We need sabbaticals because the nature of work is changing. We’re far removed from a time when you work for the same organization for 35 or 40 years and then retire. It’s now common to have almost 5 jobs before the age of 35 according to Bureau of Labor Statistics from 2021. Today we seek meaning in our work, we want to see the outcomes of our labor, and we desire to explore different types of work or industries which interest us. We can even reinvent ourselves multiple times during our life. Longer life expectancies make this even more likely. The COVID-19 health crisis crystalized what is mo ..read more

Inflation has got everyone thinking about expenses lately, but what about your income?  Did you know that how much you get paid is under your control more than you think?  The reason? Taxes.  Your stated salary is only one factor that determines your take home pay.   You can increase and decrease your take home pay simply by making some of these adjustments. It’s worth exploring what might work for you. Adjust Your W-4 Withholdings Do you always get a tax refund?  That means you’re probably getting paid too little each month in take home pay. You can make adjustme ..read more

A common experience my clients ask me about is how to handle finances once the health status of an aging parent changes.  Perhaps there’s been a new diagnosis, or health event that means they need more care or it’s just time to start considering assisted living facilities. These kinds of transitions can be hard, but it may be time for you to get more involved with their finances.  You may be wondering what will and won’t be covered through medical insurance or how will this impact your parents (or your) finances. What Will Medicare Cover? Medicare and any other supplemental medical i ..read more

I get questions related to how frequently should you check in on various aspects of your finances. It’s normal to want to “over check” things to have a sense of control — but when does it become just a bother?  On the flip side, some people may forget (or avoid) checking in on certain items out of fear.  So, I wanted to provide some simple guidelines for you to use to help streamline your own process for checking in with your finances. Things to Check in with Monthly Emergency fund: You have one, or are working toward one, yes?   As you’re establishing your emergency fund ..read more

My spouse has been on sabbatical for 6 months. He’s a software developer and most recently worked at a biotech company.  He worked on blood testing strategies for COVID, among other things and had gotten burned out after working long hours for more than two years. So I encouraged him to take some time off.  Since I took my sabbatical back in 2015 and now teach others how to take extended time off from work without compromising their financial goals, he knew it was possible.  However, it still took some convincing.  We spoke often about it for more than 10 months prior to pu ..read more

Feeling uncomfortable with finances is very common. A 2018 study found that Americans would rather talk about anything else (marital problems, politics, sex, etc.) than money. It can show up in a variety of ways: avoidance, fear, frustration, overwhelm, uncertainty, or general stress.  Here are some ways to move past these feelings and get more comfortable tackling your finances. Avoidance Are you a financial avoider?  This is most common when we fear what we might find out when we look at our finances.  A lot of times our avoiding tendencies can be traced back to experiences we ..read more

It’s 2022, that means we all have a clean slate when it comes to new habits and plans for the year.  If you’ve been meaning to buckle down and get better with your finances, here are a few quick tips to get you started.   Check Your Retirement Contributions The average person stops increasing their retirement contribution once they get the full employer match offered. But in reality you likely need to save a lot more than that to have a secure retirement.  For 2022, the IRS increased the maximum 401(k), TSP, and 403(b) contribution to $20,500 (up from $19,500 in 2021). That’s $8 ..read more

It’s December and we’re taking a moment to look back on what’s changed here at North Financial Advisors in 2021.  Here are my top 5 wins from the year: For the last 6 years, North Financial Advisors has continued growing to support clients from around the country work toward achieving their life goals. I recorded and published the audiobook version of, The Resiliency Effect: How to Own Your Adversity to Act on Your Biggest Dreams in my own voice.  I completed 27 hours of accredited continuing education — especially in the areas of behavioral finance and ethics in financial planning ..read more

Receiving an inheritance can often set off a chain of varying emotions. Perhaps there is grief for the one who passed away, guilt for getting money as a result, excitement that the money comes at just the right time to help you make a big change or realize a dream, overwhelm at the thought of looking into the IRS rules related to the money you received, jealousy of other family members who received something different than you or who seem just fine when you’re still a mess.  The list goes on.  Grief does weird things to us on its own, but add money in and people can act downright str ..read more

Believe it or not, the best investment isn’t the one with the highest returns.  It’s the one you can stick with. Saving and investing both inside and outside retirement accounts is a great way to grow wealth and build resilience for the future. In fact — every one of us eventually is going to have to start living on our own wealth when we retire.  In order to be successful, you have to remain invested for decades and be patient year in and year out. Yet, there’s so much misinformation out there. The sad thing is – 90% of all financial news is directed at hot stock tips, short-term tr ..read more