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Financial Staples, Atlanta, GA (2026)

08/16/2024

According to data from the Federal Reserve Bank of New York, total household debt rose by $109 billion to reach $17.80 trillion in the second quarter of 2024. This includes mortgages, home equity revolving debt, auto loans, credit cards, student loans and other consumer lending such as retail cards.

As your income increases, it’s easy to spend more and upgrade your lifestyle. While it’s okay to enjoy your raise or bonus, you don’t want to get in the habit of not saving some portion of it. In addition, when it comes to taking on debt, always focus on the total cost instead of the monthly payments. What seems like affordable monthly payments add up over time. Before you know it your fixed expenses consume almost all of your take home pay and there’s not much room for error.

In addition to cost, when you want to splurge on a purchase, think about items that may make your life more convenient or happier. Make sure you’re not just spending more because you can. The more you align your spending with your values and goals, the less likely you are to have buyer’s remorse.

Need help with adjusting your finances after a raise or bonus? Check out this article where I explain smart things to consider: https://buff.ly/3zNZpfk

08/14/2024

Money remains one of the leading causes of divorce. Having open money conversations with your partner – particularly before marriage – not only helps maintain a happy, healthy marriage, but it can also play a role in building wealth. In “The Millionaire Next Door,” Dr. Thomas Stanley says, “A household divided in its financial orientation is unlikely to accumulate significant wealth.” In fact, an overwhelming majority of millionaires surveyed in the book cited their spouses as critical to their financial success. Not sure where to start? Here are a few tips:

❤️ Share Your Money History
We each have a money story that is based on our life experiences. Those experiences can shape our values, attitudes, and behaviors around money. It’s important to share your experiences with your partner so you can understand each other’s perspective and the “why” behind your decisions. Having these conversations will not help you avoid disagreements, but it can help you lead with empathy and find common ground.

❤️ Get on the Same Page
It’s important to have open discussions about your finances before you get married. Take time to understand where you both stand financially, your life goals, how you will split financial roles and responsibilities, and how you will resolve disagreements. If you’re already married, it’s not too late. Lauryn and I cover important topics to discuss and how to navigate red flags in Episode 152 of the Podcast https://buff.ly/4fegUWj

❤️Communicate, Communicate
Communication is essential in all aspects of a relationship, and it should be prioritized. Commit to regular “money dates” where you discuss the household finances. Review your budget, net worth, and progress towards your shared goals. Celebrate wins and reward yourself for reaching milestones along the way. Avoid secrets (known as financial infidelity) and finger pointing. Creating a safe space will encourage you to remain open and stay present.

Finally, don’t be afraid to ask for help. A financial planner can help you discover your shared money goals, facilitate tough conversations, and offer an unbiased perspective. If you have deeply rooted money issues or feel stuck, consider a financial therapist.

08/08/2024

The stock market has shown some volatility recently and the uncertainty can be stressful. One of the best things you can do when it feels so many things are out of your control is to focus on things you can control. Before we get into the specifics of investing, I always make sure my clients have the following things in place:

🦺 Emergency Fund
I generally recommend at least 6 months of living expenses or take-home pay. For clients who are fearful of layoffs, we’ve increased this amount to 12 months or the amount that – with severance – would get them to 12 months.

🏦 Short-Term Expenses
I recommend keeping any money you anticipate needing in the next few years in cash or a cash equivalent. This could be recurring expenses like insurance premiums, property taxes, annual travel, or tuition payments. It could also be future purchases or reserves like home maintenance and improvements or a car fund.

💳 No Consumer or High-Interest Debt
High-interest debt such as credit cards or personal loans can be a drain on your budget. Paying this debt off should be a top priority and can provide a guaranteed rate of return that is equal to the interest rate on the debt.

We also discuss the importance of diversification and how early in their investing journey their ability to invest consistently will have a greater impact on the growth of their investment portfolio than what happens in the market in the short term. Finally, they understand that they should not need to access any money we’re investing for retirement for at least a decade (often two decades or more).

If you understand these foundational concepts and you maintain a long-term perspective, it’s much easier to stay calm and tune out the noise. Otherwise, fear and worry can drive you to make decisions you might regret.

As Carl Richards, author of The Behavior Gap, says: “Investment success is not about skill – it is about behavior.” Not everyone has the patience and discipline to be a successful long-term DIY investor. A financial advisor can help you stay focused and develop a cohesive investment strategy that helps you reach your long-term goals.

