Greatvest Tools

 If you're someone who struggles with financial anxiety and stress, practicing a financial self-care routine could help. Just like other areas of your life, the more consistent you are about financial self-care, the better. This is why I am emphasizing the idea of building habits. The reality is that anxiety and stress are life's constants. We ourselves don't have the luxury of removing those factors from our environment, but what we do have are tools to help manage and reduce them. Before I get into it, I want to note that there's a pretty extensive list of financial-self care options available, but what I've realized is that when we are struggling, we often overcommit ourselves to perfectionism instead of trying to be a little less imperfect. I'm the first to admit that it's really tough not to go all-in when reading advice that sounds life-changing. Often, we find ourselves trying out anything and everything to feel in control, and  it is for this reason ...

When you're driving on the highway and a car cuts in front of you, there's a good chance you're going to assume that the other driver is being some combination of rude, aggressive, or inattentive. And that may be partially true, but it's a judgment we make after only seeing a relatively narrow slice of the event.  In truth, you don't know why the car suddenly jumped in front of you at unexpected moment. Moreover, you probably don't know anything at all about the driver or their situation. In your mind, however, you're probably quick to assume your dealing with - at best - a bad driver.  Now let's say that the other driver swerved into your lane because something happened in their lane that forced them to jump out of the lane or risk an accident. Or perhaps they'd been desperately trying to change lanes for a while because they needed to reach an ongoing exit. Or maybe someone in the car is having a medical emergency and they're in a hurry. There ...

Recently, Dr. Aaron Carroll wrote a wonderful article on COVID-19 and personal risk for the New York Times. The article dove deep into how we, as humans, assess risk in our daily lives and how that normal assessment of risk doesn't actually match up well to the realities of the life challenges we face.  Here's a key quote from the article: "Too many view protective measures as all or nothing: Either we do everything, or we might as well do none. That's wrong. Instead, we need to see that all our behavior adds up." - Dr. Aaron Carroll Carroll's central point is that risk in most areas of life is additive -- Dr. Aaron Carroll Carroll's central point is that risk in most areas of life is additive - not all or nothing -- and it's something we often get wrong in our lives, particularly in finances.  The same things pops up with retirement investments. "Should I invest in stocks?" might seem like a simple yes or no question, but it's not. You c...

While inheriting money, property, and other assets can bring about positive changes for your household, handling an inheritance can be difficult as you'll almost certainly be dealing with a loss at the same time. One important piece of advice -- take time to process the loss before making big lifestyle or financial choices. However, don't wait to understand the tax implications or hire professionals to help. Then, once you're ready, you can implement your plan for using the money. Many People Don't Pay Taxes On Inheritance As the recipient, you won't have to pay any federal income or estate taxes on an inheritance. About 55% of inheritance are less than $50,000 according to the Federal Reserve, with an additional 30% being in the $50,000 to $249,000 range. Estate taxes can be imposed on the decreased's estate, but that happens before you receive your portion of the inheritance. Even then, there's an $11.2 million exclusion for federal estate taxes, and most ...

 Whether it's buying a weekly lottery ticket or taking an annual trip to Vegas to blow off some steam, gambling is a fun and harmless diversion for many people. For others it can become a problem that creates a variety of issues, including extreme financial hardship and deep debt. Let's take a look at some of the tell-tale signs of a gambling problem.  When Gambling Goes Beyond Entertainment Win or lose, gambling should be nothing more than a fun activity. When it stops being fun and becomes something that dominates your thoughts or conversations, that's a sign it's becoming a problem.  Gambling with Money Meant for Other Things It's one thing to have a few dollars set aside every week for lottery ticket or putting a line item in your entertainment budget for a trip to the casino every few months. It's something else entirely if you're gambling with money intended for other things like rent, food, and paying bills. Gambling with money originally planned to c...

There was a time when shopping from home was the height of convenience and luxury. Eventually, the idea of just picking up your phone and buying a tub of laundry detergent was so commonplace it hardly seemed notable.  And of course, nowadays making purchases online isn't entirely about convenience. If you're looking to limit face-to-face contact and reduce your potential exposure to contagious diseases, online shopping can certainly help.  But shopping online does create an entirely different set of risks - risks to your identity and your financial security. The basics of safe online shopping have remained fairly consistent in the past decade-plus, but it's always a good idea to refresh yourself and ensure that you're following all the best practices. If you're making purchases online, make sure you're taking these steps every time.  Keep Your Device And Your Browser Up-To-Date Malware is constantly evolving. To stay ahead of the curve, software developers are c...