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Despite split, credit can remain intact

April 8th, 2012, 12:00 pm by dtova

It’s a common misconception that dissolution of your marriage leaves you with a clean financial slate. That hardly ever happens.

Debt is one area that can turn into an ugly, tangled mess if you are not careful.

But if the two of you can work together rather than waging a long and expensive battle throughout the divorce process, there is a better chance of preserving your credit. How? By focusing on strategies that preserve your credit rating, rather than wasting time trying to get even.

Here are some ways to handle credit card debt and avoid common mistakes that can ruin your credit.

Your best-case scenario is to pay off and close all joint accounts before finalizing your divorce. To do this, you may need to sell some assets or use a chunk of your savings or investment accounts.

If you can’t pay off the balances right away, transfer an agreed upon portion of your joint debt onto your own credit card. If you can’t qualify for a new line of credit, ask your family to co-sign it and then transfer the balance.

The worst-case scenario is not being able to split credit card debt up onto your individual cards. Then all you can do is pray that your ex complies with the terms of your divorce settlement and makes timely payments.

But first, do a little homework.

Request credit reports from the three credit agencies; (Experian, TransUnion and Equifax.) You are entitled to a free copy every year and you can download all three from www.annualcreditreport.com.

Write down all credit card debts and how they are titled: whether you are a joint account holder or an authorized user.

As joint account holders you are equally responsible for repaying the debt. Many divorcing couples wrongly assume that their divorce decree relieves one spouse of the financial responsibility by assigning the joint debt to the other spouse. The creditor won’t close your account simply because you had a change in marital status. You could apply for a new line of credit with the same creditor and, if you get approved, transfer your portion of the debt.

If you were an authorized user of your spouse’s card, the credit card company may agree to remove you from the account and transform it into an individual account. All you’ve got to do is ask.

If you are stuck on the account until your ex pays off the balance, monitor payments by asking the lender for duplicate statements.

If you are both drowning in debt and considering filing for bankruptcy, consult with a bankruptcy attorney before you file for divorce.

The bottom line, after a divorce, you want to sever all ties for your joint debt. That being said, I am not advocating that you start blindly selling off marital assets and wiping out bank accounts to pay off debts. You and your spouse need to be on the same page and be completely transparent. Unfortunately, there is always room for financial shenanigans. If you are uncertain, consult a family lawyer to suggest the best course of action.

Mystified by money and want to improve your financial effectiveness? Denisa Tova CFP®, CDFA, MBA is a Colorado Springs-based Certified Financial Planner and a Certified Divorce Financial Analyst. Contact her at DenisaTova.com or email denisa.tova@gazette.com.

Posted in: Credit • Debt Management • Divorce • preserving credit in divorce • splitting debt in divorce | Post a Comment »

Tying up loose ends after divorce

July 4th, 2011, 8:39 am by dtova

Your divorce is finally over! But before you breathe a sigh of relief, don’t forget: your divorce does not end with the divorce decree. It’s time to put your divorce agreements to work and start looking to the future.

To help you move forward and tie up any loose ends post-divorce, here are five things to do to prevent financial mishaps:

1) Remove your ex-spouse from all your accounts.

2) Close all joint bank accounts and credit cards, and open ones in your own name.

3) Re-register investment accounts to your individual names. Update the beneficiaries on retirement accounts and brokerage accounts. When changing the beneficiary for your life insurance policy, make sure it matches up with your final divorce agreement.

4) File and execute the special order to receive your share if you are dividing your spouse’s retirement plan or pension. An attorney generally prepares this legal paperwork, which instructs the retirement plan/pension administrator on how to split the account. Expect to receive the administrator’s distribution instructions within 30 to 60 days after they receive the order signed by the judge.

5) Implement agreements about stock options. Because of the volatility of stock options – making them worth a lot or completely worthless – many divorcing couples choose to divide them 50-50 and share the risk equally.

Name it and claim it.

If you and your ex-spouse jointly own the marital home and mortgage and you intend to keep it, be sure that you:

1) Refinance the mortgage to remove your ex-spouse from the note

2) Execute a quit claim deed to transfer the title to your name

If both of you are on the vehicle titles, make sure to sign over the title to each other.

Retain a healthy credit score

Notify all three credit bureaus of your marital status change and supply your new contact information. In about three months, check all three reports to verify that the content is accurate. Look for any red flags such as your ex-spouse not paying off the debt assumed as a responsibility as part of the divorce settlement.

