Our Weekly Blog

How does the latest proposed savings account for kids in the "Big beautiful tax bill" compare to 529s?

My first rule for widows is: Do NOT make any major financial decisions in the first year your spouse passes away. Why? Because this is a highly emotional and stressful time and in my 35 years of helping folks like this, I can't think of too many times where doing so brought about a positive result.

When I start working with a new client, one of the first questions I ask is “What are your top three goals?” These are usually financial goals but they also often include life goals. That’s not surprising because money often helps us achieve our life goals. On a few occasions I’ve had a prospective client counter with a different question, “How much money can you make for me?” To me, this is the wrong question because achieving financial independence begins with figuring out what really matters to you. Only when you have figured out what really matters can you then determine how to get there—and that may or may not involve earning a rate of return that varies depending on your goal, timeframe, and risk tolerance.

What is a health care proxy? A health care proxy is someone who can make health care decisions for you if you are unable to communicate these yourself in an emergency or at the end of life. They work closely with your health care team to help ensure your medical care and treatment preferences are followed. Having a proxy can be especially helpful if unexpected situations arise, such as a serious car accident or stroke.

Rick, I’m overwhelmed. There’s just… so much to think about, and I don’t know where to start. What should I be doing right now?

“How will I be able to pay back these loans after graduation” doesn’t come up often enough when having a family conversation around the cost of college.