Anyone who has gone through a divorce knows how emotionally challenging and financially complex it can be. While attorneys handle the legal aspects, a Certified Divorce Financial Analyst® focuses specifically on the financial implications of divorce. This specialized designation equips professionals with the expertise to guide clients through the intricate financial aspects of divorce proceedings, ensuring better outcomes for their financial future.
Anna Marie Mock, a fee-only certified financial planner at Highland Financial Advisors, discusses the dynamic interplay between art and science in financial planning. Drawing inspiration from Leonardo da Vinci's philosophy that "everything connects to everything else," she emphasizes that financial planning is an art involving subjective goal-setting and a science-driven by objective analysis tools. In this video, Anna explains how the scientific method can be applied to financial planning, using equity compensation as a concrete example.
What are your thoughts, feelings, and beliefs about money? What about your partner, and do they differ from your own? Sometimes, the conflict we experience around money in our personal lives can be attributed to incongruent money scripts with those with whom we share finances. Let’s dive into the term money script and how understanding it can help us achieve our financial goals.
In talking with clients about the benefits their employer provides during the open enrollment season, one often overlooked benefit if clients have dependents is the Dependent Care Flexible Spending Account (FSA).
Health Savings Accounts (HSAs) are not only a savvy investment option but also offer numerous benefits, especially for high-net-worth families. An HSA is a tax-advantaged savings account designed for individuals with high-deductible health plans (HDHPs) to help cover out-of-pocket medical expenses. While the utility of HSAs is universal, they hold advantages for high-net-worth families and have steadily grown in popularity since their inception.
Old ways of tracking finances included using a pen and paper combined with envelopes to “bucket” different spending needs. Then came along Excel, where people began using spreadsheets to keep their budget and spending. Today, we have apps available on our phones with software to create the budget for you and even track each transaction on your credit card.
Gap years are no longer just for recent graduates but are now for seniors who may not have had the time to pursue their passions or try something new during their working years. For many retirees coming from a work-centric culture, retirement may feel like crossing the finish line, followed by winding down and boredom.
When it comes to investing and managing your finances, many people wouldn’t think that the skills and mindset needed for success would be similar to the skills and attitude necessary for success with martial arts. However, I have come to realize that investing and practicing Brazilian Jiu-Jitsu, a type of Mixed Martial Art (MMA), have much more in common than one would think. Both require similar skills and disciplines to be successful.
The recent release of the American Families Plan marks the third part of President Biden's Build Back Better Initiative. Several proposals make up this plan, but it is important to note that they are just proposals at this point and will have to make their way through Congress, where legislators will undoubtedly modify many of the provisions.
When we help clients with their cash flow at Highland Financial, we pay close attention to credit card debt for a reason. Spending on everyday purchases with a credit card to earn travel points or cashback is a great way to get rewarded for things you would typically be paying for anyway. However, the caveat is that a client must pay off their balances in full each month and keep their excess spending in check. Otherwise, any perk you receive from the credit card company will be quickly negated by paying exorbitant amounts of interest.