Recruit a professional team of advisors.

1) If you will receive spousal support, consult an accountant to set up quarterly estimated tax payments.

2) Visit an estate-planning attorney to update your will.

3) Retain a financial planner to help rebuild your finances and plan for the future. You will need to prepare and implement a budget. Your planner/adviser will also help you come up with a plan for your divorce settlement proceeds.

Remember, this is an emotionally vulnerable time and the ripple effect of making impetuous financial decisions can last many years. Avoid this possibility by becoming pro-active in rebuilding your financial future. Stick to sound financial principles to avoid getting into debt by making a major purchase such as buying a home right away and blowing through your savings. Relax and take your time; you owe it to yourself.

Mystified by money and want to improve your financial effectiveness? Denisa Tova CFP®, CDFA, MBA is a Colorado Springs-based Certified Financial Planner and a Certified Divorce Financial Analyst. Contact her at DenisaTova.com or email denisa.tova@gazette.com.

Posted in: Divorce • financial recovery after divorce • financial tips for divorced individuals • post divorce financial planning | Post a Comment »

Divorcing Late in Life?

May 15th, 2011, 9:26 pm by dtova

Divorce at any time is tough. But when you have to unravel your emotional and financial partnership later in life — after age 50 — it is definitely not a slam dunk.

In addition to the usual issues of how to fairly divide up assets and debts, one of the biggest challenges facing divorcing couples over 50 is how to transition into retirement with limited time to financially recover.

As a financial divorce analyst, I see this problem over and over in my practice. So much emphasis is put on discovering present assets and income. Not nearly enough time is spent on looking at the financial situation shortly after the divorce.

Let me highlight just a few key areas of concern.

Know what you need to live on.

Project as accurately as possible what you will need to cover your monthly expenses. Your biggest expense will probably be health insurance, unless you qualify for lifetime coverage as a military spouse. Plug in an exact figure for your health insurance to bridge the gap to age 65 when you become eligible for Medicare.

Consider the family home.

Unless your home is paid for, deciding whether you can handle a mortgage at this time can be tricky. If you have minimal income and will have to rely mostly on savings, you will really need to crunch some numbers to make sure you can support a new house payment and the cost of upkeep.

If you are 62, you may be eligible for a reverse mortgage. Consider this option if your cash flow is especially tight and your only savings is the equity in your house.

Know how far your retirement savings will stretch.

This is especially important if you’ll have to tap your savings to cover your bills after divorce. A divorce financial professional will be able to show you the financial impact of dividing your assets. This will give you clues when you are trying to decide if you should get less in retirement and keep the house or the other way around. You can find Certified Divorce Financial Analyst in your area at http://www.institutedfa.com.

If you are not quite 59 ½ and you are heavy on retirement accounts and light on cash accounts to divide up, your financial adviser may work up a plan for you to start tapping your IRAs earlier. (See my previous article about an IRS exception that allows you to pull money out of your IRA before age 59 ½ without the 10 percent penalty. Remember, it has to be set up according to the guidelines in the IRS Code Section 72(t).)

Be careful handling debt.

First, you need to list ALL debts. The couples I work with often don’t remember every single credit card — including department store cards — especially if they haven’t used them for awhile. Order your credit report to get a comprehensive list of your cards, even those where you are only an authorized user.

Ideally, you will pay off all debt before the divorce is finalized, or at least separate your debt and remove each other from liability. If your name remains on a credit card that your spouse is responsible for paying off, know that the creditors could come knocking on both of your doors, despite what your divorce decree states.

I know firsthand how difficult this transition is emotionally, but you must keep your financial head on straight. The decisions you make now will impact the rest of your life.

Mystified by money and want to improve your financial effectiveness? Denisa Tova CFP®, CDFA, MBA is a Colorado Springs-based Certified Financial Planner and a Certified Divorce Financial Analyst. Contact her at DenisaTova.com or email denisa.tova@gazette.com.

Posted in: Divorce • Late life divorce | Post a Comment »

Advice for an Expat from an Expat

April 27th, 2011, 1:16 pm by dtova

Question: My employer is sending me and my family abroad to work for our international division for a year. What should we plan for financially? - Mark W., Colorado Springs

Answer: So you will be joining the ranks of other expatriates? You are in for an adventure! Before I emigrated to the U.S. (by myself at age 15!) from the Czech Republic, I met many American expats in Prague. I was amazed at the resources available to them. I also lived with my family in Beijing for four years as a little girl.

