How to Help Your Child Reduce Their Financial Dependence on You
FJY Financial | Financial Management & Education Blog
by Laurie Belew
1y ago
Most young adults want to reduce their financial dependence on their guardians. They know that money management is necessary – even if it’s not always intuitive or taught. From student loans to finding their first apartment, young adults are hit with many important yet unfamiliar financial challenges right off the bat. As a result, it’s possible your child still depends on you for several financial obligations – car insurance, phone bills, streaming services, rent, etc. If you want to help your child reduce their financial dependence on you and become independent, here are a few ways you can s ..read more
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Healthcare Costs in Retirement
FJY Financial | Financial Management & Education Blog
by Laurie Belew
2y ago
In a 2021 survey, 32% of all workers reported they were either “not too” or “not at all” confident that they would have enough money to pay for their medical expenses in retirement.1 Regardless of your confidence, however, being aware of potential healthcare costs in retirement will help you understand how much you should budget for healthcare in your retirement income planning. The first step in being aware of potential healthcare costs is understanding the different types of expenses. Here, we’ll explain the three main categories of healthcare costs in retirement. Medicare Premiums The first ..read more
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Estate Planning: Do You Have these Documents Prepared?
FJY Financial | Financial Management & Education Blog
by Laurie Belew
2y ago
Estate planning is an emotionally and financially complex process that investors need to consider. It includes legal and tax implications, investment strategies, and personal questions to help ensure your estate is set up efficiently. Let’s look at some of the most important estate planning documents you should have prepared. Wills & Trusts Wills and Trusts are some of the most important documents to consider in estate planning. A will spells out your wishes regarding the distribution of your assets and care of any dependents you may have. A trust is a way to arrange ownership of your asse ..read more
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Look Less, Sleep Better
FJY Financial | Financial Management & Education Blog
by Laurie Belew
2y ago
With the recent wave of choppy markets (up one day, down the next, up again the day after) there have been some articles that suggest the less you look at the market, the less risky they seem. Based on recent experience, this appears to be true. In late March, somebody who was looking at the daily price of the S&P 500 movements would have seen the markets go down 0.04%, then up 1.13%, then down 1.23%, then up 1.43%, then up 0.5%.  If that same person had simply been looking at returns at the end of each week, the volatility would have been washed out; he or she would have seen again a ..read more
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5 Mother’s Day Gift Ideas for the Moms in Your Life
FJY Financial | Financial Management & Education Blog
by Laurie Belew
2y ago
May 8th is right around the corner; you need to start brainstorming some Mother’s Day Gift ideas for all the moms in your life. You want your gift to stand out and make the moms in your life feel appreciated and loved. We’ve gathered up some sentimental gift ideas that will make her feel special. (And help you secure your spot as the “favorite.”) For the Foodie… Cook Her a Meal Mother’s Day is the most popular day for dining out — an estimated 34% of all adults choose to celebrate at a restaurant.1 Making a meal at home can be more meaningful. It takes more time and effort to plan a family bru ..read more
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5 Ways to Better Your Work-Life Balance
FJY Financial | Financial Management & Education Blog
by Laurie Belew
2y ago
Improving Your Work-Life Balance We all know how it feels to be overwhelmed by work, and sometimes it can seem like it’s taking over your life. Especially if you own a small business or are still working from home due to COVID, it’s easy to feel pressured into making your job your everything. If you find yourself working overtime and constantly thinking about work, it’s time to evaluate how you can change your habits to have a more balanced life. Plan for Personal Time Set aside some time for you to do something for you. Whether that’s going on a hike, reading a book, or just unwinding by watc ..read more
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Roth Conversions: What You Need to Know
FJY Financial | Financial Management & Education Blog
by Laurie Belew
2y ago
When opening a retirement savings account, you’re typically presented with the option of choosing between a traditional or Roth IRA. And fortunately, many are presented with this same choice when enrolling in their employer-provided 401(k). While you may have stuck with a traditional IRA for the initial tax savings, it’s possible you could change your mind and opt for tax-free retirement income instead. Making this switch is called a Roth conversion. Is a Roth Conversion Right For You? Should you consider a conversion, or are you better off sticking to your current savings strategy? Be sure ..read more
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Understanding Diversification & Asset Allocation
FJY Financial | Financial Management & Education Blog
by Laurie Belew
2y ago
Diversification “Don’t put all your eggs in one basket,” a saying that captures the idea of diversification perfectly. Different asset classes don’t always perform the same. Diversification is the idea that by investing in a variety of asset classes you can help insulate your portfolio from the rollercoaster ride of ups and downs because the different classes will probably not be performing the same at the same time. If you put all of your investments into one asset class, you could find yourself under pressure when volatility hits. Keep in mind, however, that diversification is an approach to ..read more
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How to Calculate Your Net Worth & Why It Matters
FJY Financial | Financial Management & Education Blog
by Laurie Belew
2y ago
We hear a lot about net worth, but what exactly does it mean? Many people will talk about it as an aspect of financial health, but it is just one part of your financial plan. You’ll need to think about your financial plan and your goals in their entirety when considering its impact.   Let’s take a look at how to calculate your net worth and the role it may play in your overall financial strategy. What Does It Mean? Net worth refers to the sum of all your assets minus liabilities, — or what you own minus what you owe. For example, if your house is worth $1,000,000 and you have a $500,000 m ..read more
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Gen Z Investors: Helping Your Child Plan For The Future
FJY Financial | Financial Management & Education Blog
by Laurie Belew
2y ago
By: Baylee Alerding Recently, I was meeting up with a few friends when I was struck by a moment of adulthood. My friends were discussing their 401ks – isn’t this something that parents talk about over dinner … are we officially grownups? I think we still have a long way to go, but we are certainly on our way there. This moment of reflection did get me thinking; at what point in emerging adulthood do people take the leap into planning for their financial future? And, how can we ensure that they have a solid understanding of personal finance and investing? Gen Z Investors & The University of ..read more
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