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 like Eeyores.
However, optimism bias also causes us to not believe that we could ever get hurt or to die. How many teenagers and young adults do you know who think that they are indestructible?
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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 of the advice is good, such as answering the question why about your financial goals and looking to reduce your unnecessary spending to tighten your budget.

However, some of it was quite short-sighted.

The crux … Read the article

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 as coming up with a very detailed contingency plan for what actions we would take in the event of realizing negative tail risk in early retirement. Fortunately, from a financial perspective (not from a life … Read the article

What should you do immediately after getting laid off?

Dallas, Texas based certified financial planner Jason Hull recommends having a short term and a long term plan if you recently lost your job because of the coronavirus pandemic.

  • To do in the next 24 hours:
    • File for unemployment. It’s critical to get the flow of income coming in as soon as you can. You can go to the U.S. Department of Labor Unemployment Insurance website to find out who to contact.
    • Notify your mortgage company or your landlord and begin to work out terms if you will be unable to pay them. If you are
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How to cut expenses during the coronavirus pandemic

  1. The best strategy for cutting your household expenses is to do a thorough review of your spending from the past 6 months. Be ruthless. For every; line item, ask yourself if this is a need or a want. If it’s a want, cut it until we have more financial security. Then, automate as many payments as you can. The fewer opportunities you have to choose to spend money, the fewer chances you’ll have to make decisions that you regret later.
  2. The biggest expense that most people have is their housing expense. If you haven’t lost your job, then it’s
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