Fortunately, there are many blogs and websites that cater to expats. These are terrific resources, because they are generally written by other expats who share experiences and local resources. One great blog is The Expat Explorer (www.expatexplorer.blogspot.com).

As you make preparations, it is important to plan ahead financially, because living overseas will definitely impact your money and taxes.

By the way, just because you leave U.S. soil does not mean you can dodge filing your taxes next April. On the bright side, you will generally receive a tax break on your foreign income. It’s called Foreign Earned Income Exclusion, and you may be able exclude up to $92,900 for the 2011 tax year.

Here is something cool. If your new country does not have any income tax, once you use up your exclusion, your next dollar will be taxed at the lowest income bracket. So your taxes will most likely be lower while you are living overseas. They will also get more complicated, so consult an accountant for the latest information.

Before you pack your bags, make sure that you have up-to-date wills and power of attorney for health care and finances. Also, don’t forget to find out about any special estate planning requirements in the country where you will be living for the next year. Your best bet is to consult an estate planning attorney who is versed in international law.

Next, make plans for maintaining your home while you are overseas. Will you want to rent it out or sell it? If it will remain vacant, make sure someone you trust will be checking the property on a regular basis.

If you decide to rent out your home, find a good property management company. You don’t want to be the landlord long distance. That can turn into a nightmare. Also, ask your accountant about the tax impact of renting out your primary residence. Make sure you have money set aside for paying all property related bills on time in the U.S.

If you would rather sell your home, you better get busy. This is still a tough market for homeowners. Give yourself plenty of time to sell your house.

Another important step before you leave is to designate a wingman to keep an eye on things. This will be someone who can be trusted to prevent disasters — from late payments to unforeseen emergencies.

Finally, think about the best way to communicate with your family and friends in the U.S. It will help your entire family avoid homesickness. Skype, blogs and Facebook are great ways to maintain those important relationships.

Once you have these details taken care of, you will be free to enjoy the unique experience of a year abroad. Safe travels!

Posted in: Financial tips for expats • Life Cycle Planning | Post a Comment »

The Money Makeover: Gloria & David Benson

March 14th, 2011, 10:49 am by dtova

Meet Gloria and David Benson of Colorado Springs area. Gloria and David are in their early 30s; they have no kids and both are working. Let’s take a look at their financial profile.

Goals:

Save money for emergencies
Pay down their debt
Buy a home
Save for retirement — target age 62

Combined Income:

$73,000 before taxes

Savings & Assets: Debt:

$27,000 combined 401(k)s $24,000 college loan

$3,000 savings $8,000 credit card debt

Gloria and David were married three years ago. David brought to the marriage his student loan. They also charged their wedding and some furniture for their rented condo on a credit card. Their goal is to buy a home and start a family. Gloria works as a dental assistant, and David is a teacher at an elementary school.

The big question for David and Gloria is how to pay down their debt and also achieve their financial goals.

Here are some great steps to point David and Gloria in the direction of a successful financial future:

1) Start a rainy-day fund and get out of debt.

The Bensons have not been tracking their spending. They don’t overspend, but they don’t consciously save money either (except for monthly 401(k) contributions). To change this habit, Gloria noted all of their spending on a spreadsheet. After adding it up and looking it over, the couple committed to shaving off $350 per month from their budget. One hundred dollars of that will go into a separate savings account to build up their emergency fund. The remaining $250 will be added to their monthly $650 payment to the credit card and student loan. If Gloria and David stick to this plan, their credit card debt will be gone in 15 months.

2) Save for a down payment.

Assuming they don’t rack up any additional credit card debt, the Bensons will soon be able to redirect $600 a month toward a down payment for a new home. To put down 10 percent on their desired $150,000 townhome, they will need $15,000. At $600 per month, they can get there in a little over two years.

3) Beef up retirement savings.

Once Gloria and David are snuggled in their new home, they should increase the contributions into their 401(k).

The future looks bright for the Bensons. All they need to do is stick to their spending plan, regularly add to their emergency fund and pay off their credit card balances each month. If all goes according to plan, they should be on the right track in a few years. Of course, real life never goes according to plan. But Gloria and David will be just fine. They’ve defined their financial goals and how they will achieve them. That’s the first and most important step.

