Articles from our financial planners

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A Millennial's Guide to a Recession

If we had to guess what your age is, we would assume it’s somewhere between 24 and 39.  Why? Because Millennials are one of the largest living populations in the US.  If you don’t identify with this group, it’s likely you are a Baby Boomer (54-72 years old and the 2nd largest generation) who may have millennial children. Regardless what generation you are a part of, you know someone who is a millennial.  The purpose of this guide is to educate our fellow generation.  A Millennial’s Guide to a Recession is a must read in times like today...

 

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Saving Strategies for Six Figure Earners

Congratulations! You are finally making a great income and your career is on an upward trajectory. Living paycheck to paycheck is suddenly a thing of the past. While making money has been great, you can’t seem to figure out where it all goes every month. You’re not alone!

I want to share with you some practical strategies for saving money as a six figure earner. In this blog, we will go over 5 specific tips for using your income to build adequate savings for your short, intermediate, and long term goals (even if you have not defined them yet)...

 

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How to build a budget

Most would recognize a budget as an elementary concept, yet so few people know how to build and follow one. Understanding the dollars arriving in your bank account and leaving your bank account is the fundamental concept to financial planning and every decision you make hinges on the ability to manage this effectively. Follow these steps and be on your way to a better financial future…

 

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How Can I Diversify My Income Sources?

In today’s climate, one source of income is frequently not enough to cover all of life’s expenses. But when you are employed full-time, it can be extremely difficult and vexing to work an entirely new job at the same time. However, there are other ways to diversify your income sources so that you can still work your day job and earn extra money on the side...

 

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6 Tips to Get the Most Out of Your Employee Benefits

Starting a new job can sometimes be an overwhelming experience. A majority of our focus during those first couple of days are usually to just make a good impression and understand what our real day-to-day is going to look like. It's also the same time that we're making some very important decisions that we might not look back at for a very long time...

 

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Student Loan Relief During COVID-19

With COVID-19 wreaking havoc in more ways we can imagine, one of the biggest fears some people have is their student loans. Fortunately, if you have student loans directly held with the Federal Government (commonly referred to as a Federal Direct Loan), The CARES Act has enacted relief options for Student Loans! During the next six months, your loan will be under “Administrative Forbearance.”

What does this mean?? Don’t worry; Money Mack has you covered!...

 

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I'm Furloughed, Now What?

Before COVID-19, many of us were unfamiliar with the term ‘furlough,’ unless you were a government employee during a shutdown.  Now, we’ve all at least heard of the word passed around Zoom calls, but there still seems to be a lot of unanswered questions out there.  What is the difference between furlough and laid off?  Will I still get my health insurance benefit if I’m furloughed?  What will my unemployment benefit look like?  These questions and more are answered in this week's blog...

 

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Proactive Financial Planning vs Retirement Planning: What’s the Difference?

The terms “Financial Planning” and “Retirement Planning” often get used interchangeably. Most people assume these two things are the same, but there are often some MAJOR differences. In this blog, we are going to focus on the key differences  between proactive financial planning early in your career and retirement planning later in life...

 

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5 Steps to Adulting You Can Take Right Now

1. Get an Emergency Savings Account in Place

The first thing to consider doing as a full grown “adult” is establishing a savings account that can be tapped into for emergency situations. This account should be at very least 3-6 times required monthly expenses and should reside in a liquid savings account, meaning it can be pulled out if absolutely necessary, with no penalty...

 

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Should you Finance your Car?

Thinking about buying a new car…or at least a car that is new to you? Should you even finance a car purchase in the first place?

This question has been a hot topic for a long time and for good reason, car buying is fun, especially if you have your eyes on a nice car. You know what I am talking about, something with a V8 and has all of the tech and comforts one can ask for. Or maybe if you are a rocky mountain enthusiast like myself, you imagine how easy it will be to get to a trailhead or go for an off-road excursion with a new Toyota Tacoma or Jeep Wrangler...

 

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How High-Interest Debt Can Ruin Your Family Financially

High-interest debt of all kinds can be financially ruinous for your family. It can cause you to lose important investment opportunities, hurt your family, and hurt your credit score. Scroll down and keep reading to find three ways that high-interest debt is dangerous, and some things you can do to avoid it....

 

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How Do I Save More Strategically?

Let’s go back a decade or two.  You were in college starving yourself of nutrients and cash flow.  The task at hand was simply to make it through the month on Tombstone pizza and $348 in your bank account.  Fast forward a couple of years to when you landed that first job out of college.  You enter the workforce in the awkward professional attire you obtained 3 years prior for your first internship.  Here you are today with a much different outlook on life.  Your income is much higher, your vegetable intake has drastically increased, and your work clothes are much more appropriate...

 

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What are the Types of Life Insurance?

It’s hard to believe that life insurance has been around since the 1700s and even still is so misunderstood in its purpose. The original intent of life insurance was to provide a source of income for beneficiaries of the insured, in the event of the insured’s death...

 

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How Does a Credit Score Work?

A question I have been asked about lately is, how does a credit score work? If you are someone who is currently in debt or is considering opening a line of credit, you might want to read this!

Why is it important to know your credit score?  Knowing your credit score is essential because it is a snapshot of your relationship with credit. Having a high score will generally help you finance a home at a lower interest rate, enjoy lower insurance premiums, get a credit card with generous rewards, and will give a potential employer a sense of your financial responsibility...

 

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Financial Decisions You Need to Make When You Become a Parent

While every new parent is probably aware that their household expenses are going to increase exponentially once they begin a family, they may not realize the extent of the financial decisions that they need to make. Before you start the journey of parenthood, you must make crucial financial decisions to ensure your family’s security. Here are three things to consider before you become a parent...

 

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Financial Planning Pillar 1: Cash Flow is Oxygen

When you think about building long term and sustainable wealth, what do you think of? What is the key to becoming wealthy?

Most people will answer with some sort of investment philosophy or strategy:

“Max out my 401k”

“Invest in real estate”

“Start a business”

While any of the above can certainly be used to accelerate the wealth building process, they are definitely NOT the number one wealth building tool.

The answer?...

 

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