By Marc C. Shaffer
Chances are you’ve seen some cute little skeletons dressed up for Halloween that didn’t give you too much of a fright. But, there may be some others that should be cause for a great scare! Even one pesky financial skeleton lurking in your closet could impact your financial security, so we’re taking a look at 6 financial skeletons that it’s time to clean out immediately.
Money is the number one stressor in Americans’ lives.
There’s no doubt Americans are living in a supercharged, super stressful world right now. Even if the stresses of the world are not necessarily weighing you down, you might have a friend or loved one who is struggling. This information and these tips for coping might benefit them.
Many people would like to leave a mark on the world, whether large or small, in the form of their legacy. Whatever your passions in life–from philanthropy to family–your legacy should reflect these passions. At its core, a legacy is built on your personal values and how you choose to share those values to make an impact on the world. Your legacy also comprises your experiences as a person. Sharing your memories, stories, and perspectives with family members can connect them to your values and familial history.
Furthermore, a legacy isn’t just what’s left behind when you’re gone; it can be a part of creating a purposeful and satisfying life for yourself, and your family, in the present. Comprehensive legacy planning allows you to not only transfer wealth but to intentionally pass down values, memories, and traditions. In this piece, we discuss the importance of consciously creating a legacy based on your values and show you some steps to help you get started.
There are many reasons to embark on a family history project: to find your family’s place in history, to develop a closer connection to your family’s roots, or to learn more about distant ancestors. Whatever your personal reasons for tracing your family’s history, it can be a wonderful way to build a stronger family identity and document your unique heritage.
By Marc C. Shaffer
Atop many lists that rate entrepreneurial growth, you’ll find our great home of Kansas City.
Many of our young trailblazers are building companies that serve both our local community and nations beyond, but starting a company and having it survive takes more than just a great idea. I spoke with several local entrepreneurs, who started their businesses young, to find out how they navigated the financial aspect of building their business, both personally and for their company.
Classrooms at universities and colleges across the nation are now opening for fall semester. You might have a child, grandchild, niece or nephew who is all set to spend their semester studying, socializing, and living on their own. You have prepared them for college life by teaching them how to grocery shop, prepare simple meals, and do laundry. Often, however, college students head to school with little knowledge about making a budget and managing money.
A National Student Financial Wellness Study, the first of its kind released in 2015 by Ohio State University, showed college students’ biggest worries were not exams or terrible roommates. Their biggest worries revolved around money. A little more than 72% of the students surveyed said they felt stressed about personal finances, monthly expenses, or whether they would be able to pay for college at all.
Small-business owners are an essential component of keeping America’s economy churning. In the United States, small businesses with 500 or fewer employees make up 99.7% of companies and are collectively worth more than $10 trillion.
Too often, however, small-business owners spend so much time and energy building their companies, they neglect their personal financial futures. They might consider their companies to be their retirement plans, but don’t create the structure or strategy necessary for turning financial success into a meaningful retirement.
By Jessica Kmetty
Life moves very fast these days. Between juggling schedules for multiple children, personal commitments, professional commitments, and squeezing in some “me-time”, the need for flexibility in our lives as moms is crucial. It’s crucial for happiness, yes, but sometimes it’s crucial just for existence. It’s no wonder that so many women are taking their careers and finances into their own hands and building businesses that allow for this flexibility. The Survey of Business Owners data shows that 9.9 million US firms are women-owned, they’re generating $1.4 billion in receipts, and nearly 90 percent are nonemployer firms. Mom-bosses are following their passions, doing it for themselves, doing it for their families, and succeeding in ways they always knew were possible. As a mom doing all these things myself, I am sharing my top financial tips for the savvy mom-bosses out there:
By Michael J. Searcy
Are there financial decisions you need to be making or actions you need to be taking that you’ve put off because you don’t think you have time to make a decision? Consider this scenario…A man is told that due to his family’s health history, he needs to start having an annual physical earlier than normally suggested. He’s busy and knows his health needs attending to and he’s been feeling some discomfort, but doesn’t make time to speak with his insurance or find a doctor. When his wife asks if he’s scheduled his physical, he says “I haven’t made a decision yet.” However, as a medical professional, you realize he has made a decision. Putting off a decision or action does not mean that you haven’t made one. It just means that you’ve chosen your default option. In this case, the man has made a decision to avoid checking his current health status and possibly lose out on catching an issue early.
No matter where you are in your life, saving for retirement is likely one of your most important financial goals. But, even if you have professional guidance and a clear strategy for your desired future, you could still be missing some straightforward ways to maximize your savings.
The reality is: Most people do not save enough money for retirement. In fact, the National Institute on Retirement Security estimates that Americans have at least a $6.8 trillion gap between the amount they have saved and the amount they need. Alarmingly, they found the gap could be as high as $14 trillion.
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