Divorce is difficult at any age, but when it involves the division of a lifetime’s worth of assets – multiple properties, retirement funds, and investment accounts – it can seriously undermine the economic well-being of both parties involved.
In an article discussing why it’s important for retirees to maintain solid credit ratings, Kimberly Foss notes that even high net worth individuals need solid credit scores to benefit from financing big purchases, like a new car, so they can preserve or invest their cash.
Kimberly Foss offers insight on the sensitive subject of lending money to family and friends, recommending a notarized loan document as one way to increase the chances of being repaid.
Going through a divorce may be difficult, but closing a joint bank account doesn’t have to be. Kimberly Foss suggests opening a new account in your name first, then closing joint accounts together and in person if possible.
Don’t blame clients for thinking that saving for retirement is all work and no play. Consider advisers’ common initial feedback to prospective clients: “You are not saving enough.” “Your portfolio isn’t diversified enough.”
Be prepared for college expenses. Learn what you can use your 529 college savings account for.
What steps should you do before you cash your first social security check. Kimberly Foss says first to make sure the amount is correct before cashing.
Should you be paying off your children's student loans? Whiling it might be tempting, most of us should not be doing this.
There was a time not too long ago when talking about women and credit cards would evoke images of fashion divas wielding their plastic to fuel their designer shoe obsession.