The 10 Financial Commandments for Millennials 4th Commandment: Establishing an Emergency Fund
The Emergency Fund: Why, How Much, & Where Part of Oak Street Advisors’ 10 Financial Commandments for Millennials series, determining the correct amount, picking a high-yield account, and saving for an Emergency Fund is critical in establishing a solid financial foundation for millennial investors. Before you start investing, you still need to complete one other, vital, […]
How to Start Your Estate Plan
Mistakenly, many believe that they do not have enough assets to worry about estate planning. With today’s $5.6 million exclusion per individual and simplified portability that raises a couple’s exclusion to $11.2 million, estate taxes may not be an overbearing concern. But there are many estate planning steps everyone with heirs and assets should take. […]
What Now For the Markets – November 2018
Scary Movie Part 2 Just in time for Halloween the stock market has pulled back from its all-time highs and volatility has returned in the form of daily changes of more than 1%. After being up nearly 10% this year, the market- as measured by the S&P 500 index, is flat to slightly down as […]
Getting the Right Amount of Insurance – The 3rd Financial Commandment for Millennials
Insurance Coverage: Basic Concepts Part of Oak Street Advisors’ 10 Financial Commandments for Millennials series, basic insurance knowledge will help you get the coverage you need and help clarify some misconceptions. Health Employer group health insurance plans are the most common option for young investors. Often, you don’t have much say in the plan, but the pricing […]
The Importance of a Debt Free retirement
I have heard debt defined as work you have yet to do. Thinking of debt in this way highlights the need to be debt free in retirement. If retirement is to be a time when you no longer exchange labor for a paycheck, then you do not want ‘work you haven’t done yet’ to be […]
Getting Out of Credit Card Debt – The 2nd Financial Commandment for Millennials
Get Out of Credit Card Debt: Stop Giving Away Your Money Part of Oak Street Advisors’ 10 Financial Commandments for Millennials series, getting out of credit card debt is a crucial component for younger investors to get ahead. Interest payments can absolutely destroy your personal finances while often draining a debtors’ mental well-being as well. When used […]
What Happens if the Market Tanks the Day After You Retire?
Imagine its October of 2007. You have spent the last 30-plus years of your life working and saving for this day, the day you retire. You have watched the S&P 500 Index rise steadily over the past five years, climbing from 837.37 to 1561.80, gaining over 12% a year on average. You have watched your […]
10 Financial Commandments for Millennials
Budget Allocation: The First Step in Personal Finance Part of Oak Street Advisors’ 10 Financial Commandments for Millennials series, budget building and understanding a general hierarchy of allocating extra income is crucial to getting a head start on retirement planning for millennials. Follow these steps and refer to the Personal Budget Template to begin. Make a budget and stick […]
How a Beneficiary IRA Works
You’ve inherited an IRA- so what happens next? Before we start, we need to understand some key terms: Required Minimum Distribution (RMD): The dollar amount the IRS requires one to distribute from IRAs and defined contribution plans like 401(k)s and 403(b)s. This amount is distributed from your IRA and taxed as normal income unless that […]
Here’s How Trump’s Tariffs Effect You
There’s been a lot of writing about the new Trump Tariffs so I’m not going to delve into any figures, charts, numbers etc. (I started to, but it’s a long way down that rabbit hole). So here’s what you need to know in short form. How this affects US producers of raw materials They win […]
