It is common to read about how young people are not saving enough for retirement.  While it is always better to start early, they still have many decades to correct their financial mishaps.  The real concern is for people who are age 50 and do not have enough saved to support their current standard of living in retirement.  What could this population do to secure their retirement? If you are age 50 and do not
In the world of personal finance, having an emergency fund always seems to be a popular topic.  The reason for that is that it is important to have cash on hand.  You never know when you will need to access cash due to an emergency.  When it comes to the topic of having an emergency fund, there are many different schools of thought about why you need cash and where to keep the money. The general rule of
Have you ever considered separating the money that you plan on drawing down during your retirement based on the phases of your retirement?  A common approach is to allocate different piles of money in separate buckets based on when you plan on using the money.  The Bucket Approach was made popular by Raymond J. Lucia, CFP as the result of his book Buckets of Money.  The theory is based on building a diversified portfolio and
Is investing like gambling?  Over the years, I have heard people compare investing to gambling.  It normally occurs during periods when the stock market is experiencing negative returns. People will make comments comparing investing in stocks to casino gaming.  Those who market alternative investment products will use heavy rhetoric and refer to conventional investments as the Wall Street Casino. There are a few similarities between investing and gambling.  Investing and gambling both require money.  Both can be profitable.  Both can cause
After what seemed like many months of debate, tax reform has been passed into law for 2018.  This is not a political blog, so I will not be sharing my opinion on any of these changes.  The purpose of this post is to just share some of the highlights that will be useful for people who are interested in reaching financial independence. This post does not cover every change.  The bill is more than 1,000