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Phillips Financial Strategies' Financial Management Blog covers a wide range of important topics for anyone making decisions about money or planning for a secure future. Whether you are responsible for personal or family finances, running a business, or leading a nonprofit agency, William and the team at PFS
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Is Home Ownership the Best Use of Your Money?
Times have changed. Today people are re-examining the benefits of buying a home instead of renting. If you in a position to purchase a home, but have not made a decision, here are some questions that may help you evaluate your situation.
Read MoreYou Can Save Money With a Healthy Lifestyle
Being healthy not only makes you feel good, it may also help you financially. Recent studies show how certain of your health habits might be affecting your bottom line, by increasing the costs of medical care.
Read MoreHow Can Women Be More Prepared for Retirement?
Unfortunately, when it comes to saving for retirement, there are still some unique factors that work against women. To be successful they have to overcome the impact of those factors with investment strategies.
Read MoreManaging Risk in Your Investment Portfolio
I like to win and I test myself in races. I tend to stick with a winning strategy. In the world of finance, most people want to stick with a successful investment. But is that the best approach?
Read MoreDo You Want to Be Financially Independent?
Financial independence and early retirement are possible, but it doesn't happen without a detailed plan and the discipline needed to follow that plan. You have to be smart about the way you invest and spend your money.
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The Key to Building Wealth Lies in Creating Assets
While it’s true that a savings goal is the best way to start, building the kind of wealth that provides financial security requires more. If your goal is financial independence, a stronger strategy for building wealth is creating assets.
Read MoreWhat Is the Purpose of Estate Management?
Estate management lets you plan ahead for protecting your spouse, children, or other heirs and ensuring that your assets are distributed how and when you want them to be. Done well, estate management can make a huge difference.
Read MoreWhat Should You Do With That Annual Pay Raise?
Did the New Year bring you a pay raise? It’s tempting to have fun with it, to treat it like a windfall. However, my independent financial advisor self knows that even a modest increase can be used more wisely for long term benefits.
Read MoreHow to Ensure a Long and Prosperous Retirement
Even if retirement planning isn’t the first thing on your mind, it IS important to get started as soon as possible. The worst scenario is to postpone the process until later and find yourself short on resources when you need them.
Read MoreConfident Investors Know How to Protect Financial Health
Confident investors know the best ways to protect their financial health. They take control of their investing, follow the best practices for investors, and rely on advice and guidance from financial professionals.
Read MoreTax Time Is the Best Time to Review Your Budget
Have you ever thought about how much time you spend with your financial records in anticipation of tax preparation? Here's a way to use that process to review and tune-up your household budget.
Read MoreWill Resolutions Make 2019 Your Strongest Financial Year?
It's mid-January. For anyone whose New Year’s resolutions involve a financial reset, it’s a great time to reflect on your approach. You can make 2019 your strongest financial year yet with these tips from FINRA.
Read MoreWhat Should You Look For in a Personal Finance App?
Like most people today I depend on apps. An increasing number of apps are available to help people manage their personal finances. Which leads to an interesting question: what should you look for in a personal finance app?
Read MoreHow Can a Timeline Help Me Reach My Financial Goals?
Setting tangible and realistic goals, following them, and tracking their progress is the key to success. Financial plans thrive on goals. The more time you have to reach a financial goal, the more investment risk you can afford to take.
Read MoreFive Essential Concepts That Can Make You a Savvy Investor
Is there anyone who doesn’t think it’s important to save for retirement? As an independent financial advisor in DC, I talk to people from all walks of life, and one thing they have in common is their desire for a secure...
Read MoreStarting Small: How to Invest on a Budget
You don’t have to be rich to become an investor. If you start small and invest regularly, you can save for the future, invest, and pay down debt by coming up with a good plan—and sticking to it.
Read MoreWhy Is Year-End Financial Planning Important?
Like many financial advisors, I get a fair number of questions in December related to taxes. The end of the year is one of the best times to review your finances, prepare your tax documents, and make any changes to your financial strategy.
Read MoreWhy Your Risk Level Matters in Building Wealth
As an independent financial advisor, I talk to my clients about risk. Wealth building strategies - investing - come with risk which can be managed. Starting with your risk profile here are five strategies to manage investment risk.
Read MoreWays You Can Avoid the Holiday Spending Trap
The expenses of holiday gift giving, entertainment, and home decoration can take possession of the household budget. For many, the extra spending is inevitable – and unaffordable. There is a better way.
