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Archive of Rich Best - Weekly Financial Tip
- When Is It OK to Dip into Your Emergency Fund?
An emergency fund is for unexpected, essential, and urgent expenses—like job loss or car repairs—not for planned or non-critical purchases.... more
- What Is A FICO Score and Why Is It Important?
Your FICO score is crucial, influencing financial opportunities. Understand its key factors—payment history, debt, credit mix—and monitor it regularly.... more
- Strategies for Funding Long-Term Care Insurance
Planning early for long-term care, with options like insurance, savings, and HSAs, can help mitigate the high costs and secure future financial stability.... more
- Should Money be the Only Factor in Choosing Early Retirement?
Thinking about early retirement? It’s about more than money. Consider your health, quality of life, and passions to ensure a fulfilling new chapter.... more
- Health Savings Accounts: A Sensible Solution for High Healthcare Costs
HSAs offer tax advantages, lower premiums, and flexibility, making them a smart solution for managing rising healthcare costs.... more
- Tips for Maintaining Good Credit
Maintaining good credit requires ongoing effort: regularly review your credit report, use credit wisely, keep balances low, and limit new credit requests.... more
- First Things You Should Do When You Get Your First Job
Start saving early, especially in retirement accounts like a 401(k). Create a strict spending plan to avoid financial pitfalls and secure your future.... more
- Is an Annuity Right for You?
Annuities can be beneficial, but they’re not for everyone. Carefully evaluate your financial situation and goals to determine if they’re right for you.... more
- How Do Credit Cards Affect Your Credit Score?
Your credit card use significantly impacts your credit score. Manage payments, keep debt low, and maintain account activity for a healthy score.... more
- Mortgage Myth: You Need a 20% Down Payment to Buy a Home
Choosing the right down payment depends on your financial situation and goals. Explore options beyond 20% to find what fits your budget and housing needs best.... more
- The Importance of a Living Will and a Healthcare Proxy
Having a living will and healthcare proxy ensures your medical wishes are honored if you can’t speak for yourself, sparing loved ones from agonizing decisions.... more
- Medicare Identity Theft is on the Rise. How to Avoid Becoming a Victim
Medical identity theft, fueled by the pandemic and increasing Medicare use, demands vigilance. Protect your information and act swiftly if fraud is suspected to avoid serious repercussions.... more
- Three Reasons to Claim Social Security Benefits Now
The optimal time to claim Social Security depends on your unique situation... more
- Insurance Essentials: Protecting Your Family’s Financial Future
Protect your family’s financial future with essential insurance coverage: life, disability, health, homeowners, auto, and umbrella insurance. Make sure you have the right protection!... more
- How to be More Purposeful with Your Money
Find lasting fulfillment by aligning money with your values and goals. Define ambitions, budget consciously, invest wisely, and give back purposefully.... more
- Why Your Credit Score Still Matters in Retirement
Maintaining a good credit score in retirement is crucial for managing unexpected expenses, securing housing, and enjoying financial security.... more
- How to Teach Your Teens the Principles of Money Management
Teach teens money management: Earn all money, save at least 10%, involve them in family finances, let them shop with a budget, and explain the time value of money.... more
- Annuities: The Swiss Army Knife of Financial Planning
In conclusion, amidst volatile markets and rising interest rates, annuities emerge as versatile tools for legacy, healthcare, long-term care, Social Security, and charitable planning.... more
- Budgeting Wisely: Effective Tips for Multigenerational Families
Through open communication and shared resources, multigenerational families can thrive financially, fostering harmony and security.... more
- Combining Passion and Purpose: Steps to Effective Charitable Giving
Combining passion & purpose in charitable giving leads to impactful philanthropy. Self-reflect, set goals, diversify giving & stay engaged for lasting impact.... more
- Understanding the Order of Saving Money and the Best Saving Vehicles
Save 15% of after-tax earnings; prioritize savings in Emergency Fund, 401(k), Roth IRA, HSA, Brokerage Account, and Life Insurance for optimal growth and tax efficiency.... more
- What is GDP and Why Does It Matter?
GDP is a vital indicator of economic health, guiding decisions for investors, policymakers, and businesses, crucial for understanding market trends.... more
- Tax Efficient Investing is the Quickest Path to Wealth Creation
Tax-efficient investing accelerates wealth creation. Key factors: holding period, hidden taxes in IRAs, proper account allocation, long-term focus, and tax-loss harvesting.... more
- Should You Pay Your Mortgage Off Before Retirement?
Mortgage payoff pre-retirement? It depends on circumstances, priorities, and needs. Analyze for the best fit.... more
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