Every day, you’re inundated with information. From social media to texts, phone calls, emails, and news alerts—it’s incredible how much information we process regularly. So, when it comes to handling your finances, it’s natural to think that the information you hear repeatedly is the best advice to follow. After all, plenty of people are making a living sharing financial advice online (we refer to them as “influencers”). Shouldn’t you listen to what they have to say? Well, no… not necessarily. Here are five pieces of popular personal finance advice we can almost guarantee you’ve heard before a ..read more

This season, you may feel overwhelmed with articles and content online about how to level up your finances in the new year – they’re everywhere! Everyone rattles off ideas about different resolutions you can set, how to automate your way to your goals, or different “hacks” to help you double the size of your bank account and retire by 45.  Sound familiar? Here’s the good news: If you’ve been steadily working toward your goals for years, you likely don’t need a total overhaul of your finances.  At Gen Y Planning, one of our core values is: Simple first, Sexy later. That’s why we recom ..read more

As the holiday season approaches, many of us are not only gearing up for festive celebrations but also considering ways to give back to our communities. Charitable giving is a big part of many family financial plans, and when done effectively, it can also allow you to make strategic tax moves at the end of the year. In this blog post, we’ll explore how to decide how much (and when) you should donate, how to incorporate kids into giving, and more. Financial Benefits: Deciding How to Donate It’s important to do a bit of financial planning before making decisions about charitable giving. There ar ..read more

The traditional view of what retirement should be is quickly fading in the rearview mirror as Gen X and Baby Boomers are flipping the script on what your post-career lifestyle can look like. An increasing percentage of pre-retirees are now planning to retire early (at age 62 or earlier), and it’s becoming more common to see people opting for an alternate lifestyle once they do take the retirement plunge. Instead of golfing, boating, or snowbirding, we’re seeing retirees pursue consulting, an encore career, volunteer work, a more robust travel schedule, and so many more options that felt out of ..read more

Open enrollment is just around the corner for many of our clients, so we’re gearing up to help them choose their company benefits. This is one of the ways we save our clients the most money: by revamping their company benefits. Maybe you chose your company benefits a few years ago and haven’t looked at them since. Well, I highly encourage you to pull out that giant booklet and start reading. Warning: this post could save you thousands of dollars. Why? Because many of these benefits are paid for using pre-tax dollars. That means the more you can pay using pre-tax dollars, the lower your tax bra ..read more

Every day, you’re inundated with information. From social media to texts, phone calls, emails, and news alerts—it’s incredible how much information we process regularly. So when it comes to handling your finances, it’s natural to think that the information you hear repeatedly is the best advice to follow.    Right? Well, not quite.   Here are five pieces of popular personal finance advice we can almost guarantee you’ve heard before and why you shouldn’t necessarily take it.    Lesson #1: “Skipping Your Daily Latte Will Make You a Millionaire”  This popular persona ..read more

Nobody likes thinking about the worst-case scenario. Mass layoffs at work, a broken pipe that floods the house, or sudden death in the family are so many ways our lives can change instantly. But just because they’re hard to think about doesn’t mean you shouldn’t consider the possibility of an unexpected event. You owe it to your financial wellness to prepare for the “what ifs” in life.   Being financially prepared for an unexpected event is the difference between draining your 401(k) to cover emergency expenses (never a good idea if you can avoid it) and having the peace of mind that you ..read more

If travel is your priority, no one and nothing should get in the way of you pursuing your dreams. With that in mind, balancing your desire to feel fulfilled today with your need to build a financially secure future is crucial.  Should you cash in your 401(k) to fly to Europe? No, definitely not. But if travel is essential to you, you can prioritize your discretionary dollars to align with your greater goal.  Is Now the Right Time? Before diving into the details, pause and consider if now is the right time for you to get out of the office and travel. What’s your “why” behind the decis ..read more

You’ve probably heard the phrase “financial independence” thrown around a time or two — but have you ever stopped to consider what it really means? As you work hard building your savings and growing your net worth, it may be worthwhile to consider what you need to do in order to achieve your own version of financial independence.   Here’s a look at how the industry has traditionally defined this popular phrase and how you can use it to create your short- and long-term goals.    The Most Well-Known Meaning of “Financial Independence” Throughout the industry, most financial profes ..read more

When you think of people who use financial advisors, you may not consider yourself the right demographic. But it may surprise you that plenty of advisors cater to people who aren’t retired millionaires. There are plenty of reasons for younger people to engage with a financial advisor well before retirement age.   If you’re wondering if it’s the right time to speak with a professional about your financial life, here are five telltale signs you might benefit from working with an advisor now.   Sign #1: You Need Help Setting Personal and Financial Goals It’s hard to get somewhere if you ..read more