Mystified by money and want to improve your financial effectiveness? Denisa Tova CFP®, CDFA, MBA is a Colorado Springs-based Certified Financial Planner. Contact her at DenisaTova.com or email denisa.tova@gazette.com.

Posted in: Financial Planning for 20 and 30 year olds | Post a Comment »

Money Doesn’t Have to Be the Root of a Failed Marriage

February 28th, 2011, 8:08 am by dtova

Financial disagreements can take a toll on marriage. As a divorce financial analyst and a certified financial planner, I am in a unique position to see both sides of the argument. I work with people when they decide to divorce, and I also work with couples who want to address their financial issues and prevent blow-ups in the future.

If you feel like money is at the root of your relationship problems, try these tips:

1) Set some ground rules. Don’t let money talks end in shouting matches.

Devote a few minutes of uninterrupted time to discuss money each month.
Agree to be fully present during these conversations.
Agree to disagree.
Talk about your needs rather than blame your partner.

2) Bring transparency into the relationship. There is often a feeling that the partner is not contributing their fair share or divulging all of their finances. This can lead to a sense of distrust and despair.

Create a transparent financial picture. It can be as simple as sitting down and listing all of your expenses, income, debts and assets. Once you know how much money you have and where it is, make a joint plan to contribute toward your common goals.

I can’t count how many times I have done this simple exercise with couples. It’s amazing how — even in long-term relationships — one partner is surprised to learn that the other has an old pension or a 401(k) plan.

3) Find common ground. Remember that you each bring a unique attitude about money to the relationship. You will need to honor both of your needs. For example, you may have a need for financial independence. A compromise could be to put money into a joint bank account for household bills. Then, each partner pays their own personal expenses from a different account. This way, you are both contributing toward your joint goals and at the same time maintaining a sense of financial independence.

Here’s how it might look:

Household Bills $4,000/mo

(mortgage, groceries, medical expenses)

His expenses $325/mo

(gym membership, clothes, golfing)

Her expenses $350/mo

(personal care, clothes, wellness)

4) Discuss how to handle existing debt in a new relationship. It is not uncommon, especially in second marriages, to bring existing debt into a new relationship. This is something couples should discuss immediately.

Student loans are a classic example. Next to a mortgage, student loans are typically the biggest chunk of household debt.

Let’s say Sheila has a lot of student loans. She has been chipping away at the balance for years without seeing much of a dent. Sheila is in a serious relationship with Jack, and they are considering expanding their family. It will be important for them to discuss in advance how to handle the student loan debt while Sheila is on maternity leave or stays at home even longer with their child. Jack will have to pick up the payments and may have to put his lifelong dream of starting a business on hold. Sheila and Jack need to have a good discussion now about how they will coordinate existing financial obligations with career and family plans.

Money really doesn’t have to be the root of a failed marriage. With a little planning and a lot of transparency you can make your financial story part of the overall story of success in your partnership.

Posted in: Divorce • Money & Marriage | Post a Comment »

Splitting the house in divorce

February 21st, 2011, 7:30 am by dtova

Question: We are in the middle of a divorce and I am trying to decide if I should keep the house. How do I decide? If my husband keeps the home, will I be able to qualify to buy a home in the future?

—Janet V., Colorado Springs

Answer: Let’s break this down into two parts: keeping the home or buying a new one.

The first thing to consider if you want to keep the house is whether or not you can afford it. If you are both currently on the mortgage, you will have to refinance the loan in your name. So your first homework assignment is to contact a mortgage planner and find out if you qualify to refinance the house.

The lender will look at your credit score and your income. If you expect to receive child support and spousal support, these are also considered sources of income for qualifying purposes. But you will have to show to the lender that you have received three or more month’s worth of payments (many now ask for 12 months) and that this income will continue for at least three years.

Let’s assume that you qualify to refinance the loan in your name. You are halfway there. Once you find out your new house payment, you will need to add to it utilities, repairs, cost of upkeep and other related expenses. Do you really want a home of this size? Do you intend to keep it for awhile?

Once you come up with a fairly good estimate of the total monthly cost of your home, plug that number into your post-divorce budget. Remember, child support and spousal maintenance will not last forever; they are only temporary sources of income. Make a plan now for how you will replace this income in the future.

