DINARRECAPS8 9/30/19 DINARRECAPS8 9/30/19

The Only Fix Is Taking Matters Into Your Own Hands

.Notes From The Field By Simon Black

September 30, 2019 Bahia Beach, Puerto Rico

On Friday evening, the government here in Puerto Rico made an announcement to local retirees that many of them would have their pensions cut.

Poof. Just like that.

The pension cut is part of a debt restructuring plan to help Puerto Rico emerge from bankruptcy, which they declared in May 2017.

Bankruptcy is complicated, so I’ll explain a bit here.

DINARRECAPS8 9/26/19 DINARRECAPS8 9/26/19

.11 Steps to Make $1 Million Last 30 Years in Retirement

Derek Silva, CEPF® | OCT 02, 2018

The average life expectancy in the U.S. has increased dramatically from about 70 in 1967 to about 80 in 2017. Those who reach age 65 also have a one in five chance of living into their 90s. A longer life is great news. It means you have time to check more off your bucket list.

At the same time, it means you need to plan for a longer retirement. If you retire at 65, a 30-year retirement is quite possible. Even if you save $1 million for your retirement, you have to make sure to budget it out so it lasts.

Here are 11 steps to set yourself up for a happy retirement without draining your savings too soon.

DINARRECAPS8 9/21/19 DINARRECAPS8 9/21/19

.To Gift or Not to Gift

By TRACY CRAIG, FELLOW, ACTEC, AEP®, Partner and Chair of Trusts and Estates Group | Mirick O'Connell September 10, 2019

Sometimes it can be wise (or just pleasurable) to give your assets away while you're still alive.

In estate planning, giving away assets during your lifetime has traditionally been used to help lower estate taxes when you die. However, the federal estate tax exemption amount (the amount under which federal estate taxes do not apply) is currently $11.4 million per person and has been increasing each year due to inflation indexing, so federal estate taxes only apply to 0.1% of people.

The federal exemption amount is scheduled to fall to approximately $6 million (when taking into account future estimated increases for inflation) per person in 2026 (unless Congress changes the law), and even then only about 0.2% of people will be affected.

So, while taking action to avoid federal estate taxes is not necessary for over 99% of the population, there are at least three reasons why gifting may still make sense for you and your family:

DINARRECAPS8 9/13/19 DINARRECAPS8 9/13/19

.‘Is It a Bad Idea to Borrow $1K From My Friend?’

By Charlotte Cowles

I got laid off a few months ago and I’m still looking for a new job. I’ve been getting by with random work (babysitting mostly), but I’ve finally hit a point where I don’t think I’ll make rent this month.

I can’t ask my parents for help (they’re not in great financial shape either), and at this point, I think my best bet is to borrow money from a friend.

Her family seems well off, so I don’t think I’d be putting her in a tough spot. I also know she lent another friend money a little while ago. I just have no idea how to ask her, and I don’t want it to hurt our friendship.

If she gave me a loan, ideally around $1,000, I could have some breathing room to search for a good job. How do I go about this? Or is there another, better option that I don’t know about?

DINARRECAPS8 9/10/19 DINARRECAPS8 9/10/19

.Why America’s Families Are Struggling Financially

The finances of Americans may not be as good as they look from the outside.

Despite optimistic metrics like a nine-year-long bullish, if volatile, stock market, higher than expected job and wage growth, and consumer confidence levels nearing record highs, millions of Americans continue to struggle, a study released last week from financial consultancy nonprofit the Center for Financial Services Innovation (CFSI) found.

Only 28% of Americans are considered “financially healthy,” according to a CFSI survey of more than 5,000 Americans. “Financial health enables family stability, education, and upward mobility, not just for individuals today but across future generations,” the CFSI says. “Many are dealing with an unhealthy amount of debt, irregular income, and sporadic savings habits.”

Dinar Recaps 20 9/10/19 Dinar Recaps 20 9/10/19

."Financial Advisors and What They Do" Posted by MRiles at TNT

.TNT:

MRiles: Essential Questions for a Financial Advisor

By Wendy Connett Updated Jun 25, 2019

Choosing the right financial advisor is, in essence, taking the time to invest in what should be a long-term professional relationship that keeps your financial health and future on the right track. The search should go well beyond referrals from colleagues, friends and family and an emphasis on investment performance.