Read MoreAre You Prepared For Your Financial Future?
I see clients in mid-life who worry that they won’t have enough assets to support their retirement. And, to be honest, many of them don’t. Here are some strategies for jump-starting a personal planning process and building a secure future.
Read MoreI'm Not Rich. Why Do I Need a Financial Advisor?
I’m not rich. What good would a financial advisor be? Wealth management isn't just for those who are already wealthy. Everyone can benefit from having a financial plan that helps build financial security with savings and investments.
Read MoreWhat is So Important About a Life Insurance Beneficiary?
When it comes to discussions of personal finance and planning, many find life insurance to be a very complicated topic. One of the confusing terms, life insurance beneficiary, is explained.
Read MoreAn Easy Guide to Understanding Life Insurance
Life insurance is a risk management tool – a way to manage the risk of your untimely death with financial protection for your family and loved ones. Learn the differences between the two basic types of life insurance: term and permanent.
Read MoreWhy Your Risk Profile Matters in Wealth Building
Financial risk is inherent in the field of investment. Managed risk allows us to prepare for unpredictable events that can wreak havoc with our finances. My best investment advice includes these five strategies to manage risk.
Read MoreYou Can Learn to be a Smart Investor
From my perspective as an independent financial advisor, I understand why so many potential investors are confused by the self-help advice available. Smart investing is not quick and easy. It requires making wise and informed decisions.
Read MoreWhen Should You Retire? It's Time to Rethink the Options
There is a shift in thinking from the traditional concept of retirement to a more nuanced notion of "life stage." Arriving at your mid-60’s doesn’t need to signal the end of productive work or contribution.
Read MoreWhy Do I Need Effective Estate Management?
A question financial advisors like myself often hear: What is the purpose of estate management? It’s an important question because it involves both short and long-term financial planning. Here are key elements of a management strategy.
Read MoreManaging Risk in Your Investment Portfolio
I like to win and I test myself in races. I tend to stick with a winning strategy. In the world of finance, most people want to stick with a successful investment. But is that the best approach?
Read MoreFamilies Benefit From Strategies to Pay for College
As an independent financial advisor in DC, I talk to families about saving for college. Unfortunately, when faced with the reality of paying for it, some families are overwhelmed. That’s not necessary if you have a strategy.
Read MoreDo You Want Your Savings Plan to Build Wealth?
There is a difference between just saving money and building wealth. The size of that difference is determined by how you invest that money – your investment strategy.
Read MoreWhat Does It Take to Be a Smart Investor?
There is no shortage of conflicting advice about investing. From my perspective as an independent financial advisor, I know that smart investing is not quick and easy. It requires making wise and informed decisions.
Read MoreAdulting: How Young Adults Take On the Money Challenge
I talk with many young adults and have become familiar with a term frequently used – “adulting." There are lots of challenges that come with being on your own, or "adulting," particularly when it comes to managing your finances.
Read MoreThe Plan You Need to Secure Your Financial Independence
Why not make this the year you declare your own independence—your financial independence? What may seem far-fetched can be achieved by discipline and planning. Here are five actions you can take to secure financial freedom.
Read MoreYour Income is Modest. What Can a Financial Advisor Offer?
People with modest incomes may think their assets are too small to need a financial advisor. I encourage them to look beyond the size of a paycheck for the benefits of professional advice. It's what they want for their hard-earned money!
Read MoreHow Much Do You Need to Cover An Emergency?
Have you ever had one of those months when bad things happen? Emergencies tend to come in waves. The important thing is to have a financial life preserver, in the form of an easily accessible emergency cash fund.
Read MoreFive Ways for Millennial Investors to Manage Risk
I learned early on that some of my most fulfilling accomplishments involved taking risks. As a financial advisor, I know about the risks inherent in investing and advise clients on strategies to manage that risk.
Read MoreYou Need a Financial Plan for Successful Wealth Building
Long-term investment and saving plans are what you need to support financial independence and a comfortable lifestyle in retirement. Personal financial planning is the most basic building block to achieve the assets required.
Read MoreYour Money: Safe in Savings and Growing in Investments
Saving and investing are both tools for achieving your financial goals. With each, you put your money aside, but there the similarity ends. Each tool has a specific but different purpose and benefit. You need both.
