Financial Literacy Takes More Than A Month

I’ll bet that most of you don’t know that April is officially National Financial Literacy Month #finlitmonth.  In fact, almost a decade ago in 2003, the U.S. Senate designated April Financial Literacy for youth Month.   In March of 2004, the Senate passed Resolution 316 that officially recognized April as National Financial Literacy Month.    I almost thought for a minute that we had run out of months since every month seems to have designated some cause for us to heighten our sense to for the next 30 days. It’s ironic because I’ve been doing this for almost 22 years and I can tell you that I’m still constantly learning new strategies and techniques around planning for money.   Many Americans are highly educated but still not well informed when it comes to their money. Here are five smart money moves to focus on if you want to become more financially literate. Mutual Funds or Index Funds–  Many of the large mutual funds companies ...

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Personal Finance 101 – Retirement Planning – Getting Income From The Water Faucet

Last week in Retirement Planning 101, I discussed the different types of investments used in retirement plans. If you do a good job saving during your working career, the most difficult phase of retirement planning in my opinion is the distribution phase. Since most people who think they are ready to financially retire worry about running out of money, figuring out the right way to take income from your investments is crucial during retirement.  I think about retirement asset distribution much like the water faucet you have at home. You need to know which spicket to turn on in order to minimize taxation while you take home the most net income possible. Remember that the first couple of years of retirement will generally result in a slightly larger amount of income needed before you settle into your regular expense mode for retirement income.  We have found over the years that clients will spend more in the beginning of retirement filling ...

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