Together Budget

Retirement Planning Without Children Requires Prioritizing Long-Term Care and Estate Strategies As we age, our priorities often shift from saving for our children's education or family expenses to planning for our own retirement and long-term care. For those without children, the need to prioritize long-term care and estate strategies becomes even more pressing. The Unique Challenges of Retirement Planning Without Children Retirees without children may face unique challenges when it comes to managing their finances in old age. Without dependents to support, the motivation to continue working and earning income may be lower. Additionally, retirees without children often have fewer responsibilities and less financial stress than those with family obligations. However, this doesn't mean that retirement planning is any easier for those without children. In fact, it can be even more complex. Without a built-in support system or inheritors, retirees must rely on their own savings and...

Bluespring Adds $600M Pittsburgh RIA Coghill Investment Strategies: What Does it Mean for Your Finances? The financial industry is constantly evolving, and recent news has brought to light a significant development that may impact your personal finances. Bluespring has acquired Coghill Investment Strategies, a prominent registered investment advisor (RIA) in Pittsburgh with over $600 million in assets under management. What does this acquisition mean for the financial landscape? The addition of Coghill Investment Strategies to Bluespring's portfolio is likely to have far-reaching implications: Consolidation and growth : With more assets under management, Bluespring will be able to expand its services, potentially increasing efficiency and reducing costs. Market influence : The combined entity may wield significant market power, influencing investment trends and strategies. Client benefits : As a result of increased scale and resources, clients may benefit from improved investment o...

The Future of RIA Succession Plans: How ESOPs and 1042 Rollovers are Changing the Game As Registered Investment Advisors (RIAs) continue to grow in popularity, one pressing issue has come to the forefront: succession planning. With more advisors nearing retirement age, it's essential for them to have a clear plan in place to ensure their firms' continuation. Two strategies gaining traction in this space are Employee Stock Ownership Plans (ESOPs) and 1042 rollovers. The ESOP Solution An ESOP allows an RIA to transfer ownership of the firm to its employees, typically through a trust that buys out the owner's shares. This approach provides several benefits: Tax advantages : The sale of the RIA is tax-free for the seller. Retirement planning : Employees become co-owners, ensuring their retirement security and potentially providing a steady income stream. Succession planning : A clear succession plan is in place, with employees taking over leadership roles. To make an ESOP work,...

PGIM India Asset Management Draws Interest from Groww and Edelweiss The Indian asset management industry is witnessing a surge in interest, with PGIM India Asset Management being one of the latest players to attract attention. The company has reportedly drawn interest from prominent fintech companies like Groww and Edelweiss, signaling a significant development in the sector. What does this mean for investors? The growing interest in PGIM India Asset Management is a testament to the increasing demand for quality investment products in the Indian market. As more investors look to diversify their portfolios and navigate the complexities of the financial landscape, companies like PGIM India Asset Management are well-positioned to capitalize on this trend. However, with so many options available, it can be challenging for individual investors to make informed decisions about their investments. This is where a robust personal finance management tool comes into play. The importance of smart ...

The Dark Side of Side Hustles Have you ever worked on a side hustle, only to feel like you're burning out? I know I have. As someone who's been in this position, I've come to realize that the extra money can be great, but it comes with its own set of challenges. The Financial Benefits Let's face it: making over $30,000 from side hustles is a significant accomplishment. The extra income can provide a sense of financial security and freedom. You might be able to pay off debt faster, save more for retirement, or even invest in a business venture. However, as I'll discuss below, there are also potential downsides to consider. The Hidden Costs When you're working on a side hustle, it's easy to get caught up in the excitement of earning extra money. But have you stopped to think about the hidden costs involved? Time: Side hustles often require long hours, which can leave you feeling exhausted and burnt out. Energy: Working on a side hustle can be mentally draining...

Cutting Back on Frivolous Expenses: Does it Really Save Money? We've all been there - scrolling through social media, seeing friends enjoying a fancy coffee or a late-night meal delivery, and thinking to ourselves, "Maybe I should cut back on those expenses too." But does cutting out the occasional Starbucks or DoorDash order really make a significant impact on our finances? We asked experts for their take. The Myth of Frugal Living Cutting back on what some call "frivolous" expenses has become a popular mantra in personal finance circles. The idea is that by eliminating small indulgences, we can save hundreds or even thousands of dollars over time. But do these savings really add up? According to TogetherBudget , a tool that helps people achieve their financial goals through smart budgeting and expense tracking, the answer is complex. The Problem with Average Savings Estimates When it comes to estimating savings from cutting back on frivolous expenses, experts ...