Wealth Building Ideas
Articles re-published from the Wealth Building Ideas magazine for those without access to an iPad
Common Mistakes When Making a Will
Making a will is typically an unpleasant task as few people are comfortable contemplating their own death. It’s one important task many avoid. In fact, according to a 2012 survey by Rocket Lawyer, only 58% of Baby Boomers have one. That percentage drops to 29% for adults in their mid-thirties. 34% cite procrastination as the reason, while 22% believe they don’t need one and 21% say wills are too expensive.
In estate planning, there are only a couple of reliable ways to ensure the distribution of wealth according to your wishes and these are either by establishing trusts or making a will. (The debate about which is better isn’t for this article.) No matter what, if you fail to have a plan in place via a Trust or a Will and die without one, state laws will decide what happens to your property, your investments, and even your minor children. From do-it-yourself legal programs online to lawyers who specialize in comprehensive estate plans, you have many options when creating a will. Regardless of which one you choose, you’ll need to avoid these common mistakes in wills.
Cash Offers In Real Estate May Have Hidden Catches
When selling a home, the ability of the buyer to obtain a mortgage is a critical factor many sellers are required to consider. Once you accept an offer and your property goes ‘under contract,’ you miss out on additional interested parties. If the buyer’s loan falls through for any reason—perhaps because the appraiser undervalues the home—it’s all too common to find yourself right back at the beginning, having lost perhaps the best part of the selling season.
An all cash offers in Real Estate removes the risk of such hassles. Without a mortgage involved, less can go wrong—financially at least—before closing. But be alert because an all cash offers may have hidden catches.
In Case of Divorce – Review Your Insurance
Saying vows on your wedding day you intended to stay together forever. Unfortunately for some couples, that intention eventually falters. Whether due to increasing stressors, changing goals, infidelity, or differences of opinion, divorce happens. In fact, according to the Centers for Disease Control and Prevention’s National Vital Statistics System, the current U.S. divorce rate is around 40%.
This overall rate is actually down from 50% in the 1980s but is increasing again in some demographics. According to CDC data, the rate of divorce has grown dramatically among couples over the age of 50. One study of trends conducted by a university in Ohio found the divorce rate increased by 100% in that age group from 1990 to 2010.
Save by Simplifying Finances
Would you like to make your dollars go farther and increase how much you save?
Most people would. According to a recent survey conducted by the Employee Benefit Research Institute, only 51% of Americans are confident they will have enough money saved for retirement. 28% are not at all confident, while 21% are not too confident. Fortunately, simplifying your finances right away will help you save more for the future as well as make sure your money lasts longer during your retirement.
Physical Fitness & Financial Security Go Hand in Hand
Find Out Why Investing In Your Physical Fitness Is As Important As Investing In Your Portfolio.
Whether you’re one of the 78.2 million Baby Boomers in the U.S. approaching retirement or still planning for golden years down the line, the security of your financial future depends on more than socking away savings in stocks, bonds, mutual funds and real estate. You also need to invest in your health through regular exercise. Consider the many ways physical fitness and financial security go hand in hand.
Real Estate Investing: Avoid These Newbie Mistakes
Real estate investing is attractive as property values are increasing, yet remain substantially less than their 2006 peak in many parts of the country.
Couple affordable prices and mortgage interest rates that are still quite low by historical standards and real estate investing can be an attractive investment option for many entrepreneurial Americans. However, if you are thinking about joining the landlord throng, it’s important to avoid these costly “newbie” mistakes.
Life Insurance: The Pitfalls of Buying Online
Life Insurance may be the last thing you should buy online. Find out the key reasons you need to talk with your local insurance agent before diving into Life Insurance.
Many of us shop online with gusto. It’s convenient, after all, and that convenience led to $289 Billion in online sales in 2012. According to one e-commerce market forecast, experts predict the number of U.S. online shoppers will grow to 175 million by 2016. While many are purchasing airline tickets, books, movies, electronics, clothing and home goods, some are buying financial products, including life insurance. But before you join them, consider these reasons to talk to your auto and home insurance pro first.
Saving Enough For Retirement?
Retirement should be an achievement to look forward to, not a burden to fret about—but your financial situation when you enter your golden years greatly determines how enjoyable they will be. Unfortunately, the average American household has saved very little towards retirement according to the National Institute on Retirement Security.
In a recent report, they noted the median retirement account balance for all working-age households is a mere $3,000. While median saving increase to $12,000 for near-retirement households, 66 percent still have a savings balance less than one times their annual income—and that is far less than needed to support their standard of living after the paychecks stop.
