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Parents Day is Tomorrow: How to Financially Care For You, Your Kids & Your Parents

July 24, 2021/in Budgeting, Children, Financial Planning, Savings Tips /by Jamie M. Lima, MBA, CFP®

Since 1994, the fourth Sunday in July has been celebrated as National Parents Day. This holiday was established with the purpose of “recognizing, uplifting, and supporting the role of parents in bringing up their children.”¹ As a parent, you have one of the most important jobs in the world – raising and encouraging the next generation. Some parents, however, may find that they’re sandwiched between raising their kids and caring for older loved ones. Aptly named the “sandwich generation,” those in their 40s and 50s may be feeling the pressure of being stuck in the middle. In fact, a recent study suggests almost half (47 percent) of adults are a part of the sandwich generation.²

If you’re a loving parent and adult child caring for parents of your own, how do you strike a balance between your financial wellbeing, your child’s needs and your parents?

Getting a Divorce? Prepare for These 4 Financial Challenges

July 9, 2021/in Behavioral Finance, Budgeting, Divorce, Financial Planning, Taxes /by Jamie M. Lima, MBA, CFP®

Divorce is not only taxing emotionally and physically, but it can take a toll on both parties financially as well. You and your spouse will need to make decisions that not only affect you right now but also in the future. When it comes to the financial impact, here are some of the biggest challenges you may experience during a divorce.

2021 Is Halfway Over: How to Conduct a Mid-Year Financial Checkup

July 6, 2021/in Behavioral Finance, Budgeting, Financial Planning, Investments, Retirement Planning, Tax Management /by Jamie M. Lima, MBA, CFP®

Summer is finally in full swing, meaning we’re already about halfway through 2021. After a year like no other, we’re all excited to enjoy the warm weather with friends and family. If you have some time over the coming weeks, take a moment to slow down and check up on your financial wellbeing.

Here are six things you can do right away to make sure your goals are being met and your finances are in good shape before heading into the second half of 2021.

5 Ways to Find Your Financial Independence This Year

July 3, 2021/in Budgeting, Financial Planning, Investments /by Jamie M. Lima, MBA, CFP®

The Fourth of July is an exciting holiday that marks the independence of our nation with the signing of the Declaration of Independence. As you celebrate with hot dogs, fireworks and pool parties this year, consider this: 2021 could be your year to start finding financial freedom of your own.

Achieving financial independence is a goal that almost everyone has. It brings you the personal freedom to do what you want. For most Americans, however, debt is a significant roadblock. In fact, the average adult has around $90,460 in debt.¹ This includes all types of consumer debt such as credit cards, personal loans, student loans, mortgages and auto loans.

The good news is, there are strategies to pay down debt and work toward financial independence. How can you do this? Here are five actionable ways to start working towards more financial freedom this year.

6 Habits to Manage Credit Card Debt

June 29, 2021/in Budgeting, Behavioral Finance, Credit, Debt Management /by Jamie M. Lima, MBA, CFP®

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Interest rates remain low. Should you refinance? 3 Things to Consider…

June 22, 2021/in Budgeting, Financial Planning, Interest Rates, Real Estate /by Jamie M. Lima, MBA, CFP®

If you purchased your house when interest rates were higher than current record lows, you might be wondering: should I refinance? You’d think the answer would be simple: a lower interest rate is better, right?

However, the right choice really depends on your situation.

And with the way fees and mortgage interest work, a refinance can sometimes be a bad deal.

Here are some key questions to consider:

Did You Know a Digital Detox Could Improve Your Finances? Here Are 5 Tips to Help Reset Your Spending Habits

June 13, 2021/in Behavioral Finance, Budgeting, Financial Planning /by Jamie M. Lima, MBA, CFP®

Smartphone usage increased dramatically during pandemic as more people lost their jobs, were furloughed or adhering to stay-at-home orders.

While smartphones can provide endless entertainment, they can also be bad news for your budget. In fact, the combined global monthly amount that consumers spent on apps and games peaked in May 2020 at $9.4 billion, a 25 percent gain on the monthly average in 2019.¹

While that’s all fun and games (no pun intended), it may be time to do a “digital detox.” Here’s why it could be good for you mentally and financially, plus five tips to help yourself unplug.

5 Takeaways From Celebrity Financial Snafus

June 7, 2021/in Behavioral Finance, Budgeting, Financial Planning /by Jamie M. Lima, MBA, CFP®

Creating a plan for personal finances is essential, no matter how much money you make. This goes for celebrities as well, as a poor financial decision can lead to the same challenges as someone with a lesser income. To examine this further, here is a list of some of our favorite celebrities and five takeaways from their financial snafus.

3 Things to Reduce Your Financial Dependence on Dad This Father’s Day

June 7, 2021/in Behavioral Finance, Budgeting, Children, Financial Planning /by Jamie M. Lima, MBA, CFP®

If you’re like many young adults searching for the perfect father’s day gift, you already know that money management is necessary – even if it’s not always intuitive or taught. From large student loans to finding your first apartment, young adults are hit with a number of important yet unfamiliar financial challenges right off the bat. As a result, it’s possible you still depend on your parents for a number of financial obligations – car insurance, phone bills, streaming services, rent, etc.

If you’re looking for a unique gift to give your dad (or a father figure in your life) this Father’s Day, consider finding a few ways in which to reduce your financial dependence. Here’s how you can start.

5 Techniques to Overcome Financial Stress

May 24, 2021/in Behavioral Finance, Budgeting, Financial Planning /by Jamie M. Lima, MBA, CFP®

Money is the second leading cause of stress amongst adults.¹If you find yourself worried about your financial wellbeing, you’re not alone – and there are things you can do to make it better. Financial stress can stop even the most productive people in their tracks, causing sleepless nights, avoidance of debt and denial. While it’s best to talk to your financial professional about what’s on your mind, here are a few tips to start managing your stress on your own.