Questions tagged [financial planning]

SamsungShiningStar Tue Sep 24 2024 | 6 answers 1240

I'm curious, can you explain the 50 30 20 rule to me? I've heard it mentioned in the context of personal finance and budgeting, but I'm not entirely sure how it applies or what the percentages represent. Could you break it down for me and perhaps give an example of how someone might use this rule to manage their finances?

CloudlitWonder Sat Sep 21 2024 | 7 answers 1475

Could you please explain in simple terms what a holistic financial planner's role entails? I'm curious to understand how they approach financial planning and how they factor in various aspects of a client's life, including their goals, risk tolerance, and current financial situation. How do they differ from traditional financial advisors, and what specific skills or qualifications do they typically possess?

DongdaemunTrendsetting Sat Sep 21 2024 | 6 answers 1283

It's a great question to ask about financial planning, especially as we approach midlife. How much savings should one have at 50 really depends on a variety of factors such as income, lifestyle, retirement goals, and debt obligations. Ideally, experts recommend having a nest egg that can cover at least a year's worth of living expenses as an emergency fund, and then aiming for a retirement savings that can replace 70-80% of your pre-retirement income. However, it's important to note that every individual's situation is unique, so it's crucial to consult with a financial advisor to create a tailored plan that meets your specific needs and goals.

Martino Thu Sep 05 2024 | 6 answers 1357

Could you please explain what the 25x rule for retirement entails? I'm curious to understand how this principle is applied and how it can help individuals plan for their retirement. Does it involve multiplying a certain factor by 25 to determine a target savings amount? If so, what is the basis for this multiplier, and how does it factor into retirement planning? Additionally, are there any assumptions or limitations to this rule that investors should be aware of?

Giuseppe Wed Sep 04 2024 | 7 answers 1647

I understand that net worth can vary greatly depending on individual circumstances, but I'm curious - what would you consider a good net worth to have at the age of 65? Is there a specific benchmark or range that people often strive for at that stage of life? And what factors might contribute to someone having a higher or lower net worth by that age?