Why are we ending a stressful year talking about debt management?
The COVID-19 pandemic and resulting recession have caused a lot of people to think deeply on their financial goals as they relate to home ownership.
Fifty-six percent of adults under the age of 44 have student debt, according to the Pew Research Center. This is the highest share in history. The increase in college costs and the rising importance of a post-secondary education for improving income are a big part of this. Many surveys conducted in recent years have discovered that Millennials share a resistance to debt, no doubt influenced by coming of age during the dot-com crash of 2001 and housing crisis of 2008. Given this, it’s no wonder we often see that younger people want to pay off debt before they save for retirement.
When you need to withdraw cash from your investment account and you’re told the funds aren’t available, it can be a little unsettling, particularly when you know you have more than enough to cover the withdrawal. “What do you mean, the funds aren’t available? I can see them right there!”
“Cut my pie into four pieces. I don’t think I could eat eight.” – Yogi Berra
As the election news cycle reaches its climax over the next few months, investors will likely be inundated with speculative investment forecasts for an endless number of potential election outcomes.
As a former trust officer for a N.C. bank, I was fond of saying, “trusts are bounded solely by your imagination and tax law.” There is a tremendous amount of truth to that statement as trusts can be designed to do almost anything.
My wife and I are slowly turning the corner from having two babies to two full blown toddlers. Like most parents, the question “where did the time go?” seems ever so true. It was not easy, and we still have a lot more fun chaos ahead, but we are glad we took the following steps to prepare financially before we had our first child.
There is nothing that can kill the romance of upcoming nuptials more quickly than your partner asking you to sign a prenuptial agreement (aka prenup). But do you know what can really kill the romance? Divorce!
Talking with your children about disability and/or death can be a difficult task for most people. Parents spend the better part of their financial lives working, saving and planning only to end up avoiding the proper communication and planning with children surrounding death. Parents often do not discuss their estate plans with adult children out of fear that this will only cause tension and improper incentives. But, in my experience as an attorney and financial advisor, the most successful planning results come from good communication.