If you are unable to refinance the loan in your name right away and your spouse agrees to stay on the mortgage, he should know that he will be equally responsible for the loan until you are able to refinance. In other words, if you experience hardship down the road and your home goes into foreclosure, your spouse takes the hit along with you. Same deal if the roles are reversed and he keeps the house but your name remains on the mortgage.

Now to the second part: whether or not you will qualify to buy a home after divorce. This assumes that your husband received the marital home in the settlement or you sold it and split the proceeds.

Again, it all boils down to the health of your credit score and the size of your income.

I often see bruised credit scores, limited income and wiped-out savings as a result of a breakup. I advise folks not to rush into any major investments or purchases for at least six months to a year after divorce. That will give them time to rebuild credit scores and improve their financial situation.

Divorce is never a financial slam-dunk. Each circumstance carries its own unique challenges that can be tricky to navigate successfully. Consult a financial professional specializing in divorce or a family law attorney to make sure you come out of this with your head above water.

Posted in: Divorce • dividing your home in divorce | Post a Comment »

Severance Package—Take It or Leave It?

November 15th, 2010, 6:51 am by dtova

Question: After 22 years with the same company, my employer offered me an early buyout if I leave my job today. What do I need to look at to see if I should take their offer or stay with my company? I am not near retirement age yet.

—David T., Woodland Park

Answer: Taking a buyout is a big decision that incorporates a number of variables.

First off, your boss is not required by law to offer severance pay. This is an optional move on their part and certainly a better alternative than a sudden lay off. But read the fine print.

Secondly, severance pay is typically based on the length of your employment (which is good news for you, David). Weigh the financial impact of taking the offer versus staying at your job with an uncertain future.

Ask yourself these questions:

How will taking the deal impact my cash flow, especially if I have to sign a non-compete agreement?
Do I have a large enough cash reserve to replace my income if my severance runs out before I find a new job?

If my company gives me the choice of receiving one lump sum or installment payments over a period of time, which one is best for me?

If the financial health of your company is shaky, taking the money up front may be your safest bet. (That is if you don’t blow through the dough too quickly.)

Collecting your severance in monthly installments may also have an impact on your eligibility for unemployment benefits. You will generally qualify for unemployment benefits, but you may have to wait to collect until after you have used up your severance, or your benefits may be reduced.

Your severance pay can include an opportunity to cash in your vacation pay to sweeten the deal. Find out if this is an option.

What about medical insurance? The federal law COBRA allows you to stay with your current medical insurance plan for a period of time, but the premiums are typically high. Unless your severance package covers these premiums, you are probably better off getting your own health insurance plan. Make sure there is no gap between your old and new health insurance plans. If you allow too much time to lapse, it could be extremely costly to get new coverage if you develop a medical condition in the interim.

Don’t forget to ask for a positive letter of recommendation. This slips the minds of many good employees who grab the deal and run.

Obviously, you can’t predict your future with any employer. Consider negotiating a separation agreement before you accept your next position. It will spare you future anxiety.

How much leverage do you have when negotiating a severance package? Can you ask for a less restrictive non-compete agreement or a deferred separation date to become fully vested in your retirement plan? Consult with an attorney who is versed in employment law to get the best answers for your situation.

Mystified by money? Ask Denisa and improve your financial literacy. Denisa Tova MBA, CFP®, CDFA is a Colorado Springs-based Certified Financial Planner and CEO of DaVinci Financial Planning. Submit financial questions to her at denisa.tova@gazette.com.

Posted in: Job Loss • Life Cycle Planning • severance package; job loss | Post a Comment »

Phase 2: Financial Planning for Retirement

August 23rd, 2010, 9:35 am by dtova

QUESTION: I’m 55 years old and starting to think hard about retirement. How much money does it take to retire? I hear you need about 70 to 80 percent of your current work income to enjoy the same lifestyle in retirement.

— Dawn P., Monument

ANSWER: Thanks for leading us into the second phase of our life cycle planning series, Dawn. (Last week we covered financial planning in your 20s and 30s.)

By now, you should be in a habit of making regular contributions to your retirement. Those contributions are ideally 20 percent of your monthly income.

Dawn, you mentioned that you heard a rule of thumb of shooting for 70 to 80 percent of your current income to enjoy a comfortable retirement. I’ll be honest, I’m not a big fan of rules of thumb. Why? Because finance isn’t one size fits all. Let me give you a few examples:

Bill and Kathleen will only have to replace 50 percent of their current income at retirement. How did they manage that? They plan to trade their big home for a condo and cut back on living expenses.

