This post was last updated on January 20, 2021, to reflect all updated information and best serve your needs.

Full Disclosure: This article is not a get-rich-quick scheme of how to become a millionaire in your 50's. Rather, it's a list of sound principles and practices that you can put into place to become a millionaire at some point in your life even if not in your 50's. Becoming a millionaire and/or achieving financial independence takes discipline, hard work, and savings. I can assure you it WILL NOT happen overnight.

This post was last updated on January 20, 2021, to reflect all updated information and best serve your needs.

Full Disclosure: This article is not a get-rich-quick scheme of how to become a millionaire in your 60's. Rather, it's a list of sound principles and practices that you can put into place to become a millionaire at some point in your life even if not in your 60's. Becoming a millionaire and/or achieving financial independence takes discipline, hard work, and savings. I can assure you it WILL NOT happen overnight.

This post was last updated on January 20, 2021, to reflect all updated information and best serve your needs.

Full Disclosure: This article is not a get-rich-quick scheme of how to become a millionaire in your 20's. Rather, it's a list of sound principles and practices that you can put into place to become a millionaire at some point in your life even if not in your 20's (which is extremely difficult). Becoming a millionaire and/or achieving financial independence takes discipline, hard work, and savings. I can assure you it WILL NOT happen overnight.

This post was last updated on January 20, 2021, to reflect all updated information and best serve your needs.

Also, note that this article does not provide any type of get-rich-quick strategies...because I firmly believe those do not exist. If that is what you're looking for, then this article is not for you. All of these strategies are proven to be successful, but only if you are able to put in the work required.

This post was last updated on January 15, 2021, to reflect all updated information and best serve your needs.

As family members, we have a natural inclination to volunteer when it comes to helping with managing end of life affairs and estate planning. It’s what we do. We make sure our parents, siblings, and other extended families can count on us to pitch in now and in the future. 

Planning for retirement can be both exhilarating and scary at the same time. Living a worry-free retirement requires a combination of a robust investment portfolio, liquid assets, potential annuities and social security income. 

At the beginning of 2020, no one could have imagined the sudden economic downturn caused by the coronavirus pandemic. Market volatility has naturally made many people consider postponing retirement plans because of sudden drops in the stock market that have increased investment uncertainty in retirement accounts. 

This is one of the most common questions that I am asked on a regular basis. It’s certainly a fair question and one that’s probably even gone through my head a few times.

We live in an instant gratification world – what have you done for me lately?” We expect to see the results of our saving and investing efforts immediately. While there are times you’ll actually notice faster growth within your investments because of a specific sector or company, for the most part it’s a long-term process.

Like it seems for just about every service profession today if you want to go the DIY route and figure it out for yourself, just Google it and you’ll be on your way. I swear I think there is a YouTube video for just about every DIY project you’re attempting to do around the house, with some being easier than others.

While it’s not quite that easy when it comes to managing your finances or becoming your own financial advisor, it can still be done. As long as you have the time and willingness to learn, you certainly can go at it yourself. Many people handle their personal finances themselves and do a great job.

The Financial Freedom Blueprint® Is Now An Online Course

We have some super exciting news around here at NextGen Wealth. We have taken our trademarked financial planning process, The Financial Freedom Blueprint®, and turned it into a do it yourself online course.

So, if you’re the do it yourselfer type when it comes to your personal finances, you now have a financial planning process laid out for you that will take you through every step of the way.

Long term financial planning is not an easy task. You have to consider a myriad of potential setbacks, changes and opportunities that will arise over an extended time period. It can be exhausting to map out your plans, but still more draining to do what you need to do when sticking to those plans. 

Fortunately, once your plans are set you can put them out of your mind unless there is a major life transition. It’s those transitions that are the hardest to plan for financially.

The average person needs between 70 and 80 percent of their income each year when they retire. If you have that already saved, you're probably in good shape. 

However, there's always more you can do to help you stretch your retirement funds without sacrificing your quality of life. It just takes planning and know-how.

First of all, congratulations that you are able to max out your 401k. Whether it’s $18,000 if you are under 50 years old or $24,000 if you’re over 50, that is a lot of money to sock away on an annual basis.

Now that we have established you're contributing the max, the next question I ask is do you receive matching contributions from your employer? If the answer is yes, another congratulations are in order because not all employers provide a company match.

Organizing your financial life is a fundamental, critical step for wealth building. Establishing a budget, planning your savings and ensuring you are preparing for retirement now secures your future and ensures you stay on track to meet your personal financial goals. Given the plethora of financial advice available, it can be difficult to find and develop the right plan for you. 

There are some fundamentals that can be applied to anyone’s financial situation though, and creating an efficient financial life is as much about getting started as it is maintaining smart financial planning and decisions. Here is our brief guide to creating an efficient financial life that meets your needs.

Once we graduate college and get our first job, it seems like our next unwritten goal in life is to buy a new home. Right or wrong, that seems to be how life goes. I’m by no means saying it’s the wrong choice to make – heck I did it and still own a home – but should it really still be called the “American Dream?”

In my humble and probably subjective opinion, the answer is no. While home ownership can be an incredible feeling and certainly a feeling of “growing up,” it’s definitely not for everyone. There are plenty of pros and cons to owning a home just as there are plenty of pros and cons to renting. It’s up to each individual to determine what’s right for them.

The budget. To many, it is simply known as the “b” word. The budget has turned into this scary thing that few people dare to discuss.

I’m not sure if it’s just overwhelming to think about tracking or if people fear seeing where they’re spending their money. Regardless of the reason, the budget is the foundation to anyone’s personal financial situation.