Good Financial Reads: Are You Tired of the Rat Race, 7 Money Tips for the Summer, and More

Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.

Catch up on some of the latest posts with this week's roundup:

Are You Tired of the Rat Race?

by Andrew Mohrmann, Modern Dollar Planning

We've all heard the term 'Rat Race', but have you really thought about how appropriate that analogy is to the lives so many of us lead?

When I hear the phrase, my mind moves to the image of the hamster spinning its way to nowhere. Our wheel comes in a different form, but it’s not really all that different. Many of us wake dutifully each morning before we’d like, slug down some coffee and mindlessly go to a job we may not actually like. We’re working hard, but not really getting any closer to living a life that evokes passion and wakes us from zombie mode.

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7 Money Tips for the Summer

by Ben Wacek, Wacek Financial Planning

It’s summer time and the living is easy. This is also a time of year notorious for stretching wallets. A few simple considerations and a little extra effort can change that without taking away from all that’s enjoyable about this season. Check out these helpful money tips below!

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How Much Should You Save For College?

by Julie Ford, Ford Financial Services

In the last article, I told you that the 529 plans are a great way to save for college. This week, let’s get into the details of deciding how much money you actually need to save for your kids' college education. If you need a reminder, a 529 plan is a tax-advantaged savings account for college funds.

As long as the money in it is eventually used for qualified educational expenses, your contributions to the account will grow tax-free, and some states will also give you a tax break on the contribution itself.

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Maintain a Cash Emergency Fund

by Joe Morgan, JWM Wealth Management

Life comes with random risks and it’s important to have an emergency fund that you can tap in case of need.

When you’re still working, a rule of thumb is to maintain six months of regular expenses in a savings account that is readily accessible. Should you lose your job, for example, this effort should give you ample cash to meet your expenses while you figure out your next income source.

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