The term “financial freedom” gets thrown out a lot by personal finance writers (myself included.) But it’s often unclear what the exact definition of financial freedom is and how someone can know if they have achieved it.
Here is my simple Definition of financial freedom: You have achieved financial freedom when you can spend your days doing work that you love without worrying about how you will pay the bills.
The best part of the above definition of financial freedom is that it does not require you to amass a massive amount of wealth. It simply requires you to find a way to pay for all of your living expenses, plus a little extra for retirement savings by doing work that you truly love. …
My wife and I have recently been working on updating our will with our first child’s birth earlier this year. As we reviewed our assets, it got me thinking, what happens to your investment portfolio when you die without a will?
The most significant factor that determines what happens to your investment portfolio if you die without a will is where you live. Each state has different policies on what happens to assets when someone dies without a will. Consult your local government for an exact answer to what will happen if you die without a will.
In this article, I’ll review what happens to your investments when you die, depending on whether you had a will and where you live. …
The decision of whether to buy or rent a home has become one of the most debated topics in personal finance. While some believe that owning an asset is always better than paying rent, others look at the cost of ownership as too high to make it worthwhile.
Luckily, Canadian portfolio manager and YouTuber, Ben Felix, developed a rational approach to answering the rent vs. buy decision that he calls the 5% rule.
Here is how the 5% rule works. Multiply the value of the home by 5%, then divide that number by 12 to get your breakeven point. If the monthly rent on a comparable home is below the breakeven point, it makes financial sense to rent. …