Hindsight in 2020: What Will You Do Differently This Year?

Prosperwell Financial

According to a recent survey, 76% of Americans reported having at least one financial regret. Over half of this group said it had to do with savings: 27% didn’t start saving for retirement soon enough, 19% didn’t contribute enough to an emergency fund, and 10% wish they had saved more for college.1 The saving conundrum What’s preventing Americans from saving more? It’s a confluence of factors: stagnant wages over many years; the high cost of housing and college; meeting everyday…
Continue reading Hindsight in 2020: What Will You Do Differently This Year?

How to Give Like a Billionaire When You Don’t Have Billions to Give

Prosperwell Financial

Since Bill and Melinda Gates and Warren Buffett created the Giving Pledge in 2010, more than 200 of the world’s wealthiest individuals and couples have committed to giving the majority of their wealth to philanthropic or charitable causes. Although the Giving Pledge only invites billionaires to join, “it is inspired by the example set by millions of people at all income levels who give generously — and often at great personal sacrifice — to make the world a better place.”*…
Continue reading How to Give Like a Billionaire When You Don’t Have Billions to Give

Five Times in Your Life When You Might Need Help With Your Finances

Prosperwell Financial

As you move through different stages of life, you will face new and unique financial situations. Did you just get engaged? Perhaps you are wondering how you and your partner are going to manage your money together. Do you have children? Maybe you are looking for ways to pay for their college education. When you navigate through these various life events, you might seek professional guidance to help you make sound financial choices. 1. Getting married Getting married is an…
Continue reading Five Times in Your Life When You Might Need Help With Your Finances

Do Millennial’s Need Life Insurance?

Prosperwell Financial

The financial challenges millennials face can be overwhelming. Many young adults have to figure out how to pay off college loans, save to buy a home or start a family, and sock away money for retirement. Given these hurdles, it’s no wonder that life insurance as a financial asset gets little to no attention. But it should. There are many reasons to have life insurance at a relatively young age, but here are some common ones. Leaving your debts for…
Continue reading Do Millennial’s Need Life Insurance?

Time for a Mid-Year Investment Check

Prosperwell Financial

Many investors may be inclined to review their portfolios only when markets hit a rough patch, but careful planning is essential in all economic climates. So whether the markets are up or down, periodically reviewing your portfolio with your financial professional can be an excellent way to keep your investments on track, and midway through the year is a good time for a checkup. Here are three questions to consider. 1. How have my investments performed so far this year?…
Continue reading Time for a Mid-Year Investment Check

How Student Loans Impact Your Credit

Prosperwell Financial

If you’ve finished college within the last few years, chances are you’re paying off your student loans. What happens with your student loans now that they’ve entered repayment status will have a significant impact — positive or negative — on your credit history and credit score. It’s payback time When you left school, you enjoyed a grace period of six to nine months before you had to begin repaying your student loans. But they were there all along, sleeping like…
Continue reading How Student Loans Impact Your Credit

10 Things Women Need to Know About Money

Prosperwell Financial

Life is definitely more than just about money. There are so many things to know about money. The list is endless, but here are 10 important things you as a woman should know about money: 1. Men and Women are Different Understand that men and women are different in how we use money, how we feel about money, and how we communicate about money. In most relationships one partner will be the spender and one will be a saver. Understand…
Continue reading 10 Things Women Need to Know About Money

Time for a Financial Plan Tune-up

Prosperwell Financial

No matter where you are in life, your financial plan – like your favorite automobile – requires regular maintenance to keep you on track for financial success. And since June is the halfway point of every year, it’s a great time to review your plan and make any necessary changes. Here are a few key things to consider: • Do your designated beneficiaries need to change due to the birth of a child, adoption or divorce? • Has there been…
Continue reading Time for a Financial Plan Tune-up

Understanding Risk

Prosperwell Financial

Few terms in personal finance are as important, or used as frequently, as “risk.” Nevertheless, few terms are as imprecisely defined. Generally, when financial advisors or the media talk about investment risk, their focus is on the historical price volatility of the asset or investment under discussion. Advisors label as aggressive or risky an investment that has been prone to wild price gyrations in the past. The presumed uncertainty and unpredictability of this investment’s future performance is perceived as risk….
Continue reading Understanding Risk

Closing a Retirement Income Gap

Prosperwell Financial

When you determine how much income you’ll need in retirement, you may base your projection on the type of lifestyle you plan to have and when you want to retire. However, as you grow closer to retirement, you may discover that your income won’t be enough to meet your needs. If you find yourself in this situation, you’ll need to adopt a plan to bridge this projected income gap. Delay retirement: 65 is just a number One way of dealing…
Continue reading Closing a Retirement Income Gap