In certain situations, a working spouse can contribute to an individual retirement account, or IRA, in the name of a spouse with little to no income. This is called a spousal IRA contribution. But it’s actually a bit more complicated than that, and many people find that they’re ineligible for this strategy. So if you’ve considered making a spousal IRA contribution, read on first to find out if it Continue Reading
How to Have Money Conversations With Your Parents
For some families, money can be a taboo, complicated or uncomfortable topic to bring up. But it’s also necessary to talk about, especially as your parents hit retirement age and beyond. The more you open that line of communication, the better prepared your family will be to approach changes and challenges as they come up. Why talk about money at all? Talking about finances as your parents get Continue Reading
Should You Invest in Cryptocurrency?
There has been a lot of buzz about cryptocurrency recently, particularly over the past year. Some people consider it a scam, and others think it’s a golden opportunity. If you’re curious about cryptocurrency, it’s important that you know the facts before you invest. Let’s break down what cryptocurrency is, and how to know if it’s a good option for your portfolio: Cryptocurrency: What it Continue Reading
Home Renovations: Which Projects are Worth the Investment?
Home renovations can be an exciting part of homeownership - and in many cases, they can be a good investment. Making strategic home improvement decisions can help increase your home’s resale value, save you money on heating and cooling, and improve your quality of life. That being said, there are some projects that can end up being colossal money pits, and might even make it harder to sell your Continue Reading
Dependent Care FSA Changes: Open Enrollment 2021
Open enrollment season is here again, which means it’s your chance to review and renew your health care benefits. This year, there is one area where you will find some pretty significant changes: the Dependent Care Flexible Spending Account, or DCFSA. Dependent Care FSA: What’s New If your employer offers a Dependent Care FSA option, it’s going to look different this year. The Dependent Care Continue Reading
Life Insurance: Do You Have the Right Coverage?
Life insurance can be confusing, misleading or flat-out intimidating for a lot of people. It’s no wonder that only about 54 percent of Americans have some kind of life insurance coverage. Open enrollment kicks off in the fall for most companies, so now is the perfect time to evaluate your life insurance status, and make sure you have the coverage you need. What is Life Insurance? Life insurance Continue Reading
Common Estate Planning Roadblocks and How to Work Through Them
For the most part, people agree that estate planning is important and necessary. After all, if you don’t specify what happens to your money, your assets, and even your children after you die, someone else will. Unfortunately, many people die without having an estate plan in place. According to Gallup, a little more than half of Americans die without having a living will. And more than 70% of Continue Reading
Celebrating Seven Years of Your Richest Life!
It’s been seven years since I launched Your Richest Life, and it has been quite a journey! This past year was a big one. There were changes and hurdles for my clients due to the pandemic, and we all dealt with things we didn’t anticipate. Like many working mothers of dual-income households, the sudden change to virtual school at home for the spring of 2020 and the entire school year of Continue Reading
4 Money Lessons from the Pandemic
When COVID-19 was first declared a pandemic, the word “unprecedented” was thrown around a lot. It means unexpected, or never done before. And that’s exactly how it felt, and in many ways, still feels. It seemed totally unlikely in our modern world. And yet, it happened. For many people, their finances in particular were not prepared for a pandemic. It showed people just how unprepared they were Continue Reading
Can You Afford that Home Renovation Project?
All that time at home over the past year has made a lot of us eager for a change of scenery, which has resulted in many, many home renovation projects. By now, I think we’re all familiar with the allure of a fresh coat of paint or a new countertop after being stuck in the same place for so long. But before you buy supplies or look up contractors, don’t forget to consider your budget and financial Continue Reading
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