Greatvest Tools

Roll over your 401k or 403b. Sell your investments in a panic. Aggressively pay down debt if you don't have an emergency fund. Make a major money decision. Health officials have been telling us all the things to during this coronavirus outbreak: wash hands thoroughly while singing happy birthday, stay inside, keep a social distance of a least 6 feet from other people; and only leave home for essentials.  Everyone at Greatvest Tools hopes you're staying healthy, but we're also hoping you can use this time to get your finances in shape! So during this pandemic, instead of telling you what to do, we're going to tell you what not to do with your money.  Don't Roll over your 401k or 403b If you've checked your retirement balances at all in the last month, you've probably noticed a pretty precipitous drop, unless your balance has been sitting in cash, which has maintained its value. (Now, on a side note, if your retirement money is in cash, ...

Breathe in. Breathe out. We know there is a lot of uncertainty as the world faces the challenges and realities of COVID-19. While many of us are working remotely or facing job uncertainty, transferring our schooling online, and putting many aspects of our life on hold, the reality is that not everything can come to a full stop. Student loan debt reached another all-time high back in 2019 and many graduates are looking into options to repay their debt. On top of he various repayment options available to borrowers, the government has been announcing new, short term but open-ended policies for federal student loan holders. There is a lot to digest, but there are ways you can bring some certainty to paying off your student loan debt. Private vs. Federal Loans: Understanding Your Options The two major categories of student loans available today are private student loans and federal student loans. Federal student loans are taken out through the government and comprise more than 90% of...

The coronavirus pandemic has upended the lives and finances of millions. A federal relief package aiming to provide payments to distressed consumers is on the way - but that money is not likely to land for a number of weeks. While you'll have to wait for whatever money you might be eligible for, now is the time to prep your finances and plan. The best use of this money depends on your individual circumstances. Here's how to think it through. Do this prep work, regardless of your situation This is the time to examine your money situation and build savings, if possible. The fallout from the pandemic may continue for some time. Taking even small steps can help you feel empowered and less stressed. First, take stock of your regular expenses, such as housing costs, car loans and credit card or other debt payments. A budgeting worksheet can help account for everything and show what's going to needs, wants and savings and debt. Once you see the big picture, consider trimm...

You can work your way through financing a first car or getting a good starting salary at a first job. In other words, you already know more than you think. And, wherever you stand now, you can take three steps that will translate into more financial security in the future. As digital natives, Millennials can find almost anything online, but are still struggling with how to start on the path of financial success. I've learned that the challenge, for most of you, isn't finding information, but sifting through all the noise. The financial industry is publishing reams of information every day, but not giving you access to advice that applies to you personally, and a road map of how to start, right now. Most of you, event those who think you don't know what to do with your money, are facile with Venmo and PayPal, transferring cash online at a flash. You can work your way through financing a first car or getting a good starting salary at a first job. In other words, you alr...

Imagine yourself feeling more secure and comfortable in the years to come when it comes to your finances. Making the right changes to your spending has the power make that happen. You can change the trajectory of your financial journey, and you make the change starting now. It's that time of year again: time to step back, reflect, and reassess where you are - to take in the bigger picture - so you can make smart decisions about how to move forward in the year to come. And, as you review and reset in general, remember to also take stock of your financial picture. Here are three steps to help put you on course financially: 1. Update your financial plan. If you don't have one yet, create one - a good financial adviser can help. The simple exercise of creating a comprehensive financial plan will give you a clear sense of your financial situation. It will also give you an idea of how decisions you made (or didn't make) throughout the year have affected your bottom line. A...