Author: Thomas Callaway

Financial Mistakes to Avoid When You Have Money in The Bank

Even people who are financially secure can fall into money traps that put their future at risk, or miss out on opportunities to further strengthen their financial position. Here are several common mistakes made by financially accomplished people — along with a few tips to counteract them. Overspending. You’ve worked hard to get where you are. Don’t abandon the budgeting strategies that helped you come this far. Give your discretionary fund a boost if you must, but continue to keep an eye on what you spend each month. You can easily fall behind in your financial goals by consistently...

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Keeping Stock Market Performance in Perspective

The stock market has enjoyed an extended period of strong performance that dates back to the end of the last bear market in early 2009. While stock market performance can be measured in a myriad of ways, it’s the Dow Jones Industrial Average that has surpassed several one thousand point milestones so far in 2017: The Dow first topped the 20,000 mark on January 25, before passing the 21,000 level just over a month later. Then in early August, it broke through the 22,000 mark. As August ended, the seemingly smooth sailing market rally hit a few bumps. While...

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Financial Planning for Adult Children with Special Needs

If you’re a parent of a child with special needs, you’ve likely dedicated much of your life to researching, providing and advocating for the best care for your child. So naturally, you may worry about what will happen when you are no longer able to supervise your child’s care due to declining health, illness or death. Fortunately, there are steps you can take to help ensure your child has sufficient financial resources along with a dedicated support system. Here are six areas to help protect your child’s future. Include your child in the process. To the extent you’re able...

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Make Sure Your Business is Properly Protected

If you are starting or operating a small business, you know the importance of maintaining its financial stability. Everything from managing cash flow to keeping current with tax liabilities is crucial. Another key contributor to the firm’s financial strength is ensuring your business is protected against risks. While unexpected situations may occur, you can explore insurance options to limit the impact that an unplanned event could have on your most important assets. Start by understanding your current policies, and identify areas where you and your business may be exposed to risk. The following list includes types of insurance you...

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Putting Your Financial Affairs in Order After the Loss of a Spouse

The passing of a spouse can take a heavy emotional toll on anyone. Especially early on, newly bereaved widows or widowers may find it difficult to get through each day, much less focus on items that involve paperwork and investments. But, while everyone grieves differently and on their own timetable, it is important for those who’ve suffered the loss of a spouse to get their financial affairs in order – and the sooner, the better. Breaking it into smaller tasks can make the process feel less daunting. If you or someone you know are looking for guidance on organizing...

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