08/05/2024

5 Rules for your Emergency Fund

1. Understand what’s considered an emergency.
2. Calculate how much you need based on your situation.
3. Keep your emergency fund in a high-yield savings account – Do NOT invest!
4. Make plans to save for overlooked expenses separately.
5. Start small, if necessary, and be consistent.

Building an emergency fund should be a top priority. Your emergency fund is there to cover unforeseen expenses or a job loss. Having one protects you from blowing up your budget or getting into debt.

❓What’s considered an emergency?

It’s imperative to understand the difference between unexpected and overlooked expenses. A true unexpected cost is unpredictable. A few examples include medical emergencies, major home repairs from a natural disaster, and last-minute travel for a funeral. There’s no way to avoid these types of expenses and you have no way of knowing how much these expenses will cost. Overlooked expenses are predictable. Some are paid at irregular intervals, like quarterly water/sewer bills, semi-annual insurance premiums, or annual property tax payments. Other costs may catch you off guard, but they’re certainly not unexpected. Examples include regular home or car maintenance, routine medical expenses, and holiday expenses. These are not emergencies and should be planned for separately.

❓How much do you need?

Generally, you should save at least six months of living expenses or take home pay. If you have variable income, own a business, or own a house, you should save more. If you’re worried about layoffs and it could take some time to find another position, consider the standard severance package your company would provide and make sure you have enough savings on top of that to cover your living expenses for twelve months.

Don’t worry if you’re just getting started or behind on saving. Start with one month of living expenses and build from there. To make the process easier, automate transfers from your paycheck or checking account to your savings account. You can also save lump sums that your receive, like bonuses or tax refunds.

Finally, be sure to balance your emergency fund savings with paying off existing debt.

08/02/2024

While motivation is important, it can often change from day to day. It’s even harder to maintain when you have a long-term goal. Slow progress or small setbacks can kill your momentum. Consistency requires you to commit to habits that allow you to achieve success over time.

This is true for any goal, whether it’s related to your money, health, or a relationships. Start with your why to uncover the motivation, then focus on the specific habits you need to achieve long-term success. Don’t be afraid to seek help and lean on others to hold you accountable along the way.

07/25/2024

Do you have a child who recently graduated high school? Your child is legally an adult at age 18 and/or when they go to college. At that time, you have no right to any health or other important information about them, even if you're footing the bills. Before sending your child off to college or the workforce, consider these key documents:

⁃ FERPA Waiver - allows you to access their academic records
⁃ General Durable Power of Attorney - allows you to manage your child's finances on their behalf if needed
⁃ Medical Power of Attorney - allows you to make medical decisions for your child should they become incapacitated
⁃ Advance Directive - specifies how your child would like to handle end-of-life decisions
⁃ HIPAA Authorization - allows you to access their medical information in the event of an emergency

Review these documents annually and update them as needed. Also, ask your attorney about additional forms that may be needed if your child is attending an out-of-state school.

07/24/2024

A common misconception is that prenups are for the rich and famous. A prenup not only outlines what would happen if the marriage ends in divorce, it can also state each person's rights and responsibilities regarding premarital and marital assets and debts.

Not sure if it's right for you? Here are a few good reasons to consider a prenup:

- You're entering your second marriage and/or you have children.
- There's a disparity in income or wealth between you and your partner.
- You or your partner has a significant amount of debt.
- You or your partner own a business.
- You expect to receive (or have already received) an inheritance.

If you're considering a prenup, talk about it sooner rather than later. Attorneys suggest having the discussion at least six months before the wedding.

Money issues are one of the leading causes of divorce, so it's important to discuss finances with your partner before you walk down the aisle. This way, you can create a solid foundation and express your concerns or expectations when it comes to managing money as a team.

07/22/2024

Do you find yourself in the same place financially year after year? Are you progressing towards your goals, or do you feel stuck?
Here are some things to consider if you find yourself feeling this way:

1) Time is money - You've heard it a million times, but the earlier you start investing, the longer your investments have to grow due to the magic of compounding. The longer you wait, the more you will have to save in order to make up for lost time. If you wait too long, you will have to save a higher percentage of your income and possibly reduce your standard of living in order to meet your retirement goals. Instead, get started early, with a plan in place, and develop the habits and the consistency necessary to meet your goals.

