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When considering how best to manage the crucial tasks of payroll and accounts payable/receivable, small business owners are often faced with a dilemma. Should they hire dedicated external financial professionals or cross-train their existing administrative staff to handle those responsibilities?

In order to try to tame high inflation, the Federal Reserve went through a stretch from March 2022 through July 2023 where it quickly raised the federal funds rate, eventually landing at 5.25 to 5.50%, a 22-year high.

It’s no secret that it’s difficult for many Americans to make ends meet right now, but some are struggling more than others.

In the financial services industry, the term “fiduciary” gets thrown around a lot—so often, in fact, that it can start to lose meaning. A simple definition of a fiduciary is a person or organization that puts their clients’ interests first, ahead of their own.

Interest rates are high at the moment. Though that may be a painful reality if you’re interested in borrowing money or you have a significant amount of credit card debt, it can be welcome if you’re focused on saving money for your future. And today’s inflation data suggests that rates will remain high – at least for the time being.

Downsizing is a great way to declutter and simplify your life, which is why many retirees do just that. But if you’re downsizing because you have no other choice, due to bad money habits, that’s where things quickly become stressful or even problematic.

If you want to pass wealth on to your children, you don’t need to be rich now. Many assets that people already own could be used to help your children down the road. And if you don’t have these assets yet, many of them are within reach for ordinary people.

The modern era has brought heightened levels of convenience, comfort, and efficiency to virtually every aspect of life. Digital tools allow us to work, shop, and learn from anywhere, removing much of the stress and expense traditionally associated with those pursuits.

Credit card debt can be hard to deal with in this economy. Persistent inflation is causing prices to grow and today’s higher interest rate environment is causing credit card rates to rise, leading to elevated minimum payments on credit cards. That can lead to financial trouble, especially if you’re facing high credit card debt on a low income. 

For decades, the 60/40 portfolio—a blend of 60% stocks and 40% bonds—has been seen as the gold standard for retirement planning.