A will is one component of an estate plan. Although necessary to direct the distribution of assets after death, almost 70 percent of U.S. adults do not have wills. Many people think they do not need a will because they do not have many assets, or they think that preparing a will costs too much. Dying without a will is called dying …
Financial planning is a process based on what each person considers most important based on his or her values and goals.
A financial plan is really a coordinated series of plans that begins with goals and objectives reflecting values, attitudes, lifestyle circumstances, needs, and wants. The process helps individuals develop and implement financial moves to reach financial objectives.
Decision making is a very important aspect of the financial planning process. It is the key element in making choices about how …
Health care includes medical and dental services, prescription drugs, and insurance costs. These costs have historically increased faster than the rate of inflation. By becoming an infomed consumer and making well thought out decisions regarding your health care, you can not only save money but receive quality care.
Children are not born with “money sense.” Children learn about money by example and experience, beginning at a very young age. Parents are an important influence on what and how children learn about money. It is never to early to start teaching sound money management skills. Begin teaching basic principles of money as soon as children can understand that money is needed to buy the things they enjoy.
Much of what your children learn about money is not from the …
Credit can be a successful financial management tool. Using credit allows you flexibility in managing your budget to purchase goods and services when they are needed the most, not when you have the cash on hand to pay for them. You are offered credit because people trust you to repay them within a stated period of time.
Consumer credit takes many forms, including installment loans, credit cards, department store revolving charge accounts, home …
Barbara O’Neill, Extension Specialist in Financial Resource Management
Rutgers Cooperative Extension
March 2019
Plan Now for Financial Security in Later Life
One of the most frequently cited financial goals of investors is having a comfortable lifestyle in later life. Ideally, investing for retirement should take place over four to five decades to maximize the awesome power of compound interest. With a long time frame, investors can also ride out inevitable downturns in the stock market.
Later life financial planning …
Barbara O’Neill, Extension Specialist in Financial Resource Management
Rutgers Cooperative Extension
January 2019
How to Select a Financial Advisor
There are times in life when professional financial advice can be very useful. Perhaps 2019 will be one of those years. Some of these times involve significant life events such as changing jobs, retirement, getting married, having or adopting children, widowhood, and getting divorced. Others involve the need to make major investment decisions such as receiving a lump sum distribution …
Barbara O’Neill, Extension Specialist in Financial Resource Management
Rutgers Cooperative Extension
November 2018
How to Make Your Health and Finances Age Proof
The book Age Proof by Jean Chatzky and Dr. Michael Roizen discusses a crucial intersection in people’s lives: their bodies and their bank accounts (i.e., health and wealth). The term “age proof” relates to longevity and was defined as “living strong and secure for your whole life.”
The book, which has many good insights for investors, begins …
Barbara O’Neill, Extension Specialist in Financial Resource Management
Rutgers Cooperative Extension
October 2018
How to Build a Base of Savings
Before you can become an investor, you must become a saver. Savings provides a pool of money with which to set up an investment account. For example, different types of bonds require certain minimum amounts to purchase and mutual funds might require a $500, $1,000, $2,500, or $3,000 initial deposit.
Once an investment account is set up, even small …
Barbara O’Neill, Extension Specialist in Financial Resource Management
Rutgers Cooperative Extension
August 2018
What You Absolutely Need to Know About Retirement Planning
What are your long-term financial goals? Most people, whether they prefer to choose to use the “R” word (retirement) or not, want to have financial security in later life. This means having enough savings to pay for household bills, health care expenses, and fun activities. How can you invest enough to feel financially secure in your 60s, …