Read MoreYoung Women Gaining in the Financial Literacy Gender Gap
A recent article published in FINRA’s Alert Investor laid out the problem of the financial literacy gap between men and women. It’s an important topic for me to share and so here are some highlights.
Read MoreThe Best Financial Advice For College Grads
May is the month of college graduations, and I talk with lots of young professionals who are starting out. My advice is always the same. I stress the long-term benefits of early saving and personal financial planning.
Read MoreWill a Credit Report for Employment Be a Problem?
Did you know that your credit history may be a factor in your job search? Employers can, with your permission, check your credit history as part of the job application process. Here’s what you can do to ensure that it won't be a problem.
Read MoreHow to Interview A Financial Advisor
The right financial advisor will help you achieve your personal financial planning goals. I recommend you interview a few before you make a decision. Here are five questions that will help you find the advisor that is the best fit for you.
Read MoreYour Guide to the Principles of Smart Investing
From my perspective as an independent financial advisor, I understand why so many potential investors are confused by the self-help advice available. Smart investing is not quick and easy. It requires making wise and informed decisions.
Read MoreFour Really Good Reasons to Start Investing
Why is it that so many individuals think that they can't start investing until they have enough money saved? As an independent financial advisor, I remind clients that investing is the perfect tool for building savings and wealth.
Read MoreStart Small and Think Big to Build Wealth
As a distance runner, I learned to set goals for my daily workouts - start small and think big - to develop the stamina to compete. As a financial advisor, I know how that same strategy works for building wealth.
Read MoreInsurance Is the Way to Manage Risk and Avoid Financial Disaster
When you are starting out with a new career or relationship, it's a good idea to work with a financial advisor to create a long-term financial plan. A risk management plan - insurance - should be part of your overall financial strategy.
Read MoreDoes Your Personal Debt Trigger These Alarms?
“How much debt should I have?” It doesn’t matter how much income you earn – it’s always possible to have too much debt. If you're not sure if your debt is out of control, here are some signs that should trigger alarms.
Read MoreCan You Afford To Be a Dog Owner?
I am a real dog lover. It is not surprising that, as an independent financial advisor, I cast my fiscal spotlight on dog ownership. Because it can be expensive it's not for everyone.
Read MoreHow to Choose the Right Personal Finance App
Like most people today I depend on apps. An increasing number of apps are available to help people manage their personal finances. Which leads to an interesting question: what should you look for in a personal finance app?
Read MoreWhat the New Tax Bill Means for You
For many, the new tax bill is confusing enough to turn accountants into superheroes. For millions, it means an altered financial and investment landscape with new opportunities and challenges in the years ahead. Here's an update.
Read MoreHow to Make A Financial Fresh Start in 2018
What better time than a fresh new year to review your financial situation and commit to a realistic money management plan. Here are five steps you can take to get started.
Read MoreAre Your Donations Going to the Right Nonprofits?
With more than one million nonprofit organizations engaged in fundraising, how should a potential donor select the right nonprofit to support?
Read MoreWho Is The Right Financial Advisor for You?
How to interview Independent financial advisors to choose the right person to save you time and help you maintain the discipline required for long-term security and wealth building.
Read MoreCan You Avoid Overspending and Enjoy the Holidays?
The expenses of holiday gift giving, entertainment, and home decoration can take possession of the household budget. For many, the extra spending is inevitable – and unaffordable. There is a better way.
Read MoreWhat Should I Know About Wealth Building Strategies?
As an independent financial advisor in DC, I often meet with clients whose plan is focused on saving money – how much can they put aside. Regardless of how much money you make the actual key to building wealth lies in creating assets.
Read MoreWhat Millennials Need to Know About Financial Risk
Young professionals – millennials – who want to begin an investment strategy should be aware of strategies to control the amount of financial risk inherent in investing.
Read MoreHow to Get Your Personal Finances Under Control
Developing your personal financial plan doesn’t have to be difficult. Successful financial planning takes strategy, discipline, and basic money management skills. Here are seven ways to improve those skills:
Read MoreWhat Is the Most Reliable Wealth Building Strategy
As an independent financial advisor in DC, I talk with people about how to build wealth. I tell them not to count on luck or timing but to pay attention to the quality of their asset allocation.
Read MoreIs Your Savings Plan Building Wealth?
There is a difference between just saving money and building wealth. The size of that difference is determined by how you invest that money – your investment strategy.
