Are you doing enough to help your kids learn about finances?
“When it comes to dealing with financial decisions, many parents wonder whether they’ve done enough to prepare their children to make wise choices, avoid debt problems and be able to become financially independent.” (Forbes. “Give Your Graduates the Gift of Financial Know-How”. Forbes.com)
View Forbes suggestions and recommended resources on their article here.
With all of the excitement of adding a new baby to the family, it’s easy for the parents to overlook some key financial steps to take. In honor of Mother’s Day, here are seven tips you might want to share with them or consider for yourself (all from Forbes’s article):
1) Add your child to your health insurance policy 2) Update your will, trust, and beneficiary designations 3) Ensure you have adequate life insurance 4) Plan for childcare expenses
There are a number of reasons to file a tax extension. Does your circumstance fit the bill?
The deadline for filing your 2018 tax return is April 15, 2019. If you’re not ready, you can apply for an extension to delay filing until October 15 at the latest. But make sure you’re not just procrastinating, and instead have a valid reason for filing an extension, from Forbes’ article:
Forms coming from business, real estate investments, etc that bring in income.
You’re just now thinking of hiring an accountant…now is when accountants have too many clients and are too rushed.
You don’t have time to get your paperwork in order.
“Determining the amount you need to save for retirement is a daunting task. It’s impossible to predict future life events and associated expenses, so future retirees often rely on general expense or portfolio withdrawal “rules” to make educated guesses about their needs. However, the standard ways of computing expected retirement expenses may not reflect reality, and future retirees may be better served by taking another approach.”