2) Don't let lifestyle creep impact your ability to have freedom and flexibility as well as your ability to retire when you want to - You may have found that your income has grown but your account balances have not or that your income has grown but you are still living paycheck to paycheck. When you get a raise or a bonus, be sure to have a plan for the money. Predetermine a percentage of the additional income to save and then allow yourself to spend the rest.

3) Hire a professional - If you find yourself stuck or if you just aren't sure whether you are on the right track, you may want to consider hiring someone instead of attempting to do it yourself, A tax professional, student loan expert, or a financial planner could be invaluable. Not only will they be able to provide you with advice that could save you time and money, financial planners help you develop and stick to a plan to meet your goals.

No matter where you are now it's not too late to get where you want to go. Create an action plan and don't be afraid to get professional help. It is an investment in yourself.

If you feel like you could use some help and accountability towards reaching your financial goals? Schedule a consultation with me or find another CFP® professional.

07/19/2024

Each summer I spend time reviewing property and casualty insurance with my clients. One of the biggest mistakes I see on homeowners/renters insurance policies is not having enough personal property coverage and not updating this coverage as you make updates or acquire new items. A few others to note:

🏠 Review your liability coverage for your homeowners/renters policy and your auto policy
🚗 Make sure you're properly covered if you have a rental property or rent your car through a car sharing service
☂️ Consider an umbrella liability policy

Want to learn more about common mistakes and how to protect your personal property? Check out this episode of the Worth Winning podcast where Lauryn and I speak with Meaghan Dowd and LaTanya Simmons. https://buff.ly/3RTfCGe

07/17/2024

Tech companies are often considered some of the best companies to work for, and for many good reasons. In addition to generous salaries, cash bonuses, and equity, the various benefits they might offer can add up to thousands of dollars in savings. In addition to your typical health insurance, retirement, and medical savings account offerings, be sure to take advantage of other valuable benefits. Here are a few common benefits I've seen with clients:

Understanding your benefits helps you make better decisions – and saves you money! Need help choosing the benefits that are best for you? Let’s chat!

07/16/2024

Moving abroad has become more popular and easier thanks to technology and remote work. While the thought of living somewhere else is appealing, it's important to understand the financial implications and challenges. Here are a few things to consider:

Banking – Many U.S. banks and brokerage firms will freeze or liquidate your accounts if you add a foreign address. Understand the requirements to maintain your U.S. accounts and if it makes sense to open a bank account in your new country. Be mindful of foreign transaction fees on credit card transactions and currency exchange rates for money transfers.

Taxes – U.S. taxes are based on citizenship rather than residency, which means you may have to file both a U.S. tax return and a tax return in your country of residence. There may also be additional reporting requirements. The U.S. has tax treaties with several countries that can help you avoid double taxation.

Retirement Savings – Consider whether you can still contribute to your U.S. retirement plans and if it makes sense to contribute to a local retirement plan. If you plan to retire abroad it’s also important to understand how your new country of residence will tax U.S. retirement distributions.

Health Insurance – Generally, U.S. health insurance will not cover you while outside of the U.S. Determine whether your new country of residence offers national healthcare coverage and if you need private healthcare coverage. In some cases, a combination of both may be appropriate.

Estate Planning – Several U.S. states and foreign countries recognize a uniform international will. If your state or country does not, you may need wills in multiple jurisdictions. There are also considerations when you have a U.S. based trust or own real estate or assets in another country.

In addition to the financial and practical considerations, there can be emotional challenges. Being away from your family and friends or being in a place with a different language or customs can feel isolating. It's better to understand what you're getting yourself into before you make a drastic move.

Finally, due to the complexities and potential pitfalls, be sure to consult with a qualified tax advisor in both countries, and estate planning attorney, and a financial planner with cross-border experience. A great place to search for a financial planner is The CIGA Network https://buff.ly/3xXrZu7.

07/12/2024

You're young and healthy. You may be under a mountain of student loan debt with modest savings. The reality is, even if you don't feel like you have an estate, you do. Almost everyone does. Estate planning might seem like something for people who are older (and richer). Even if you’re single and child-free, you should have a basic estate plan.

Do you have a plan for your estate? If not, what is preventing you from creating one?

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