commandments financial foundation 1. Compare your monthly income versus your monthly expenses. Establishing a spending plan can help you get a hold of your financial situation. Live within your means and do not spend more than you make! 2. Pay off credit card balances each month. If you have current credit card debt, attack it each month by paying more than the minimum payment and go for the smallest balance first. When the first card is paid, add that amount to the payments on the second card. Repeat for the next card, and keep going until you've paid them all. 3. Create a "safe and sound" fund. Build a cash reserve of 6 months (or more) of your living expenses. It may be a … [Read more...]
How Do You Know When It’s Time to Sell?
how do you know when it's time to sellIn April, Vermillion Financial Advisors review their clients' investment portfolios and their financial objectives. To supplement this work, VFA has chosen to provide you, our readers, with an article to provide more insight into your investments. Most investors have a process for purchasing an investment. It usually involves performing research, comparing similar investments or investment types, and considering a number of more personal factors, including time horizon, risk tolerance and goals. Few investors, however, have a tried-and-true process for selling an investment. Yet knowing when to sell can be every bit as important as knowing what to … [Read more...]
Ten Questions When Planning for Financial Security
questions planning financial securityIn February, Vermillion Financial Advisors review their clients' financial inventories and their cash-flow management. To supplement this work, VFA has chosen to provide you, our readers, with an article on how to decide what's important in your financial inventories. When thinking about how to protect your livelihood or build the financial resources you will need to live life as desired, answer these 10 questions first. 1. What is important to me? Before thinking about the right financial products for your needs, clarify what's truly important to you -- the people you care about, the aspirations you have, the things you want to protect, and the … [Read more...]
What to Expect from the Real Estate Market in 2014
real estate market 2014In January, Vermillion Financial Advisors prepare their clients for the New Year ahead. To supplement your preparation of the New Year, VFA would like to provide you, our readers, with an article of what to expect in the housing market in 2014! Seven years have passed since the worst housing market crash in United States history triggered a global financial crisis. Lehman Brothers declared bankruptcy, and a host of other banks came close to joining them before being rescued in a series of shotgun mergers and acquisitions, the largest of which included Bank of America -- Merrill Lynch, JP Chase Morgan -- Bear Stearns, and Wells Fargo -- Wachovia. Alongside bailouts … [Read more...]
What Happens to My Retirement Assets in the Event of a Divorce
what happens to my retirement assets in the event of a divorceA document known as a Qualified Domestic Relations Order (QDRO), which is a part of a divorce settlement, specifies how retirement assets are divided. A QDRO specifies the amount or portion of a plan participant's benefits that are paid to a spouse, former spouse, child or other party. A QDRO typically governs assets within a retirement plan such as a pension, profit-sharing plan, or a tax-sheltered annuity. Benefits paid to a former spouse typically are considered income for tax purposes. If you contributed to your retirement plan, a prorated share of our investment is used to determine the taxable amount. Former spouses on … [Read more...]
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