If you are one of these owners, or thinking about becoming one, you'll always have a lot to think about when running your business, but there's also an area you can't ignore your retirement. Specifically, you need to consider establishing your own retirement plan.
Famed film producer Samuel Goldwyn once said: The harder I work, the luckier I get. And this same philosophy can apply to your investing, too because you can indeed work to become a better investor.
You will find few "off the rack" solutions for dealing with the financial challenges associated with Alzheimer's. For one thing, family situations can vary greatly, both in terms of the financial resources available and in the availability and capabilities of potential caregivers.
This doesnt mean you should make drastic changes to your portfolio. You still need to stick with the asset allocation thats suitable for your situation, which typically involves owning a certain percentage of growth-oriented vehicles, such as stocks, and a certain percentage of fixed-income securities, such as bonds.
Your first step, of course, is to know what you're up against, so here are some numbers: For the 2017-18 academic year, college costs (tuition, fees, room and board) were, on average, nearly $21,000 for in-state students at four-year, public schools and nearly $47,000 for students attending private colleges or universities, according to the College Board.
If you, too, are thinking of moving someday, you will want to study possible locations, but you also need to be aware that where you eventually decide to live can greatly affect your savings and investment strategies both now and during your retirement.
Look for red flags, such as a reluctance to discuss money matters, consistently unpaid bills, unexplained withdrawals, mysterious wire transfers or a sudden need to purchase large quantities of gift cards.
Father's Day is almost upon us. If you're a dad, you certainly may enjoy getting cards and gifts, of course. But, over time, you will gain even greater satisfaction by what you can give your children such as some valuable financial lessons.
In short, when investing for long-term goals, you're seeking significant growth and, in doing so, you'll have to accept some degree of investment risk. But when you're after short-term goals, the formula is somewhat different: You don't need maximum growth potential as much as you need to be reasonably confident that a certain amount of money will be there for you at a certain time.