As we ring in the new year, there’s much to look back on. Through waves of the pandemic, adhering to different mandates and changes, and persevering through any personal struggles, we all deserve to close out 2021 with a celebration. For many companies, that means rewarding their employees with year-end bonuses. But, if you incur a sudden income of…
Morgan Housel’s book, The Psychology of Money, recently surpassed 1 million copies sold in just over a year. It’s been applauded as one of the best personal finance books of 2020 and a timeless read that will likely end up alongside some personal finance greats like Rich Dad Poor Dad by Robert Kiyosaki and The Wealthy Barber by David…
There are many tools that we can use to increase our wealth, but one of the most fundamental tools is finding and saving cash. One of the imperative secrets to building wealth is increasing and saving cash flow. Besides the income we earn, this extra cash can be used to add to savings or be put into investments to increase return.
Conventional wisdom says that “money doesn’t buy happiness,” but researchers are arguing otherwise. Research over the last decade shows a direct correlation between happiness and income up to an annual salary of $75k, or close to $90k today adjusted for inflation.
If you have worked to build a business from the ground up, or if you have obtained a company and are dedicated to making it more successful, you understand the stress associated with the idea of selling. Whether that time is decades or months away, the concept can keep you up at night. How can you keep the value of your business? When will you know it is the right time to sell?
A recent wealth survey showed that only 33% of Americans had created a written financial plan. 54% of these planners reported feeling “very confident” in reaching their financial goals compared with only 18% of non-planners.* Multiple studies have shown that those who create financial plans are both more confident and more capable of achieving their short and long-term financial goals.
Risk tolerance is the degree of risk an investor is willing to endure to receive returns on his/her investments. Your heuristics, lifestyle, timeline, goals, and even your personality play into how much risk you should assume. As you work closely with your trusted TrueNorth Wealth financial planner in Utah, take these four steps to determine your risk tolerance.
More and more people are discovering the benefits of giving inheritance money to their heirs while they are alive, rather than in a will. By doing so, you have the potential to create a more fulfilling retirement while also benefiting the lives of your descendants.
As we look back on the last 12 months, there are some things that we may want to forget. Indeed, it was a year of unexpected challenges for most Americans. Job loss, pay cuts, working from home, canceled vacations, and homeschooling kids may have been just a few of the curveballs that Covid-19 has thrown our way.
But let’s not put it all behind us quite yet — Covid-19 has taught us some valuable financial lessons that we would do well to remember. Now moving forward, we can all be a little wiser with our finances. Here’s how.