Will #YOLO Ruin Your Retirement? It Doesn't Have to.

Many lifestyle gurus have sold the idea of living for the moment and that we should only do that which makes us feel good.  Looking at Instagram and you'll find 27.8 million pictures with the hashtag #YOLO, the acronym for "you only live once." This phrase indicates a desire to live in the moment, and in extreme circumstances as an excuse for bad or risky behavior.

It sounds alluring until you look at the data about retirement-readiness. According to the Bankrate.com 2018 Retirement Savings survey, 42 percent of Americans have less than $10,000 saved. That means an alarmingly high number of people will go broke and outlive their money. It is evident that a YOLO approach to life gets complicated when it comes to money.

3 essential financial tips for recent college graduates

It is that time of year where college graduates enter a new phase of their lives. Yes that is me from 20 years ago after earning my Bachelor of Science in Business Administration from the University of Richmond. I can't believe that so much time has passed but I thought I would share 3 financial tips for recent college graduates because most people learn little to nothing about it in school -- which is pretty crazy to think that our kids aren't taught crucial life skills like finance but I will leave that topic to another day. Let's dive right in.

Fiduciary Rule: What You Need to Know

As of June 9th, 2017, the Department of Labor's fiduciary rule, also known as the conflict-of-interest rule, has partially taken effect.  The new rule has the greatest effect on financial advisors who are registered brokers.  How does the fiduciary rule impact you?  What do you need to know?

Please mind the (retirement savings) gap

When I was a junior in college, I studied in England for 6 months so I became familiar with the subway reminder of "please mind the gap." It seems so courteous and there doesn't really seem to be much danger in the tiny gap between the subway car and the platform but it is nice to be reminded to keep safe. Unfortunately, there is a huge gap emerging in retirement savings and the it is more of a chasm than a gap. According to the World Economic Forum, longer life spans and disappointing investment returns will help create a $400 trillion retirement savings shortfall by 2050, a figure more than five times the size of the global economy today. Needless to say, this is a monumental problem that needs to be addressed.

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