  Work to Achieve Your Financial IndependenceStill, as we prepare to observe Independence Day, it's comforting to realize all the freedoms we still have in this country. And taking the right steps can also help you achieve your financial independence.  Ensure You Are Properly InsuredYou might be surprised at the lack of protection among your fellow citizens. Less than 60 percent of Americans have life insurance, and just about half of those with insurance are underinsured, according to LIMRA, a research organization.  Can You Invest for Retirement and Education?It is indeed possible, although you may need to prioritize somewhat. Specifically, you may not want to put off saving for retirement in favor of education. But by viewing these goals together and investing as early as possible in each of them, you can take advantage of one of your biggest assets time.  Nearing Retirement? What Questions Should You Ask?But assuming your employment is still stable, what adjustments in your financial and investment strategies might you need to make for your retirement?  Sticking to Budget Can Boost Your Emergency FundIn normal times, it's a good idea for you to keep three to six months' worth of living expenses in a liquid, low-risk account. Having an emergency fund available can help you cope with those large, unexpected costs, such as a major car repair or a costly medical bill.  Know Your Risk Tolerance at Different Stages of LifeThe answer to this question may depend on where you are in life.  Five Steps to Help Cope with Employment IssuesIf your employment has been negatively affected by the coronavirus pandemic, how should you respond?  What Can Investors Learn from Cyclists?But even if you're not much of a rider, you can apply some of the guidelines and lessons of bicycling to other areas of your life such as investing.  Smart Moves for Women Business OwnersAs we all know, mothers have a difficult job. And many mothers also run their own businesses another demanding task made even more difficult these days. What special challenges do women face who embark on careers as business owners?  How Should Millennials Respond to Market Decline?Your view of the current situation will depend somewhat on your age.  Earth Day: Time to 'Go Green' with Your Investments?Some investors are supporting the environment through "sustainable" investing, which is often called ESG (environmental, social and corporate governance) investing.  What Should Retirees Consider Doing in a Down Market?During a market downturn, you might be tempted to "do something" and for many people, that "something" is selling stocks to cut their losses. But this is more of an emotional response than a logical one, because your stocks are long-term investments, and by selling them when they are down, you're basically locking in your losses.  CARES Act Offers Help for Investors, Small BusinessesHowever, if you're an investor or a business owner, you just got some help from Washington and it could make a big difference, at least in the short term, for your financial future.  Time for Some Financial Spring CleaningYou can apply some of the same principles of traditional spring cleaning to your financial environment.  Know the Four Uses of CashBut just how much cash do you need? And in what form?  Its Not Easy, But Look Past the Market SelloffFor one thing, try to avoid what many others seem to be doing: panicking. The market selloff may feel unsettling, but it appears to be driven as much, or more, by fear and panic than by economic or financial reality.  How Much Will Market Volatility Really Affect You?But instead of fretting over your investment statements, you could consider some more positive approaches to this situation.  Don't Let Coronavirus Infect Your Investment StrategyAs you know, the coronavirus has become a major health concern, not just in China, but in other parts of the world, too and it's also shaken up the financial markets. As an individual investor, how concerned should you be?  Avoid These Estate Planning MistakesBut you probably also want to leave something behind to your loved ones and, possibly, to the charitable organizations you support.  What Does End of 'Stretch IRA' Mean to You?But what else can you do in response to the loss of a stretch IRA?  Can You Improve Your Relationship with Money?Have you ever considered another key relationship the one you have with money?  Be Aware of Social Security MythsTo maximize your benefits, you will need to make some key decisions and be aware of some common myths.  Are You a Mindful Investor?However, being mindful doesn't mean acting on those thoughts and feelings it's just the opposite. With mindfulness, your decision-making is based on cognitive skills and a rational perspective, rather than emotions. As such, mindfulness can be quite valuable as you make investment decisions.  Are Your Financial and Tax Advisors Talking?And one important step you can take is to connect your tax professional with your financial advisor. Together, these professionals can help you take advantage of some valuable strategies.  Business Owners: Plan for Next Phase of LifeAs a business owner, you're always thinking of what you need to do now. But you can't forget about the future yours and that of your business. So it may be a good idea to consider your personal retirement plan and business succession strategy. |
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