In fact, investors should dedicate as much effort as they would to finding a medical professional with whom they trust their physical well-being. The right financial advisor will provide the professional help needed to reach long and short-term financial goals.

The following are questions that should be asked when choosing a qualified financial advisor. If they can’t or avoid answering them keep looking.

For advisors, being able to answer these questions may be the difference between whether or not a potential client decides to choose you over a competitor.

DINARRECAPS8 9/7/19 DINARRECAPS8 9/7/19

.How to Use the Compounding Technique to Reach Success

How to Use the Compounding Technique to Reach Success

By Sim Campbell

Imagine this: a wealthy man gives you two choices. He will gifts you a million dollars in liquid cash right now…or a penny doubled every day for 30 days. Which one would you choose?

“I’d take the million…gimme, gimme, gimme!”

I can see you salivating right now. But…not so fast.

Wouldn’t you rather consider the penny?

“C’mon. It’s just a penny.”

Ah… that’s where you’re wrong.

DINARRECAPS8 9/6/19 DINARRECAPS8 9/6/19

.15 Personal Finance Rules to Live By

The following is a guest post from Marc at VitalDollar.com.

Have you ever wondered what separates those who are successful financially with those who are not? Have you felt like your income should allow you to live a much more comfortable life than what you are experiencing?

Personal finance doesn’t have to be complicated. There are a few basic rules that you should follow, and if you do that, everything else falls into place.

This article covers some of the most basic and most powerful financial rules that should impact your everyday life.

1. Spend Less Than You Earn

Arguably, the most important financial rule is to spend less than you earn. Regardless of how much money you make, it’s impossible to get ahead if you’re spending it all. Even worse, you could be going backward and accumulating debt if you’re spending more than you earn.

DINARRECAPS8 9/6/19 DINARRECAPS8 9/6/19

.8 Common Causes of Debt — And How to Avoid them

By Tim Lemke

Debt plagues millions of Americans every day. It is such a common problem that many of us don't even think twice about what we owe, or how we landed in such a predicament.

The simplest explanation is that debt happens when you spend more than you earn. But it's not actually that simple when real life steps in. Unexpected events, bad planning, and even a decision to pursue an education can leave you facing big debt that may take years to pay off.

By understanding some of the main causes of debt, we can make better financial decisions in avoiding it. Let's take a look at some of the worst offenders.

1. Medical expenses

Medical costs have long been one of the leading causes of bankruptcy in the United States. Even those with health insurance are not immune to medical debt. An illness, injury, or health condition can cause bills to quickly accumulate.

DINARRECAPS8 9/5/19 DINARRECAPS8 9/5/19

.9 Essential Personal Finance Skills to Teach Your Kid

.9 Essential Personal Finance Skills to Teach Your Kid Before They Move Out

By Tim Lemke

Your child is on the verge of moving out and living on their own. Are they prepared?

Arming them with the right personal finance knowledge will give them a strong foundation to go and achieve many of their life goals. If their understanding of personal finance is lacking, they could begin their independent life on the wrong foot (and they may even come back home).

Consider these ways that you can help your child build a base of financial knowledge before they move out.

1. Show Them How To Budget

Perhaps the most important personal finance skill is consistently spending less than you earn. There are a million different ways to budget, and whatever works for you may not work for your child.

DINARRECAPS8 9/4/19 DINARRECAPS8 9/4/19

.The Flywheel Of Wealth

.The Flywheel Of Wealth

(and the importance of patience)

By Rob Berger September 3 2019

His name is Dave. A retired Naval officer, he’s written two novels and about to publish his third. His books (thrillers in the style of Dan Brown and John Grisham) have been well received and even won awards, yet he’s still a relative unknown in the competitive world of fiction.

Her name is Michal. She’s a residential and commercial painting contractor in central Ohio. She’s a natural artist, a trait she inherited from her father and passed on to her daughter. She’s truly gifted, yet has struggled to grow her young business.

His name is Rob. He wants to achieve financial freedom at a young age. Yet, fresh out of college, he has mountains of debt. He makes a good salary, but most of it goes to paying school loans and everyday expenses. He manages to save and invest $100 a month, but feels like he’s making little progress.

These are all true stories.