Simplicity Digital Advisor
HENRYs (High Earners Not Rich Yet) with Limited Wealth-Building Potential- Are You One of Them?
The term HENRY (High Earners Not Rich Yet) refers to individuals who have the potential to become wealthy in the future because of their income. These individuals or families earn between $250,000 and $500,000 per year and are between 25 and 45 years of age (Gen Z, Millennials, and Gen X). Despite their income, after paying their living costs, taxes, and other expenditures, HENRYs have little left over to save and invest for their retirement. HENRYs are a demographic that politicians consider being ‘rich,’ referring to them as the wealthiest Americans during the 2008 elections. However, there’s more to the HENRY story.
Is Retirement Really About Numbers?
For some people, retirement is all about the numbers, the age you plan to retire, how much money you need, and so forth. We have built our planning processes in financial services based on numbers and algorithms in financial planning software to help us contrive a numeral or group of numbers that are uniquely yours. But is retirement really about numbers?
Financial Planning and Living Globally
The past 100 years have seen changes in how people plan for their financial futures and how they live. Borders no longer restrict people from living in one country; their profession often takes them to parts of the world they never anticipated. Today, it’s not uncommon for a family to live part-time in one country. Or become citizens of another country to work or have a business there. Living globally is a lifestyle that many high net worth families, and others, are choosing. Financial planning and living globally what are the risks?
Back To School Financial Guide For 2019
In a recent study conducted by the ‘National Retail Federation and Prosper Insights and Analytics’, it was found that the average American family will spend just south of $700 for back-to-school costs in 2019. Is your child soon to be a college student? The same survey reported you should be ready to spend a little less than $1,000 alone for start-up school supplies. While this cost seems large, it’s just a part of your financial portfolio. Back-to-school time is not only a great time to plan a scholastic budget, but also reviewing and reassessing your financial plan.
13 Ways to Teach Kids About Money
When my oldest son was four years old, he asked my wife to buy him a book. She told him “no” because she didn’t have any money with her. In his sweet preschool voice, he declared, “Go to your bank, Mommy. It gives you any money you want!” After sharing a laugh at the anecdote with my wife, I began to realize that in the depths of raising three children under four, we had not started addressing money. This was concerning to me because I’d read a study by the University of Cambridge which stated that money habits in children are formed by age seven – that was just a few short years away.
Is Your Life Insurance Valid if You Die While Traveling Abroad?
Traveling abroad or living abroad is a new normal for many people, but what happens if the traveler dies while off U.S. soil? Will the life insurance be valid and payout to beneficiaries? Not all life insurance companies view travel outside of the U.S. the same and may not pay out benefits.
A Debt Reduction Plan for 2020
Being debt-free is possible for everyone, regardless of income. Learning to manage our debt and spending habits and then focus on saving can be life-changing and positively affect your net worth. Net worth calculates by subtracting your liabilities (debt owed) from your assets (not financed). Both individuals and companies can calculate net worth. It is an accurate determination of how much someone, or something, is worth. In this article, we discuss how you can create a debt reduction plan for 2020.
Do What You Love, Love What You Do
My story of how I ended up where I am is unique, a little scary, and can be eye-opening. As it did for many others as well, September 11, 2001, forever changed my life. That morning I was attending an industry training when the World Trade Center was attacked, and thankfully, I escaped the 61st floor of the South Tower. That event gave me the first-hand experience that life is too short, and I vowed to myself that I would never settle. Living and loving life to the fullest, both personally and professionally, is vital to me.
Why Your Advisor Is Talking to You about Fixed-Indexed Annuities
Once thought of as a single retirement funding source, fixed-indexed annuities are becoming part of a retirement strategy. Not only for pre-retirees and those in retirement. Why? First, the reality of Social Security retirement is at risk. As well as the reduction of benefits is a concern as our population ages. Secondly, fixed-income annuities provide an income stream in retirement that you can’t outlive.
The Wealth Mindset
What is Wealth?
The Merriam-Webster Dictionary defines wealth as “an abundance of valuable material, possessions, or resources.” If you glance through social media or turn on the television, you will see this definition epitomized – people driving flashy cars, taking exotic vacations, wearing designer clothes, living in colossal homes, and eating exquisite meals. We are saturated with images of what it means to be wealthy, but is that the only kind of wealth?
