| Flourish Financially with Kathy Longo
If your financial plan focuses mainly on your current phase of life, plus overarching goals like maxing out on retirement contributions, you need to ask yourself if you’ve done enough legacy planning.
Retirement looks different for everyone, but you’re likely to be happier and healthier if you remain active and engaged in the world around you. Research shows that retirees who work part-time, volunteer, or otherwise spend their time in active or socially engaged situations have a lower likelihood of developing age-related chronic health conditions.
The transition from working full-time to retirement raises all types of emotions - including challenging ones like apprehension and sadness. When you spend much of your life identifying as a professional or a parent or both, it will take time to cope with adjusting to a new phase of life.
According to the Bureau of Labor Statistics, nearly 55% of young adults will move back in with their parents for a period of time before age 27.
When your children leave home for the first time, the transition to an empty house can be challenging. It can also be very exciting!
In this life, financial surprises are all but inevitable. One thing we can control, though, is how we handle surprises when they come along, and preparation is key when it comes to surprises that impact your money. That’s why it’s so important to have an emergency fund.
Most Americans will have debt at some point, but this isn’t necessarily a financial failure. That’s because there is a distinction between “good debt” and “bad debt.” As a general rule, good debt facilitates a goal, such as buying a home.
Parents often feel responsible for setting their children up for a successful future. However, in terms of priorities, your retirement savings should generally always come before saving for college.
When it comes to financial planning, there is no one-size-fits-all strategy. Your situation is unique – and so are your goals – and you may find that you need more extensive planning than most people.
Financial conversations are often difficult, particularly within marriages. This is especially true for those who have been married more than once, and for those with children from prior marriages. However, money discussions in blended families can become quite complex,
Charitable giving is a very personal decision, and two-thirds of Americans give money to a charitable organization annually. If giving back is a money value you hold dear, you’ll want to make sure you get the most “give” for your giving.
By Kathy Longo, CFP®, CAP®, CDFA®
Kathy Longo sat down with George Grombacher of the Money Savage podcast to discuss how values fit into financial success, how to determine yours, and the challenges and opportunities associated with life’s transitions.
It is an unfortunate truth that money can be the catalyst for some of our most difficult struggles. This is why it is so important to minimize the negative impact that our emotions have on our financial decisions during challenging times.
Did you know that 31% of Americans say they have lied to their spouse about money? Or that 80% of couples spend secret money?
Whether it's due to a change in income or simply a decision to prioritize savings goals, we all need to tighten our budget belts sometimes and the new year is a perfect time to get started.
