Archive - 2020

1
Feeling Deprived by the Pandemic? Don’t Overdo the Holiday Spending
2
College Disrupted: Students Face High Costs and Pandemic Impact
3
Planning to give to charities: should you consider a donor-advised fund?
4
Learn From the Retirement Planning Regrets of Others
5

Feeling Deprived by the Pandemic? Don’t Overdo the Holiday Spending

One of the best ways to avoid the holiday spending regret that sometimes hits us in January when we realize that we have overspent in the months before, is to have a game plan. During this year when many have had so many changes, adjustments, and disappointments, you can save yourself even more anguish by planning your spending for upcoming holidays. If you can set a budget ahead of time, that will keep you from spending too much.

Sometimes when we feel as if we are missing out, we find ways to make up for it; just make sure that …

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College Disrupted: Students Face High Costs and Pandemic Impact

Even in normal times, it can be challenging for families to cover college expenses without borrowing money and/or risking their own retirement security. For the 2019-2020 academic year, the cost of in-state tuition, fees, room, and board at a four-year public college averaged $21,950, and the total for a private college approached $50,000 (1).

Sadly, the college world is not immune from the health fears and financial pain inflicted by the coronavirus pandemic. More students might choose schools that are less expensive and/or closer to home, take a year off, or forgo college altogether. The American Council on Education …

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Planning to give to charities: should you consider a donor-advised fund?

It hasn’t been covered much, but charitable donation deductions were almost eliminated for the middle class in the tax “reforms”. You can only deduct your charitable contributions if you decide to itemize, and your allowable itemized deductions exceed $12,000 for a single and $24,000 for married filing jointly—and remember, all state and local taxes are capped at $10,000, no matter what your property tax is. If your mortgage interest is significant or your itemized deductions will exceed these caps, your charitable deductions will still be deductible. If not, nada.

There’s one exception. For the 2020 tax year, you can separately …

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Learn From the Retirement Planning Regrets of Others

While you can learn a lot from financial experts, there is also plenty to be learned from regular people how have been where you are. In “Retirees Confess What They Wish They’d Done With Their Money” on Yahoo.com, retirees discuss what they wish they had known and done in the years before they stopped working. 

The article quotes a woman who expressed regrets that she hadn’t even put a small amount, such as twenty dollars each pay period, into a 401(k). She  and her spouse were under the impression that saving for retirement required a commitment of hundreds …

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The Best 401(k) Funds for Millennials and Why You Should Invest in a Mix Now

FINANCIAL PLANNING, INVESTMENTS

There’s an old saying that time is money. For millennials saving for retirement, time is on their side when it comes to making money with long-term investments in the stock market. Born in the early 80s through the mid-90s, this generation can weather market volatility better than investors closer to retirement. Millennials, categorized as those aged 18-37 years of age, can even be well-served by market downturns because dips offer buying opportunities. For millennials considering stock market investing, it’s important to also

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