Learn how to make your way through this potential minefield of emotion, logins, passwords, and financial accounts. Starting the Conversation Start discussions about money management with accounts as early as possible, said Seattle-based financial therapist Carina Catalano by email with The Balance. Don’t wait until a medical issue such as a stroke or a degenerative condition such as dementia or Alzheimer’s disease leaves a parent unable to communicate. You may face resistance at first....

Careful planning about the transition from full-time employment to retirement can enhance your chances of making a smooth adjustment. There are many elements to consider before making a final decision. Before you decide to retire, consider your: Job satisfactionPhysical/mental ability to workFinancial stabilityHealth care coverageLife satisfaction Job Satisfaction Don’t confuse an unsatisfying job situation with an imperative to retire. Employees who are working in a job that is not a good match for their skills, values, and interests are more likely to rush a retirement....

There are several options available to track your expenses. One of the simplest is a written ledger or tracking system. It may be even easier to choose budgeting software that works with an app to track expenses on your phone. It will allow you to keep up while on the go. It’s important to know how to track your expenses in a notebook. It can also help you become more aware of what you are spending and where you are spending it....

If you want to swap your current 9-to-5 for a business based on your favorite hobby, you need a plan to monetize your passion. Ideally, you’ll do this work far in advance of going out on your own. The best time to plan is long before you start drafting that resignation letter. Tips for Turning Your Hobby into a Career 1. Start Small There are plenty of reasons to begin earning money with your hobby before you try to make it into a career, but let’s start with the most obvious: money....

If you choose to use 72(t) payments, you must withdraw the money according to a specific schedule. The IRS gives you three different methods to figure out your withdrawal schedule. Learn more about each of these three methods and what you need to know before you use any of them. Before You Start Taking 72(t) SEPP Payments From an IRA When you begin taking 72(t) SEPP payments, you must stick with the payment schedule for five years or until you reach age 59 1/2, whichever comes later (unless you are disabled or die)....

How to Customize Your Cover Letter Follow these tips to customize your cover letter when applying for a job. Look for the Hiring Manager When it comes to cover letters, take the time to get personal. Find out as much as you can about the company and the hiring manager. Personalize your cover letter and, if you can, address it to the individual responsible for hiring. If need be, research online or make a phone call to find out who the hiring manager is....

A rider to your home insurance policy, also known as an endorsement, allows you to add coverage above and beyond the standard insurance policy coverage. How Adding an Insurance Policy Rider Protects Your High-Value Items The reason that residential insurance policies have restrictions on high valued items and collectibles is that a home insurance policy has been written to insure the average household. By limiting coverages to basics, the price of the policy remains reasonable for the average household....

Types of Income Considered By law, credit card issuers are required to consider your ability to pay before approving your application. Most applications include guidelines about what they want to know, and those vary in detail. All applications will ask for income—sometimes called “total income” or “personal income.” Here’s what you should and shouldn’t include. Income From a Job Income is earnings from full or part-time jobs, including seasonal employment, self-employment, or internships....

The 6.8% jump in consumer prices in the 12 months through November is an acceleration from October’s 6.2% and reflects increases across most of the categories tracked by the Bureau of Labor Statistics, the bureau said in a report Friday. It’s still far below the double-digit figures of the bad old “stagflation” era of the 1970s, but it’s not clear whether the current inflationary storm has peaked or the worst is yet to come....

The Consumer Price Index rose 0.3% in August—decelerating from 0.5% in July and 0.9% in June and marking the smallest month-to-month increase since January, according to data released Tuesday by the Bureau of Labor Statistics. The CPI was 5.3% higher than in August 2020, marking the second-highest year-over-year inflation rate since 2008 (the highest was 5.4% in June and July.) The monthly increase was powered by gas prices (which rose 2....

In the week ending April 24, there were 553,000 initial claims for unemployment insurance, 13,000 fewer than the previous week’s revised total, according to data released Thursday by the Department of Labor. The number was in the range of what economists expected, with 552,392 claims forecasted according to a median estimate cited by Moody’s Analytics. Initial claims, for months, had been stuck at levels three to four times higher than before the pandemic, and, even at the new pandemic-era low, are more than twice the level before the economy locked down last year....

However, there is another way to invest in hotels: You can purchase hotel REITs in your brokerage account the same way you buy stocks, bonds, or mutual funds. Learn more about hotel REITs and how to invest in them. What Are Hotel REITs? A real estate investment trust (REIT) is a special type of corporation focused on acquiring and managing real estate and real estate-related assets. One of the things that differentiate REITs from ordinary corporations is that they are exempt from corporate taxes, provided several strict conditions are met....

What Is an Invoice? Invoices are commercial documents businesses issue to their clients to request payment for work by outlining the service provided and detailing the amount of money owed for the work. Typically, a business sends an invoice to a customer after it delivers a product or service. However, depending on the terms of the agreement between both parties, an invoice can be issued after a certain project milestone or time period (e....

Last week the agency began distributing supplemental, or “plus-up,” stimulus payments to people whose 2020 tax returns qualify them for more than their 2019 returns did. Maybe you made less money in 2020 than in 2019 or had a new child or dependent in 2020. Whatever the reason, if a change in situation changed the math, the IRS is sending out additional funds via direct deposit, according to the agency....

Wavebreakmedia Ltd / Getty Images Pros of Donating a Car Most charities will take anything. While not every dealer or private buyer will take an old clunker, charities are often happy to take a car in almost any condition. They will often even tow it away for you if it is too old to run on its own. It is a straightforward process. If you want to donate a car, simply call a car donation charity and someone will come to pick up the car at your house....

While it’s convenient to pay with plastic, it’s not always the best option, so get familiar with the pros and cons. Setting Up Payments Paying with a card is typically just a matter of providing your card information to a biller. It can be as simple as typing in your card number, zip code, and other details in an online form or app. Alternatively, you might mail in that information—which is still easier than mailing checks every month....

Data shows that the U.S. GDP grew at an annualized rate of 4% in the fourth quarter of 2020, a promising sign compared to prior quarters. That growth was attributable to an increase in exports, among other factors, according to the BEA. The first-quarter results in 2021 suggested continued improvement, and in the second quarter of 2021, real GDP increased to 6.6%. According to the BEA, this reflected the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic....

Combining checking accounts can simplify money management for married couples. But it can also make it more difficult. Sometimes combining all income into a joint checking account can muddy the waters, add confusion and complications, and cause resentment and power struggles. So what’s a couple to do? Before you tie the knot, talk about how you’ll mingle your money. Calmly express your opinions and discuss the ramifications of the different options....

While the subsidy to so-called COBRA applies to premium costs between April 1 and Sept. 30, employers have until May 31 to make sure everyone knows about it, namely those employees who were laid off before April 1, according to guidance issued by the Department of Labor last week. In the meantime, people can fill out a form, available on the department’s website, submitting to the main eligibility requirements: that they had a “qualifying event” such as job loss or a reduction in hours and are not eligible for Medicare or another group health plan....

To achieve these goals, you need to have a variety of business and management skills, such as communication and leadership. But what if these are areas you need improvement on as well? Setting a SMART goal to improve communication, leadership, and other soft skills is challenging because progress on these skills is more difficult to quantify and measure. Here are tips to creating SMART leadership goals: What are SMART Goals?...