Inflation has an impact on your money over time, including what you can buy with the dollars you have. Given this, it can be worrisome if high inflation looms on the horizon. Should you stop saving if your funds won’t have as much purchasing power later? Or should you save more than before? As you…
Rising Prices and Investments: A Close Look at How Retirement Accounts Can Be Impacted During Periods of Inflation
Inflation increased by 5 percent from May 2020 to May 2021, as reported by the U.S. Bureau of Labor Statistics. The projected inflation for the coming year sits at 2.26 percent. Still, those saving for retirement and considering their future are frequently feeling nervous. Perhaps rightly so. “While a moderate and consistent degree of inflation…
How Can I Stop Living Paycheck to Paycheck?
Dear Carrie: I’m a single mom with a decent income, but I’m always living paycheck to paycheck. How can I break that cycle and start to save, not only for an emergency but also for my bigger goals like retirement and maybe even a home?—A Reader Dear Reader: Living paycheck to paycheck isn’t uncommon these…
How to Teach Your Kids About Money
If you guys have been hearing the term “financial literacy” a lot, there’s a good reason—it’s one of the most important money-related topics! And that’s why April has been named Financial Literacy Month. I’m a huge believer in financial literacy for everyone, but this stuff is especially important if you have kids who are in…
What Farmers Can Teach Us About Finances
April 7, 2021
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Dear Readers: In the fast-paced financial world we live in, with its focus on trading trends, online platforms, and market movements, it’s easy to get lost in the weeds and lose sight of the grounding principles of managing money that are essential to long-term success. So with spring in the air and buds on the…
Not Really an Emergency
Dear Dave, My husband and I are close to having our home paid off and being completely debt-free. Can we dip into our emergency fund to pay off the house? Enid Dear Enid, I’m not sure I’d recommend doing this. I might think about it if your emergency fund is way too big, plus you have a very small amount…
You May Already Have Some
Dear Dave, I started listening to your radio show recently, and I heard you say people should have 10 to 12 times their yearly income in life insurance. I’m single, with no plans to get married. Plus, I don’t have any children. Do I still need a big life insurance policy like that? Kris …
Struggling With Retirement Savings? Uncle Sam May Give You Extra Credit
Dear Carrie: I work for a small nonprofit. I love my job but don’t make a lot of money, so saving for retirement is hard. The company offers a retirement plan that I contribute to, but there’s no match. How can I save more?—A Reader Dear Readers: This is a great question—and a great time…
Limit the Potential for Damage
Dear Dave, My husband started working at a new company about a year ago. As part of his sign on, they gave him $5,000 in company stock. The stock has nearly doubled in value since then, and we were wondering if we should buy more, considering how well it has done. Cathi Dear Cathi,…
The Myth of the Savings Glut
Commentary Many economists point to the “abnormal” rise in savings as a bullish signal that it will drive a stronger recovery and a consumption boom. The figures look impressive. In the United States, JP Morgan estimates $2 trillion in deposits, up from $1 trillion before the pandemic. In the eurozone, Bloomberg Economics estimates an excess…
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