Financial Tips

A fiduciary is an individual or organization entrusted with a legal and ethical duty to act in the best interest of another party. Typically, fiduciaries manage money or other assets on behalf of their clients. They adhere to a “prudent person standard of care,” prioritizing the needs of beneficiaries and avoiding conflicts of interest. Fiduciaries play various roles, including financial advisors, trustees, and corporate board members. Choosing a fiduciary can positively impact your financial well-being.

Long-term care is a growing issue as more people need some sort of assisted living. Learn how to plan and save for your parents’ long-term care needs without compromising your own retirement or your children’s future.

A financial advisor is more than just an investment manager. They can also help you with insurance, estate planning, and referrals to other professionals. Learn how a financial advisor can listen to your goals and dreams and help you achieve them.

Life insurance is often more affordable than you might think, particularly when compared to car or home insurance. If you have a family or dependents who rely on your income, there's really no reason not to consider life insurance. Unless you have substantial savings that can sustain your loved ones for the long term, a term life insurance policy is essential. Fortunately, good term life insurance is budget-friendly. The reason for its affordability is that it only pays out in the event of the policyholder's death, and the likelihood of that happening is relatively low, especially at a younger age. For instance, when I was 29, I obtained a $1 million 20-year term life insurance policy for just $33 a month. Even for individuals in their 30s and 40s, monthly premiums typically range from $40 to $50 for coverage amounts of $500,000 to $700,000. Considering the substantial coverage you receive, these premiums often amount to just one less day of dining out.

With a bit of time to prepare, you can enter the second half of the year feeling financially confident and on track to meet your goals.