My family may be a lot like your family. We have a doctor, nurse, lawyer, therapist, professor, corporate executive, electrician, engineer, project manager, consultant, public employee, designer, and many more across the occupational spectrum. I wrote this article so that it applies equally to all of them.
A bit of background: During our family reunion this year, which we held in the beautiful Outer Banks of North Carolina, I was asked to provide some financial planning advice to our family of 35. Unfortunately, this never happened given we were all intent on other activities. Had I had a chance to replay the week, here is a list of 10 items I would consider as financial hacks of sorts that presumes one is already doing the obvious to prepare for retirement:
Last Friday, Equifax, one of the major credit reporting bureaus, issued a press release announcing that on July 29 it had discovered "unauthorized access" to data belonging to as many as 143 million U.S. consumers. We have compiled some information that we hope may help you understand what happened and what to do next.
Do you know what happens when you die? I’m not asking in a spiritual or physical sense. I’m asking about what happens from an estate planning perspective. Do you know what impact your death has to the financial and developmental well-being of your children? What if both you and your spouse die at the same time? What about your house? Your car? The things in your closet? Your financial accounts? Who makes these decisions and who receives your assets are important to anticipate.