More Americans than you might expect are living from one payday to the next. Some are struggling on low wages, others earn six figures and still feel fragile.
The good news: while the problem is widespread and driven by real economic forces, there are clear, practical steps people can take to build stability. Below I share recent statistics that reveal the scale of the problem, explain the main causes, and offer access to a plan you can start using today if you need help breaking this cycle.
Healthcare is one of the single biggest — and fastest-rising — lifetime expenses for most Americans. The exact number depends on your age, health, location, and the benefits you carry, but the total estimated lifetime healthcare costs may surprise (or even shock) you.
Concerningly, many Americans don’t have a clear picture of their potential healthcare costs while working and during retirement, or how to estimate these fast-growing living costs for planning purposes.
For example, a 25-year-old could pay anywhere from $400K+ to ~$1.5M for healthcare over their lifetime depending on personal decisions, medical needs, insurance coverage, and inflation rates.
Does your financial plan include annual estimates for healthcare costs with projected inflation?
Below I’ll sketch projected lifetime (or remaining lifetime) healthcare costs, and explain why tracking and managing these costs over time is crucial for your financial stability and well-being.
Continue reading “Are you prepared for growing healthcare costs?”If you are a regular reader of my blog, then you may have noticed that I usually add an “information brief” to supplement content in the post.
In this short post, I’ll explain more about this popular content format and where you can find these briefs on my website.
ATMs were once a symbol of banking convenience, but today they’ve become a hidden drain on many consumers’ wallets. According to Bankrate’s 2025 checking account survey, the average out-of-network ATM fee is now $4.86 per transaction, the highest on record. In some large cities, fees are nearly $6.
If you withdraw cash often, that’s not pocket change—it’s a recurring cost that adds up fast.
To learn more about the true cost of ATM fees and how you can avoid these costs, please read on.
Continue reading “How to avoid the rising cost of ATM fees”So, you’ve got a tidy sum of money – maybe an inheritance, a generous bonus, or years of careful saving – and now you’re faced with a classic investment dilemma: Do you invest it all at once (lump-sum) or spread your investments out over time (cost- averaging*)?
Both strategies have pros and cons, and understanding them can help you make an informed decision for your financial future. If you are interested in learning more about these investment methods, please read on.
Continue reading “Lump-sum vs. Cost-averaging: Which investment strategy is right for you?”The digital landscape is a minefield of scams and attacks, and a recent report from the Pew Research Center, highlights just how widespread this issue has become in the U.S. The report, titled “Online Scams and Attacks in America Today,” reveals that a staggering 73% of U.S. adults have been a victim of some form of online fraud.
With high heat and humidity blanketing NJ this summer, our AC is working overtime to keep us cool.
The cost of staying cool (and warm) continues to rise with prices for residential energy services forecasted to continue outpacing overall inflation in the US.
To control these rapidly growing costs, many renters and homeowners have turned to energy efficient methods ranging from simple habit changes to significant home upgrades.
If you are interested in learning more about energy costs and how to lower your monthly bill to reduce your energy burden, then please read on.
Continue reading “How to lower your rising energy bills”Are you maximizing your short-term savings return?
If your answer is “I don’t know” or “probably not,” then read this post to find out how to make ‘easy’ money simply by moving shorter-term savings to higher yielding accounts.
Whether you’re saving for an emergency fund or a vacation, improving the return on your savings accounts will help you reach your goals faster.
The difference between leaving cash in a traditional bank or brokerage savings account and investing it in a high-yield savings account can be worth thousands of dollars. Opening and moving money between savings accounts has never been easier, so chasing short-term yields online can be done with a few ‘clicks’.
And with annual inflation currently around 2.4% in the U.S., a short-term savings account yielding over 3% (assuming 20% tax rate) may even increase your purchasing power.
Read on to learn more about maximizing your short-term savings rate and where to find the best accounts.
Continue reading “How to maximize your return on savings to reach financial goals faster”Our second child just graduated college, and will be starting a new job soon. This is a pivotal time in her life and ours. Like many parents with college students, we have been paying for most of her living costs for past 22 years.
For the last few years, we have been easing her into self-funding her life by transitioning specific discretionary expenses to her, like clothing and eating out. Now that she has graduated and working full-time, the transition will expand to all subsidized expenses.
If you are also in the process of helping guide your child toward financial independence, then you may benefit from a worksheet application we deployed with our children when they started working full-time.
Using this worksheet, called Financial Independence Transition (FIT), can help you and your child get on the ‘same page’ about their financial future. Specifically, what they will be expected to pay for and when. Following a transparent and structured approach, like FIT, will also improve your relationship by reducing the chances of misunderstandings and disagreements about money, now and in the future.
To learn more about FIT, please read on.
Continue reading “How to stop financially subsidizing your adult children”As a young adult, you’re at the early stages of your financial journey through life. You may be thinking about saving for a down payment, paying off student loans, or maybe even planning that dream vacation.
But how do you know if you’re truly on track? This is where personal finance ratios come in – they’re like your financial GPS, giving you a quick snapshot of your financial health and helping you make informed decisions.
There are 5 essential ratios that you should know, and track regularly over time. These ratios give you a well-rounded view of your financial stability and highlight areas for improvement, such as reducing debt, increasing savings, or building investments. If you are already following your money, then calculating these ratios on a regular bases will be straightforward.
To learn more about the 5 personal finance ratios and how to calculate, please read on.
Continue reading “Am I on track? Use these 5 personal finance ratios to find out”