Finances

When Is It Time to Cut Your Kids Off From Your Finances?

Deciding when to let your children stand on their own can be tough, especially when they’re contending with student loans, underpaying jobs, or sky-high rents. But easing your kid’s entry into adulthood could be undermining your own financial security.

According to a December survey from CreditCards.com, three-quarters of parents are providing financial support for their adult kids.

But at a time when the majority of Americans haven’t socked away nearly enough for retirement—the median retirement savings for all working families in the US is just $5,000, according to the Economic Policy Institute—it makes sense to do a little less for our offspring, so we can think a little more about ourselves.

So, how do you figure out when and how to cut your kids off financially?  Learn more below. 

Don't bother wondering why your friends seem to have nicer homes, cars, and vacations — there's only one measurement that matters

Basing your spending off how your friends spend their money is a huge mistake to make.  Large spenders may also be building crippling debt.  

You won't find a real answer to how you're doing in a Federal Reserve survey or a social media feed.  You will find it by measuring yourself against rules of thumb, refined over decades and endorsed by financial pros  that point the way toward true financial health. 

Start with these:

9 Ways to Build Wealth in Your 50s

Midlife is filled with challenges and opportunities. Yes, you might be in the thick of paying for college, but soon all those other costs that come with kids should be behind you—or so you hope. You're also likely in your peak earning years and when you're making the most is also when you should squirrel away the most.

Some 40% of successful savers—those who built nest eggs equivalent to 10 times pay—did so by saving 15% or more of their incomes for at least 10 years.  Here's how...

The 'Disgusting' Financial Practice Tony Robbins Wants You to Watch Out For

It sounds simple enough: Make an investment adviser put the interests of his or her clients ahead of his own.  But the rollout of the so-called fiduciary rule, approved by the Department of Labor during the Obama administration, continues to be delayed, as it faces fierce opposition from the financial industry.  For author and business strategist Tony Robbins, this lack of regulation around investment advice can be “disgusting.”

Learn more about this disgusting financial practice by clicking the link below.

Tony Robbins’ 10 Tips for Living Rich

If you want to be happy, but you’re having a tough time in life due to personal or financial issues, it’s important to take whatever steps possible — even small ones — to progress and grow.

This best-selling author’s advice has been featured prominently in magazines, digital media and in national televised media. He travels all over the country every month for events to inspire people in their lives and in business. 

Click the link below for some of Tony's top pieces of advice on how to change your mindset in ways that can have a positive impact on your life and your finances.

6 Surprising Money Habits of Millionaires

Most millionaires aren’t driving Lamborghinis and eating caviar. They’re driving reliable used cars and eating mashed potatoes and meatloaf. Millionaires aren’t wealthy because they’re lucky. They’re wealthy because they follow simple money habits year after year. Click below to learn more about Dave Ramsey's 6 Surprising Habits of Millionaires.  

Here’s How Tax Rates and Brackets Will Change in 2016

The IRS just announced its inflation adjustments for next tax year.  The tax rules are changing in 2016.  

Click below to learn how the tax rates and brackets will change.  

What A Fed Rate Hike Means For You

America's first interest rate hike in nearly a decade is here. The rate hike is a small one, but it will affect millions of Americans, including investors, home buyers and savers.

Millions of Americans will be affected as U.S. rates start rising. If you have a credit card or savings account, invest in a 401(k) or in the markets, or want to buy a home or car, now's the time to pay attention.  

10 Things To Do Before Year-end

Now is a good time to get started on some important year-end financial tasks. Wouldn’t you rather enjoy the holidays with family and friends than scramble to meet a December 31 deadline?  

Click on the link below for a list of 10 smart money moves to consider—some that need to be addressed by December 31. Most of them can be accomplished quickly, but the benefits can last a lifetime.

Your Brain Does Really Weird Stuff When It Thinks About Money

Money is an emotional topic, but what's really happening inside our brains when money comes up?  The answer, in short, is a whole lot!   A Harvard Business article explains what your brain looks like while thinking about money. Click below to read the 3 key takeaways.