Saving

What Should I do if I Receive an Inheritance?

We are on the eve of the greatest transfer of wealth in history. Most baby boomers are now well into retirement age and are finalizing decisions about their will or estate plan. As a result, the coming years will see an unprecedented amount of money being passed down to younger generations in the form of an inheritance. Families receiving an inheritance need to plan carefully in order to avoid some of the common pitfalls.

Here are some important tips to keep in mind:

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Tax Reform and 3 Ways to Make the Most of it

America changed on December 22nd when President Trump signed a bill enacting the biggest tax overhaul in decades. One highlight of the new law is the near doubling of the standard deduction. Just how much this and the other changes will impact households, our economy, and our federal budget is the topic of much debate. These new tax laws won’t impact 2017 taxes that will get filed by April of this year.

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Retirement Savings and the Millennial Generation

 

Are you a millennial and wish that you had more (or anything) saved for retirement?  If so, you're not alone.  A shocking 80% of millennials are not invested in the stock market!  This is a major problem, but thankfully there is still plenty of hope for millennials and their retirement.

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How to Reduce Your Monthly Cell Phone Budget to as Low as $10

Twenty years ago a “cell phone” category didn’t even show up on a budget, while today the average American spends more than $100/month for cell phone service.  In this blog post I want to tell you about a way to bring your monthly cell phone bill closer to that of 1995 ($0), than 2015 – and I’m not asking you to give up your cell phone!

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How to Save 44% on Your Grocery Budget without Ever Clipping a Coupon

Every dollar that passes through our fingers is God’s. Our job is to be good stewards of it. Big or small, every purchase is important when we take this view of money.

Therefore, the next series of blog posts will feature practical tips on how to be wise with money in your everyday life. My hope is that this blog post might help you to spend less money on groceries and that you may use the freed up funds in a way in which you feel God is calling you.

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You May Still Be Able to Contribute to an IRA for 2014

Have you contributed to an IRA yet for 2014?  If not, did you know that you still may be able to contribute to one of these accounts up until April 15th

This blog post is by far my most technical writing to-date and will help you to determine if you are eligible to contribute to a tax advantaged IRA for 2014.  Although this is not an exhaustive list of the characteristics of IRAs, I hope that it will also help you to understand the differences between Traditional IRAs and Roth IRAs.

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10 New Year's Resolutions to Improve Your Financial Situation: Part 2 of 2

Last week I shared five New Year’s resolutions to improve your financial situation.  Today I share five more.  My hope is that one or two of these resolutions will aid you in stewarding your resources in a more meaningful way.  

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Questions to Ask When Making a Purchase

What are the questions that you ask before making a purchase?  Based on my own experience and from talking with others, there are generally two questions that most people ask:

  1. Do I want it?
  2. Can I afford it?

For most of us, if the answer to both of these questions is “yes,” then we make the purchase.  But are these really the best questions to consider?  They certainly should be part of the decision making process, but are they the only questions to consider?

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Cash Flow: The Foundation of a Financial Plan

The financial world is complex and trying to predict where the stock market is headed, what the average inflation rate will be, or what the Social Security program may look like in twenty years is challenging, if not impossible.  But these are all things over which you as an individual don’t have control.  Rather than worry about the items that you can’t control, my recommendation is to focus your attention and energy on the things that you can control.

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20 Personal Finance Tips I Learned in My 20s: Part 2 of 2

In my last blog post I shared 10 personal financial tips that I learned in my 20s.  Today I share ten more.   You’ll notice that in addition to personal finance lessons, this post includes a few career and life tips as well.  Regardless of your age or stage of life, I hope you find value in these ideas.     

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