THE LIVE FORTUNATELY BLOG
Is crypto a necessary part of your investment portfolio?
Cryptocurrency, or a virtual or digital currency secured by cryptography, is a hot topic in investment circles. There are countless stories of people who become self-educated crypto experts, making millions day trading digital currencies. Meanwhile, for the rest of us, the debate around crypto rages. Is it stable? Is it ethical? Is it wise to dump all your savings in Bitcoin?
January 18, 2022
When you shouldn't max out your 401(k)
Traditional financial planning wisdom urges people to both save aggressively for retirement and also fully utilize all tax-advantaged accounts. But, even if you can max out your annual 401(k) contribution, should you? In virtually every situation, you should contribute at least as much as your company will match, but here are some situations when you shouldn’t max out your 401(k).
January 11, 2022
Help set your child up for financial responsibility, stability, and success. You may not be able to do everything now, but as long as you can make some money moves to get time in the market - which is much more important than timing or total contributions - you will have made strides.
January 3, 2022
Life insurance companies are counting on you to make this mistake
Life insurance is rarely, if ever, one of those things you wanna be “right” about or “cash in on.” But if you’re going to play the game, you might as well do what you can to stack the odds in your favor, right?
December 20, 2021
How much is being conservative with your investments costing you?
Asset allocation is tricky. On one hand, your investment strategy should be conservative enough that you will have enough money to meet your future goals. On the other hand, if you’re too conservative, you risk leaving money on the table. How do you strike the perfect balance?
October 28, 2021
5 reasons you don't need a budget
Budgeting is standard practice in personal financial planning. You predict your future income and expenditures and then set aside whatever’s left. Isn’t that the definition of having healthy financial habits? Actually, at Fortunately, we believe...it isn’t. If anything, we find budgets to be an inefficient and punitive way to run your financial life. That’s right: abolish budgets. And we’re not alone in this idea.
October 21, 2021
Budgeting and goals-based planning are broken - do this instead.
Cash flow planning (aka - budgeting) or goals-based planning - which should you use? How about neither? For your personal financial planning, most professionals will advise one of two approaches: either planning based on your cash flow or planning based on your goals. As with any financial strategies, there are pros and cons to either approach.
October 21, 2021
7 ways to avoid going broke
No one wants to go broke - obviously - but the stats aren’t encouraging. In 2020, over 500,000 Americans declared personal bankruptcy and 64% of Americans are projected to retire without enough savings. In addition, personal bankruptcy happens to a wide range of people in all demographics. Want to avoid becoming a statistic? Here are seven reliable ways to avoid going broke.
October 12, 2021
As the housing market continues to heat up, many potential homeowners are wondering how much they should be stretching on their mortgage. Conventional wisdom is that your home is a great place to invest money and, with the market being what it is, you may have to stretch to live in the home and neighborhood you want. But should you?
September 20, 2021
Paying interest is money you never get back, so most people opt for a short-term mortgage with lower rates that should result in owning the home outright more quickly. Seems like a smart, safe way to invest your money, right? Actually, wrong. Or, more accurately, opting for a short-term/low interest mortgage could be setting yourself up for failure.
September 15, 2021
Most people think they know the answer to the question: should I pay off my mortgage? Their answer is intuitive, shaped by their financial values and preferences. Either “Yes, of course, it’s a debt and my home is the safest place I can put money,” or, “No, of course not, why tie up cash I could put to work more productively elsewhere?”
September 3, 2021
Millennials, or people born between 1981 and 1996, get an undeservedly bad rap. Entitled, idealistic, unrealistic – all kinds of adjectives that describe someone who probably isn’t very responsible or forward-thinking about their finances.
February 7, 2021
Warning: Stocks vs bonds - you're (probably) all out of balance
Smart investing is all about the stocks and bonds you pick, right? Wrong. It’s simpler than that. Choosing the right ratio of stocks vs bonds is the most important thing you can do in your investment portfolio.
January 27, 2021
How to approach personal finance like a boss
Ever wondered why your car insurance costs what it does? Or your health insurance? An actuary figured that out. But actuaries do a lot more than just sit in the backrooms of insurance companies and decide what your premium is for seeing the dentist once a year.
January 25, 2021