- What Is the Chained Consumer Price Index (CPI)?
The Chained Consumer Price Index (CPI), or Chained CPI, can provide a more refined approach to measuring inflation than the standard CPI. It does so by incorporating consumer behavior and the substitutions they make when prices change. This is a valuable tool to help determine policy adjustments and it can also help you understand how… read more…
- Ways to Build Wealth With a Low Income
Building wealth on a low income might seem challenging, but it can be achievable with the right strategies. By adopting practical financial habits and making informed decisions, individuals can steadily increase their financial stability and security. From reducing debt to finding ways to supplement your income, there are numerous steps that can lead you to… read more…
- How the Federal Reserve System Works
The Federal Reserve System can have a powerful effect on our personal finances. Instead of being the type of bank that offers checking accounts, makes auto loans or provides credit cards, the Fed oversees the nation’s monetary supply, sets interest rates, supervises the banking system and performs other important tasks. By working with a financial… read more…
- Examples of Intermediate and Medium-Term Financial Goals
Intermediate and medium-term financial goals generally refer to goals that are set for a period ranging from a few years to a decade. These financial goals can help you bridge the gap between short-term needs and long-term aspirations. Examples can include saving for a down payment on a home, funding a child’s education and building… read more…
- How Debt Is Divided in a Divorce in Florida
In Florida, the division of debt during a divorce is governed by equitable distribution principles. This means that the court aims for a fair, though not necessarily equal, division of both assets and liabilities. Florida courts classify debt as either marital or nonmarital. Non-marital debt, such as obligations incurred before the marriage or after separation,… read more…
- Alimony vs. Spousal Support in California
In California, the terms “alimony” and “spousal support” are often used interchangeably, but they have slightly different meanings. Alimony traditionally refers to payments made from one ex-spouse to another following a divorce to maintain the recipient’s standard of living. Spousal support, however, is a broader term that includes alimony but also encompasses temporary support provided… read more…
- How Is Health Insurance Calculated in Child Support?
Health insurance costs are included in child support calculations. The process considers premium costs, out-of-pocket expenses and any existing health insurance coverage provided by either parent. The rules and methods for calculating these costs can vary by state, with each jurisdiction having specific guidelines to determine how health insurance expenses are allocated between parents. If… read more…
- How Child Support Is Calculated in Alabama
Child support in Alabama is determined using a specific formula that takes into account various factors to determine a fair contribution from both parents. The primary elements considered include the combined income of both parents, the number of children involved, and additional costs such as healthcare and childcare. The state uses these figures to establish… read more…
- How Is Child Support Calculated in Arizona?
In Arizona, child support calculations are determined by using the income shares model, which estimates the amount parents would spend on their children if they lived together. The calculation considers several factors such as the parents’ incomes, the number of children and additional costs like health insurance, childcare and educational expenses. Deviations from the standard… read more…
- How Child Support Is Calculated in Kansas
In Kansas, the child support system plays a vital role in ensuring that children receive the financial support they need from both parents, even if they are not living together. The Kansas child support system is designed to be fair and equitable, taking into account various factors such as parental income, the number of children… read more…
- How Is Child Support Calculated in Georgia
How income is calculated for child support will directly influence the financial well-being and future stability of the children involved. Georgia’s legal framework, as outlined in the Georgia Code Section 19-6-15, provides a structured approach to ensuring that children maintain their standard of living through adequate financial support from both parents. For help understanding how… read more…
- How Is Child Supported Calculated in Illinois?
In Illinois, child support is calculated using the income shares model. The income shares model takes into account the number of affected children, the parents’ combined income, and the time each parent spends caring for the child or children, among other factors. If you are divorcing or separating, and have minor children from the partnership,… read more…
- How Is Child Support Calculated in New York?
When parents of minor children divorce or separate in New York, one of the parents may be ordered to provide financial support to make sure the child’s needs are met. The court uses a guideline set out by the state to determine how much the non-custodial parent will pay. The payment is based on the… read more…
- How Child Support Is Calculated in Pennsylvania
Child support is generally calculated by using a set of guidelines established by the state, which consider the income of both parents, the number of children and the custody arrangement. In Pennsylvania, these guidelines use an income shares model, which estimates the amount of money that would have been available for the child’s care if… read more…
- 10 Personal Financial Planning Tips to Live By
Financial planning planning is a proactive approach to managing your finances and achieving long-term financial goals. By establishing a comprehensive plan, you can effectively allocate resources, prepare for significant life events and make informed decisions that support your overall financial well-being. Whether you’re saving for retirement, funding education expenses, or building an emergency fund, a… read more…
- 3 Types of Inflation and How to Prepare
As prices climb and the cost of living increases, the question on many minds is how to safeguard their financial future against inflation. Understanding different types of inflation — demand-pull, cost-push and built-in — and how they impact purchasing power will help you strategize effectively. From investment diversification to energy-efficient practices and fixed-rate loans, the strategies… read more…
- How Is Child Support Calculated in Florida?
When a couple with minor children splits up in Florida, the state uses a formula to determine the amount of child support. This formula is based on the parents’ combined net income as well as the number of children, the shared parenting schedule, and the cost of health insurance. The court has some discretion ihere,… read more…
- When Do You Stop Paying Child Support in Florida?
For parents in the Sunshine State who pay court-ordered child support, knowing when child support ends in Florida can be an important detail when it comes to their budgeting and financial planning. The obligation to pay child support usually ends in Florida when the child reaches age 18. Exceptions include children who have not graduated… read more…
- How Is Alimony Calculated in Florida?
Alimony payments can be a substantial cost or income, depending on whether you’re an alimony payer or recipient. When alimony is calculated in Florida, divorce law sets out a simple guideline on alimony amounts using a percentage of the income of the higher-earning member of a divorcing couple to generate a maximum payment size. The… read more…
- 9 Ways Divorce Can Impact Your Finances
The dissolution of a marriage can result in a dramatic shift in one’s financial landscape. From the division of retirement accounts and other financial assets to changes in your tax filing status and insurance needs, each aspect demands careful consideration to mitigate the long-term impact on your financial well-being. A financial advisor can be a… read more…
- How Alimony Is Calculated
In the wake of a divorce, many face the daunting prospect of financial uncertainty, particularly when one spouse has sacrificed career advancement for family commitments. But alimony, a legal provision, can help balance the scales of economic fairness post-divorce. Calculating how much alimony one spouse receives from the other often involves weighing numerous factors, including… read more…
- Financial Planning Resources to Help You Build Wealth
Financial planning resources can provide a structured approach to help manage your finances effectively. From books and workshops to online calculators and budgeting apps, these tools are designed to meet the needs of individuals at every stage of their financial journey. The key to maximizing their potential lies in selecting resources that align with your… read more…
- How to Build Philanthropic Giving Into Your Financial Plan
Philanthropic giving refers to the allocation of funds or assets towards charitable causes or organizations that align with personal financial goals and values. This is typically structured as long-term support through standing contributions and donations that are built into your estate. And to make philanthropy most successful, it’s important to incorporate it into your overall… read more…
- Financial Planning Strategies for Physicians
Physicians are among the best-paid professionals but that doesn’t make them immune from financial challenges. From coping with sudden wealth when just starting to work to planning for business succession at the end of many years of owning a practice, physicians may face special needs for careful financial planning. If you’re a physician contemplating your… read more…
- Guide to Financial Planning for Executives
Top business executives earn more money than many workers, but they also face a variety of challenges when planning personal finances. Complex compensation plans, risk reduction, tax management and portfolio diversification are top challenges for many executives. Additionally, executives often have access to exotic retirement saving options that call for expert advice. Financial planning for… read more…