Those who receive an inheritance with the passing of a loved one are potentially given the gift of financial freedom if they choose to manage the wealth carefully. Did you know that only about one-third of adults have a prepared will, and about 40% with investable assets of $1 million or more never discuss their estate plans with their children? The reality, however, is that the percentage of squandered inheritances is troubling. Studies indicate that 70% of inheritances are exhausted by the second generation, and a whopping 90% is gone by the third.

Financial literacy refers to the skills and knowledge that allow an individual to make informed and effective decisions through their understanding of finances. Financial literacy starts by building a basic understanding of 'money matters' to create a sense of economic well-being, self-trust, and financial confidence.

Looking back, 2024 clearly echoed many of the themes from 2023. By and large, the economy continued to defy expectations and surprised once again. Stocks continued their strong performance, driven by powerful trends in artificial intelligence and technology. On the other hand, the bond market experienced another lackluster year amid policy ambiguity and uneasiness over rising debt levels.

Fall is a magical time of the year throughout much of the country. Waking to crisp autumn mornings, the changing of the leaves to reds, oranges, yellows, and the nostalgic scent of smoke from the cooking fires as if straight from a Robert Frost poem. This season of cider sweaters is also a great time to sit down and give your finances a comprehensive review.

Many dream of working toward early retirement, but getting there generally doesn’t happen by accident. Retiring early requires financial independence that can last for decades, but that is much easier said than done. To get there requires taking steps and staying focused.

Periodically, companies will report massive data breaches, some impacting billions of records that contain personal information such as names, addresses, and Social Security numbers. Depending on the situation, it is possible that your information was compromised. Companies will often reach out to alert consumers about this potential risk once a data breach has been confirmed.

A common characteristic of high achievers is they are generally voracious readers. Elon Musk, CEO of Tesla Motors, is said to read up to two books daily, and former Microsoft CEO Bill Gates claims to read 50 books annually. Investing guru and chairperson of Berkshire Hathaway Warren Buffet reads between five and six hours per day. But it isn’t just the reading that is important; it is also what you take from it to apply to your life, particularly when it comes to such sensitive and personal topics as finance and investing.

Many parents want to provide their children with the best possible help and care, even when they transition into college. However, as the children come of age, there is much more to consider than tuition fees and dorm essentials. 

Since it first became available in 2006, many employers have added the Roth 401(k) to their benefit packages as a retirement savings option. A Roth option is available for Individual Retirement Accounts (IRAs) and 401(k) and 403(b) accounts. To see if a Roth 401(k) would be appropriate for your situation, let’s take a closer look.

529 plans are tax-advantaged savings vehicles designed to accumulate contributions and help pay for the beneficiary's qualifying education expenses. Sometimes, 529 plans have unused funds after the beneficiary graduates or decide to discontinue their education.