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Personal Finance FAQ

Prepare Your Money for a Recession

While the coronavirus induced recession is forcing all of us to reevaluate our financial behaviors with a close eye for detail, these are habits that will serve us well whenever life has returned to normalcy, which, hopefully, is sooner rather than later! Cut living expenses. In times when we are not worried about negative financial outcomes, […]

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Personal Finance FAQ

Should Millennials Use Roboadvisors?

For whom would a robo-advisor be a good choice? There are only a couple of situations where I think that robo-investors (I really call them robo-investors, as they’re not robo-advisors, such as myfinancialanswers.com) are appropriate for a millennial: You are absolutely, positively, never going to rebalance your portfolio, and you want to put money into […]

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Personal Finance FAQ

How to Spring Clean Your Finances

Why is it important to check in with your finances quarterly or biannually? I’m a fan of bucketing your check ins with your finances: Monthly: Check your checking and credit card accounts. What you’re looking for are a couple of things. First, you want to make sure that you’re not spending beyond your budget, which […]

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Personal Finance FAQ

Why Should You Think About Updating Your Will During the Coronavirus Pandemic?

Generally speaking, people are afraid to face their own mortality. We have a psychological trait called optimism bias that is often very beneficial – it’s what helps us to believe in a brighter future and to wake up in the morning and go to work. If we didn’t have optimism bias, we’d sink into depression and live […]

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Personal Finance FAQ

Do Not Shortcut Your Retirement Planning Efforts

When it comes to success, there are no shortcuts. –Bo Bennett I recently read an article extolling how easy it was to get started on the journey to financial independence. I’m sure the author is a good person and well meaning. He seems to be smart and motivated, having earned a CPA in 2018. Some […]

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Personal Finance FAQ

Do Not Rely on a Rule of Thumb to Retire

It’s kind of a rule of thumb for me to self-doubt going into any kind of project. –Heath Ledger When we made the decision to retire early, we went through a lot of analysis on whether or not we would have enough cash flow from our rental properties to meet our living expenses, as well […]