Linda and Rick, on the other hand, want to travel the world when they retire. They are saving a little more each month to make their dreams come true.

Jake decided to retire in Panama City. He will enjoy a comfortable lifestyle with a much smaller price tag than he pays now. Therefore, Jake can adjust his monthly contribution percentage down a bit.

As you can see, it is very different for everyone. I suggest you envision the retirement you want first. Will you continue to work but reduce your hours? Will you simplify your lifestyle or do you plan to get more extravagant in old age?

Then, prepare a retirement budget. Write down what expenses you will get rid of or reduce and what expenses will be added or increased. A typical life cycle expense curve starts out a little high, then dips lower in the middle of your life, and then increases again as health issues require more attention.

Next, ask your financial planner to run a retirement projection. This will show you if you need to ramp up your savings to meet your goal. Your 40s and 50s is prime time to sock away as much as you can and maximize your contributions to your retirement accounts. In 2010, after age 50, you can also put an extra $5,500 into your 401(k) and $1,000 into your IRA.

If your funding goal seems impossible right now, bump up your savings percentage gradually every six months until you reach the max.

The Insured Retirement Institute has developed a retirement pyramid that suggests an ideal way to position your retirement funds. It includes a healthy mix of the following:

• Guaranteed income (Social Security, pension, annuity)

• Long-term assets (401(k), 403(b), IRAs)

• Insurance (life, health, long-term care, Medicare)

• Investments (CDs, bonds, stocks, funds)

We have all learned a valuable lesson from this recession: Create a flexible financial plan. Don’t put your vision of retirement at risk. Make sure you have a secure Plan B in addition to your perfect-world plan.

Posted in: Financial Planning for 40 and 50 year olds • Life Cycle Planning • Retirement Planning • Retirement Planning • retirement plans | Post a Comment »

Phase I: Financial Planning in your 20s and 30s

August 16th, 2010, 8:34 am by dtova

Are you sick of hearing older and “wiser” people harping on you about having a financial plan? You’re in your 20s and 30s and the world is your oyster. Why spoil all the fun already? It’s too early to turn into your parents, right?

Well, maybe it is time to take a look at financial planning (before you don’t have any finances left to plan).

I receive lots of questions from readers asking about what should be addressed in a financial plan. The reality is the financial plan of a 20-year-old looks nothing like one for a 50-year-old. Each life phase presents unique challenges.

So for you 20-somethings out there, no, you don’t have to turn into your parents yet. And I’m not suggesting that you start picking out your retirement home right now. But let’s talk about what you do need to do to create a successful, worry-free financial life:

• Set up an automatic monthly contribution to your 401(k), Roth IRA, or a simple mutual fund. Listen to famous inventor and TV personality Ron Popeil: “Set it and forget it!”

• Track your expenses. Well, duh! Why are a majority of Americans in the hole each month? They don’t have a clue about their monthly expenses. You’re an adult now. Find out where your money goes.

• Build up an emergency fund. You’ll be happy you did it when the transmission falls out of your car.

• Be smart with credit cards. It’s OK to have a couple. Just pay off the balances each month.

• Get a will and power of attorney. I know, I know, you’re young. Why the doomsday advice? Don’t dwell on it; just do it. A will and power of attorney will designate someone you trust to make medical and financial decisions on your behalf if you are incapacitated.

• If you have a family or are planning to start one, purchase life insurance and start contributing toward your children’s college education. If you start now, you won’t be terrified when that cutie in the high chair tells you she wants to go to Harvard in a few years.

What exactly does a financial plan do? It’s a road map that spells out your goals and how you will get there.

Maggie is 25. She wants to 1) buy a house in two years, 2) pay off her student loan in 10 years, and 3) start saving for retirement. In her plan, Maggie will focus on the right balance between building savings and managing expenses and debt.

A financial plan is also a live document that is updated regularly — especially as your life circumstances change. If you don’t have one, make one now. If you do have one, dust it off and make sure it still matches your goals. Follow the road map you set up and watch your finances bloom and your worries drop off.

NEXT WEEK: 40- and 50-year-olds and their financial plans.

Posted in: Financial Planning for 20 and 30 year olds • Life Cycle Planning • financial planning for your 20s and 30s | Post a Comment »