Greatvest Tools

You've just been handed the bill and you suddenly freeze - How much should you tip? Being a good tipper is one of those things that no one ever really teaches you. Unless you've worked for tips yourself, you really can't know what's normal in a given industry unless you so some research. Here's a quick overview. Restaurants Even though the federal minimum wage is $7.25 who earn at least $30 a month in tips - like restaurant servers - are only required to be paid $2.13 per hour by federal law. They are expected to earn the majority of their wages through tips, which is why it's customary in the U.S. to tip generously on a meal tab. But rules vary from state to state. About two-thirds of states have passed laws requiring tipped workers to be paid more than the $2.13 federal minimum. But how much is enough? Industry standards say to tip wait staff 15% on average or 20% for exceptional service. It's good tipping etiquette to tip bartenders up to 20% or...

It's never too early or too late to start planning for retirement. In fact, the sooner you begin planning, the better off you'll be. Here are three retirement planning tips to keep in mind: 1. Start early and save as much as you can. If you're under the age 50, you have plenty of time before you retire. Start thinking about the kind of lifestyle you'd like to live after you stop working or reduce the number of hours you work. Do you imagine yourself owning a nice house on a beach? If so, you'll need to prepare yourself financially. Wealth is built by consistently saving and earning compound interest, which is interest earned on your interest over many years. Saving for retirement in your 20s, 30s and 40s will help ensure that you have enough money to live comfortably later in life. If you're over 50, you have some catching up to do, but it's not too late and you can still save for a great life after retirement. Enroll in your employer's retire...

Did you know that understanding your financial situation is important to wellness? Stress caused by a poor financial situation can lead to serious health effects including anxiety, depression, ulcers, substance abuse, digestive disorders, muscle pain and insomnia. Plus, your physical health and lifestyle habits can influence your ability to save and spend money. Properly managing and maintaining good credit is a critical component to financial wellness. The start of the New Year is a great time to get your credit in shape. Here's what you need to know. What is credit? Credit is the ability to make purchases before you actually pay for them under the promise of payment in the future. In order to use credit, you're also required to pay interest and fees based on a prearranged agreement related to payment. How does your credit score impact your financial wellness? Using credit to make purchases can be a helpful tool in your money management, but it can also be a major p...

It's that time of year again; many of us have filed our taxes or are about to do so - and those of us who expect tax refunds are starting to imagine what we might do with ours when it finally arrives. Save or splurge? Many people view a tax refund as found money to 'play' with, rather than as a means of improving their financial security. If you're in this group, I challenge you take a different view of this year. Take a step back and examine the attitude you take toward your tax refund. In many cases we apply to our tax refund the same magical thinking we apply to overeating on a cruise. (I'm on vacation - these calories don't count!") Even those of us who are careful with their finances - and about what we eat - throughout the year may go a little crazy with this 'free' money. Why not treat yourself - hey, it's only once a year, right? But the fact is, the very best use for these funds right now is to put them toward your longer-term...