Spring gardening and spring cleaning your finances have a lot in common. They both require a little bit of elbow grease and a lot of patience. And just like planting a garden, it’s important to start with a solid foundation and build from there.
It's easy to get caught up in constantly making financial decisions and trying to do more and be more, but sometimes sticking to your long-term financial strategy, resisting the urge to react to market fluctuations, and taking time to reaffirm your commitments can be just as important as taking action.
You must be prepared for what's coming at you (whether it's the tax deadline in April, rising interest rates affecting your mortgage or unexpected life events) and know how to handle it when it does come up. To do that, you've got to have a plan in place before life sidelines you.
Celebrate the wins you had, write down your successes, and remind yourself of what you have accomplished. In the push to make improvements for the new year, we tend to forget or downplay the strides we made in the past year. Be proud of your wins!
This year has had its ups and downs, but through it all we've stuck together and made some great things happen!
This year, it may seem like it’s a little more difficult to be grateful. But it’s worth it—for your health and your finances—to practice gratitude.
And not to spook you further, but the holidays are just around the corner - and if you're in an office with Scott, Christmas music will be playing tomorrow morning. What can you do so you don’t end up rushing through the holidays? Plan now.
There’s so much excitement and possibility in the air, and of course some nervousness-maybe even anxiety. That particular feeling of not knowing what to expect in September stays with you!
As expected, the Fed bumped up short-term rates again at its July meeting. But the markets breathed a sigh of relief in reaction. Investors believe the Fed is getting a handle on inflation, which may mean slower rate increases.
"I love the passion, and anything that can democratize and get people in I’m happy with,” Hammel said. “But you need to understand that there is a difference between a good product, and a good company. And there’s also a difference between a good company, and getting the company at the right price.”
Here's the Smartest Way to Spend Your $1,400 Stimulus Check - If it Passes!
"Those torn between rebuilding a dwindling or nonexistent savings balance and paying off credit card debt, should shore up their emergency reserve first."
Also ask your CPA what it would take to consider your second home an investment property and what investment types would work for to lower income (oil and gas, opportunity zones the like). “Depending on how much of your income is passive, there may be different investments that would help more than others,” says Hammel.
“We get a lot of questions—every time the price pops,” notes Scott Hammel at Apeiron Planning in Dallas.