Prioritizing financial goals Archives - Darrow Wealth Management

Financial Planning Forbes Prioritizing financial goals

Here’s When You Need a Financial Plan – And When You Don’t

Do you need a financial plan? Maybe not. A full written financial plan is a robust analysis as of one point in time. This differs from general financial planning, which the Certified Financial Planner Board describes as advice on how to achieve short and long-term financial goals. You can't have…

Kristin McKennaAugust 9, 2021

529 Plans College planning Forbes Prioritizing financial goals

Are You Saving Too Much For Your Kids’ College?

With the average cost of college nearing $33,000 per year, few parents have concerns about saving too much for their kids' college. But that doesn't mean they shouldn't be. Whether you're over-funding a 529 plan and risk incurring taxes and penalties or prioritizing college savings over your own financial security,…

Kristin McKennaFebruary 1, 2021

Budgeting Building Wealth Cash Management Forbes Prioritizing financial goals

The True Cost of Lifestyle Inflation

Lifestyle inflation happens when your expenses increase along with your income. As earnings increase, it’s natural to want to buy a better car or take another vacation. After all, it seems feasible. But if your savings rate isn’t at least keeping up with your rising expenses, you could end up…

Kristin McKennaJune 30, 2020

Financial Planning Investing Prioritizing financial goals Retirement Planning Updated for 2022

Can You Save Too Much for Retirement?

With regular headlines reporting on the retirement savings shortfall facing many Americans, it may seem odd to consider whether it's possible to save too much for retirement. Although this particular affliction is far less common, it is possible to save too much for retirement. For most individuals, retirement isn't the…

Kristin McKennaFebruary 20, 2018

Debt Management Financial Planning Mortgages Prioritizing financial goals Real Estate

Should You Pay Off Your Mortgage Early?

Even if you can pay off your mortgage early, should you? If you have excess cash burning a hole in your pocket, consider the opportunity cost of paying down your mortgage early instead of using the funds to invest elsewhere. While you will save on a portion of the interest…

Kristin McKennaSeptember 21, 2016

Asset Management Financial Planning Prioritizing financial goals

Using Risk Tolerance and Asset Allocation to Achieve Your Goals

How aggressively you should be invested depends on more than just your risk tolerance. Some investors are much more emotionally risk averse than their goals will allow for. The question then becomes: can you handle the psychological aspect of being invested in the market in an effort to reach your…

Kristin McKennaAugust 24, 2016

Budgeting Financial Planning Financial tips for young professionals Prioritizing financial goals

Creating a spending plan you’ll actually stick to

For most people, having a budget – and sticking to it – can be very difficult. Expenses that only appear annually or are unexpected can derail a month's progress, and it isn't always easy to turn down a night out with friends. If you're trying to create a spending plan…

Kristin McKennaApril 19, 2016

Financial Planning Prioritizing financial goals Retirement Planning Updated for 2021

Saving for Retirement When Single

Updated for 2021. In 2014, the Bureau of Labor Statistics reported that 50.2 percent of Americans were single. As much of the population delays marriage – or avoids it entirely – it presents some new planning considerations. Singles will need to plan for retirement in a different way than their…

Kristin McKennaApril 13, 2016

Financial Planning Prioritizing financial goals Retirement Planning

Maximize Your Income (without giving up Starbucks)

For individuals with higher incomes, traditional methods of budgeting may seem futile. Instead, consider adopting a goal-based spending plan to keep you on track. Yes, it's true. Some folks spend way too much at Starbucks every year. But for many affluent Americans, they can afford to and it's a lifestyle…

Kristin McKennaMarch 30, 2016

Asset Management Financial tips for young professionals Investing Prioritizing financial goals Starting to invest

When Should I Start Investing?

Young professionals in their twenties and thirties often ask, when should I start investing? It can be difficult to determine when you're financially stable enough or how much money you need to get started. Although these answers will differ for everyone, it is generally wise to start developing an investment…

Kristin McKennaSeptember 16, 2015

Prioritizing financial goals