
The following post is an excerpt from the Financial Finesse Personal Finance FORBES Blog. You can read the original post in its entirety here. The headlines about the coronavirus and reports of how it will impact the economy and potentially lead to a recession are all a cause for concern. The total impact of the extreme […]
In addition to the COVID-19 Financial Survival Kit Webcast, the FF team has received hundreds of proactive and reactive calls and emails from employees asking what they could and should be doing financially during this volatile time. We wanted to share some of the most frequently asked questions we’re hearing and the responses from our […]
Whether it’s student loans or credit cards, it’s tempting to want to make paying off debt your top priority, but should it be? In some situations, other goals might come first. Here are some questions to ask yourself: Am I able to pay essential expenses? If you’re in a really tight financial situation, make sure you can pay your rent/mortgage, […]
Do you have employee stock options that you’re not quite sure what to do with? Should you exercise them and take the gain now (if there’s no gain, it’s a moot point) or hold onto them a little bit longer for potentially higher profits down the road? Here are some things to consider: Can you […]
Have you ever heard of the “see food” diet? I like to joke that sometimes that’s my diet: I see food and I eat it! The best way for people like me to stick to a plan to eat better is to just not have junk food around, right? Well, I’m also on a “see […]
What started out as whispers of a potential financial crisis related to recent student loan borrowing has grown to a cacophony of fear, frustration, and concern. The staggering amount of student loan debt in our country has been a shocking wake-up call. As a result, many recent graduates are in need of guidance. While high […]