Flourish Financially Blog

Are You on Track to Meet Your Retirement Goals?

Net Worth Benchmarks Can Help Learn More About a Valuable Measure of Your Financial Health
By Kathy Longo, CFP®, CAP®, CDFA®
Tuesday, 03 December 2019

Are You on Track to Meet Your Retirement Goals?

Do you find yourself wondering if you’re on track to meet your retirement goals? Are you saving diligently but still unsure whether it’s enough? A valuable benchmark to help you answer these questions is your net worth: that is, the number you’re left with when you add up your cash and other financial assets, then subtract all your debts.

If you’re doing the math, assets are things like:

  • Cash value of your checking and savings accounts
  • Your home and any rental properties you own (current market value)
  • Investment accounts, including mutual funds, stocks, and bonds
  • Retirement savings accounts, like IRAs and 401(k) or 403(b) accounts

When calculating your debts, you’ll include things like:

  • Credit card debt
  • Student loans
  • Personal loans
  • Mortgage loans on a primary residence and any rental properties
  • Medical debts
  • Back taxes

It takes a bit of work but knowing your net worth is important because it’s a strong indicator of your overall financial health. It can be tempting to compare yourself to friends and family, but their habits aren’t necessarily good measures of your own financial footing. Instead, take a look at the net worth targets below that reflect where you should be based on your age.

Before Age 30: Take Small, Meaningful Steps and Focus on Debt Reduction

When you’re in your twenties and starting out in the working world, you don’t need to be overly concerned with net worth. In fact, you may be paying off student loans and carrying a negative net worth – and that’s okay!

Choose a Life-Planner

By Kathy Longo, CFP®, CAP®, CDFA®
Wednesday, 30 October 2019

Choose a Life-Planner
Are you in the market for a financial advisor? Or perhaps you are looking ahead and starting to think that you could use a little help? Or maybe, you are currently with an advisor and aren’t getting exactly what you want? If any of that applies to you, then this article should help. We are going to discuss the difference between a bare-bones financial planner and a life-planner. Life-planners are those who will be looking at you as more than a bank balance or a set of yearly goals; they want to know you as a person and understand both who you are and where you want to be. A life-planner will want to know more about you as a person, your family, your career, and then create a personalized plan for you. The goal is to make your fantasies into realities. 

The Dirty Dozen

12 Culprits Keeping You from Practicing Good Spending Habits
By Kathy Longo, CFP®, CAP®, CDFA®
Wednesday, 02 October 2019

The Dirty Dozen

Do you ever wake up in the morning with the best financial intentions, only to find your goals thwarted as your day goes on? If so, you’re not alone. The world around us is full of outside influences that challenge our ability to make good financial decisions every hour of every day.

Short of sequestering yourself in your home and practicing total avoidance, there’s no way to completely protect yourself from these influences. However, recognizing their potential impact and working to minimize your exposure can help you remain on track with your financial goals.

To Merge or Not to Merge: Finances in a Second Marriage

By Kathy Longo, CFP®, CAP®, CDFA®

Tuesday, 03 September 2019

To Merge or Not to Merge: Finances in a Second Marriage

Did you know that 41% of first marriages end in divorce?[i] Did you ever have money issues in your first marriage? It wouldn’t be surprising, even if that wasn’t the reason for the split, as money disagreements account for 21% of divorces and for those with incomes over $100,000 a year it jumped to 33%.[ii] On top of that, most couples have conflicting money values such as when one is a saver and one is a spender. Now you are onto your next marriage…congratulations! The next step will be going over a few important financial details that you should discuss with your partner. Financial communication is absolutely vital in a relationship and, in some ways, even more important in a second marriage as you will be bringing more complexity and baggage with you. You will both be better off moving forward in this new romantic chapter if you can get everything on the table and discussed.

Do You Have a Child in College? Make Sure You Have These Important Documents in Place

By Kathy Longo, CFP®, CAP®, CDFA®

Wednesday, 31 July 2019

Do You Have a Child in College? Make Sure You Have These Important Documents in Place

When it comes to getting your kids ready for college it can seem like there are a million things to do, think of, and prepare. I remember I was a wreck when my daughter Maddy went off to college (She successfully graduated May 2019). I had my concerns about her safety, her well-being, her ability to create her own structure with all that freedom, and all the other concerns that come with being the parent of a young adult. Maddy, on the other hand, was excited to begin this new chapter of her life. The furthest thing from her mind was worst-case scenarios and creating a plan for the what-ifs of adulthood.

Having It All: Being a Great Mom and Having a Successful Career

If you are a mother and you have a job, chances are you feel like finding that perfect balance between managing your family and your career is just out of reach.
By Kathy Longo, CFP®, CAP®, CDFA®
Tuesday, 25 June 2019

Having It All: Being a Great Mom and Having a Successful Career

That’s because there are only 24 hours in a day and some of those are supposed to be earmarked for sleep (though with little ones or teenagers in the house that often proves a challenge). The reality is that you can have it all, you just need to reconfigure what all actually means. We are bombarded on all sides by endless streams of advice on how to be better parents as expectations for parent involvement have been growing alongside many other more elaborate expectations for working mothers. How are we supposed to be more with less on both sides? You can’t! Step one is to realize a lot of the goals for being the perfect mother and employee are unrealistic. Do you want to win? Change the rules of the game. Succeeding at mothering may not be endless Pinterest crafts and a full schedule of extra-curricular activities. At the same time, earning employee of the year honors may not require tons of overtime and being available 24 hours a day.


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