Gardeners and Diners
This will piss off some advisors, but not everyone needs professional financial help. Here’s the analogy I use to explain it.
This will piss off some advisors, but not everyone needs professional financial help. Here’s the analogy I use to explain it.
Northwestern Mutual study shines light on the financial habits and instincts of Generation Z MILWAUKEE, Dec. 19, 2022 /PRNewswire/ — The nation’s youngest adults are taking significant steps to improve their financial wellbeing with the goal of retiring at age 59 – years ahead of the generations that preceded them. New data from Northwestern Mutual’s … [Read more…]
The Majority of Americans Say Their Financial Planning Needs Improvement, But Only a Third Seek Professional Help Financial uncertainty is harming people’s health, job performance, relationships and more MILWAUKEE, July 27, 2022 /PRNewswire/ — More than six in 10 Americans (62%) say their financial planning needs improvement, yet only a third (35%) seek the help … [Read more…]
Big life events like weddings, babies and sending kids to college require big changes to your financial plan.
The post What a ring, pacifier and diploma mean for family financial planning appeared first on Discover Bank – Banking Topics Blog.
You can rent an apartment if you’re 16, but it’s more difficult to qualify.
The post Can You Rent an Apartment at 16: Here’s How Old You Have To Be to Rent an Apartment appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.
My first Mint audit was dedicated to Rebecca, a 34-year-old government worker who was stuck living paycheck to paycheck. With nearly $11,000 in credit card debt and very little in savings, she desperately wanted to get ahead in her financial life. My recommendation at the time was to transfer her credit card debt to a
The post Mint Money Audit 6 Month Check-In: Was Rebecca Able to Squash Her Debt? appeared first on MintLife Blog.
Even though consumers have been using online banking and mobile applications for years, the concept of online financial planners like Mint is still new. In comparison to a traditional face-to-face financial planning relationship, how do online financial advisors work? Online financial advisors allow users to manage their investments, track their spending, create budgets, and leverage
The post What Is an Online Financial Advisor & What Can They Do for You? appeared first on MintLife Blog.
Once you set up your retirement plan at work, the next natural question is: How much should I put in my 401(k)? While thereâs no ironclad answer for how much to save in your employer-sponsored plan, there are some important guidelines that can help you set aside the amount thatâs right for you: e.g. the […]
The post How Much Should I Contribute to My 401k? appeared first on SoFi.
As we celebrate national Womenâs History Month this March, itâs a great moment to take a look at all of the pressures and pulls on womenâs time and energy. The pandemic has exacerbated the âtypicalâ issues facing the sandwich generation by creating even more challenges for women, in particular. This should no longer be called the sandwich generation for women, but instead, the club sandwich generation.
This clever term refers to the generation (consisting of women, in most cases) being caught, or sandwiched, between kids who are struggling financially and need help and elderly parents who are also struggling and need help. These simultaneous burdens on women during the pandemic have heightened their financial and emotional stress.
Women, in greater numbers than men, have had to take off work to care for kids who couldnât go to school; take off time from work to care for their adult children returning to the nest because they may have lost their jobs or became ill; and also, take time off to care for and take parents to doctors.
Itâs because the real âmeat in the sandwichâ (women) are worried about not having enough âbreadâ to support all the generations relying upon them for financial help. The pressures mount as life shifts. People are living longer, which is great, but that also means that elderly parents may need more help for a longer period of time. That translates into the sandwich generation often having to give up their work to care for their parents. The sandwiched women may be raising their own younger kids, and then couple that with their older kids moving back home, and we have a recipe for real financial burden.
The big deal is that women are still the caregivers, in most cases. They are pulled in too many directions. As discussed, the pandemic forced many to leave the workplace to handle all of these circumstances. Many moms are single and are under even more pressure.Â
The first thing to consider is to try to balance all of your obligations and try not to be stretched so thin that you burn out because so many people depend upon you. Although it may sound impossible, you need to even schedule a daily âtime-outâ for yourself to take a walk or to meet or Zoom with a friend. Once you do, youâll be more âpresentâ to help the others in your life.
Talk to your kids and parents about sharing all the household responsibilities. Older kids may have to pitch in with caring for their grandparents. Maybe older kids could help with cleaning the house and taking Grandma or Grandpa to the doctor.  Younger kids can even help by spending time with their grandparents. They could play cards or Scrabble or a watch TV with them. Also, grandparents may be healthy enough to be in charge of the younger kidsâ homework, or babysitting for them. This will not only free up some time for you, but may save you some money, as well.
Design a family budget with the whole family, all of the generations, in mind. The adult kids may have to take jobs that donât meet their expectations. Be honest about what you can and canât afford. Ask each member what they are willing to sacrifice. Give them each a goal to reduce their expenditures. Maybe they each have to figure out how to save, say, $50 a week to contribute back into the family budget. Let them come up with ways to save. If your parents shouldnât be driving, it is a perfect time to get rid of their car and insurance costs.Â
Your younger kids can think about cutting down on family discretionary spending on entertainment; everything from designer coffee to streaming services. Set up a family challenge to rotate the making of meals, including the freezing of an extra meal. This will help you to save time and money. Shop in bulk. You get the point.
Itâs tempting to start to liquidate or borrow from your retirement savings, but there are consequences. Try not to touch that money, because itâs so hard to build that back up again. Think about the consequences of you just kicking the can down the road for your kids, who could then become the next sandwich generation financially caring for you.
There are lots of professionals to help you to navigate these choppy financial waters and to design a plan forward. Also, many communities are offering support groups; you are not alone. You may learn of new resources and coping skills. You may have thought somewhere in your mind that this could happen, but you canât understand it until you are knee-deep in the situation.
We know that you are capable of doing everything â work, family, friends, volunteering, all of it. Letâs face it, as we look at celebrating Womenâs History Month, you need to also celebrate yourself. You are the lynchpin of the family.