Top 3 reasons you need to do some estate planning Even if you don't think you have an estate, think again. An estate is simply the totality of an individual's ownership of money, real estate and personal property. These are just a few of the reasons that people are confused and are asking, "Do I need to do estate planning"? In essence, an estate plan establishes your wishes for the transfer of your money and property and the care of your children in the event of your death. As discussed in our blog post 4 Tips for Making Estate Planning Easier, an estate plan provides legal clarity. A well-rounded estate plan includes a will, named executor, power of attorney, a full list of assets and accounts and other financial details. Here are the top 3 reasons you need one. 1. Avoid unnecessary expenses and hassles Though there are no inheritance...
A common scenario. Two teachers meet, fall in love, marry and start a family. Part of the bond between them is they have summers off. Also, they understand one another, including their financial situation with regards to things like income, savings, retirement planning and benefits. It's all good, right? Well, no, not necessarily. If you both have a blind spot with regards to your financial situation, it will be compounded. For example, many educators don't pay as much attention to their savings, retirement planning and insurance coverage as they should because they mistakenly believe their pension and benefits package will cover everything. On top of all the other insurance you have, such as life insurance, it is also important to consider public liability insurance. If you need public liability insurance why not visit constructaquote.com? Here are the five W's of insurance, and what educators need to know about life insurance....
As an Educator or parent, you are in a position to help kids learn Financial Literacy from an early age. Knowing how to manage money is a key skill that everyone needs as they grow up. Following are some key concepts about money, including the concept of money itself. Money What is money? What does it mean to buy something? The two most essential money skills are simply identifying money and knowing how to make change. But it's also helpful if kids understand the concept of money and where it came from. Money has probably been around as a medium of exchange for 3,000 years. Shells, beads, salt and cereal grains have all been used as money. The first coins were made by the Chinese in about 1,000 B.C. and the first official coins were minted in Lydia (now western Turkey) in 600 B.C. Before that, and also alongside it,...
Most of us never think deeply about retirement planning. We may occasionally spend time crunching the numbers, to see if we're on track financially. But ensuring you can afford your retirement should be only one of your concerns. It also helps to think about what you want to do and who you want to be. We have all heard stories about people who didn't know what to do after they retired. This can lead to depression and sometimes even more dire consequences. Don't let this be you. Take some time and start thinking about, and planning, your retirement. These steps can help. Picture your retirement. Knowing what your ideal retirement looks like will help you prepare mentally and financially. If you know you want to buy a summer home, for example, you will need the save the funds and prepare to be away for part of the year. You can...