Read MoreHow to Make Your Student Loan Repayment Fit Your Budget
For recent college grads who are facing challenging student loans, William A. Phillips explains how income-driven repayment plans can help monthly payments fit into budgets and financial planning.
Read MoreCredit Score in Shreds? Here's the Best Way to Fix It
Tips for improving the FICO number, ranging from 300-850, which determines your credit rating and can affect your ability to purchase a house or car, secure a credit card or other loan, or even get a job.
Read MoreHow to Find a Financial Advisor You Can Trust
How to choose a financial advisor who’ll make the time to focus on your concerns and is committed to helping you achieve your personal financial planning goals.
Read MoreHow to Budget Your Money and Avoid Financial Emergencies
April is Financial Literacy Month. Money management is important to financial health as well as general happiness and well-being. Five steps to help take charge of finances and overcome financial illiteracy.
Read MoreHow to Achieve Your Financial Goals with Wealth Building Strategies
As an independent financial advisor, I recommend asset allocation as a strategy for long-term wealth building strategy whose merit lies in being secure enough to give your investments time to grow over a period of many years.
Read MoreIt’s Never Too Late for Financial Planning and Analysis
Tax season tends to bring out a lot of regrets - that we had saved more, invested more and budgeted more wisely during the past year. It's never too late to jump-start financial planning and saving.
Read MoreHow to Manage Risk in Your Personal Financial Planning
When I give investment advice to my clients I tell them that financial risk is inherent in the field of investment. We all want to see our money grow. Risk isn’t something to avoid, but there are strategies that can manage it.
Read MoreFinancial Advisor in DC Shares Guide to Financial Planning
I tell my clients that personal financial planning is the most basic building block for acquiring wealth. Too many individuals focus on their earning power and neglect the development of assets.
Read MoreA Long-term Plan for Retirement
If you are a young adult in your 20’s, retirement probably seems like a lifetime away but saving for retirement is an investment in your future that can be done while still maintaining a healthy work-play balance.
Read MoreDo You Have a Timeline for Your Financial Goals?
Setting tangible and realistic goals, following them, and tracking their progress is the key to success. Financial plans thrive on goals. The more time you have to reach a financial goal, the more investment risk you can afford to take.
Read MoreCollege Funding Strategies: Advice From a Financial Advisor
College can be expensive. At the same time, college is increasingly necessary to be successful in America’s competitive job market. College savings programs and federal loan repayment options can help.
Read MoreInvestment Advice in DC for Clients With Modest Incomes
When I talk with clients about their financial profile, I encourage them to look beyond the size of their paycheck. I advise them to work out an investment plan that is compatible with their budget, current situation, and lifestyle goals.
Read MoreInsurance and Risk Sharing
Out on the highway, do you drive in the slow lane or the fast lane? Do you slow down or speed up when you see a yellow light ahead? Your attitude toward risk and risk-taking applies to your financial situation as well.
Read MoreHave Student Loans? Get Help With Income-Driven Repayment Plans
When I talk with recent college graduates about financial planning, the issue of student loan repayment is a frequent topic. So many millennials feel they have to postpone investing in their future until those loans are repaid.
Read MoreDo You Need A Financial Fresh Start in 2017?
It's January. What better time than now – the start of a new year – to review your financial situation and commit to a realistic money management plan. Here are five steps you can take to get started.
Read MorePlanning for Retirement: Is Midlife Too Late to Start?
It is never too late to save for retirement! This is true even if you are approaching that final 10-20 years of employment without a definite plan for retirement. Worried about adequate savings and potential retirement income? Instead of ge
Read MoreStay Out of the Red: How to Budget Holiday Spending
It’s the shopping time of year. The expenses of holiday gift giving, entertainment, and home decoration can take possession of the household budget. Extra spending doesn't have to be inevitable with a budget as a guide.
Read MoreA Checklist for Retirement Planning
We all have dreams about the perfect retirement, but it is so easy to let procrastination undermine the process of taking steps to achieve that dream. Here's how to get started.
Read MoreHow Can a Small Business Afford Group Health Insurance?
Most small business owners want to offer their employees a health benefits program. The Affordable Care Act makes tax credits available to reduce the overall cost to small employers of group health insurance.
Read MoreAffordable Health Insurance Available to Small Businesses in DC
Today, small businesses owners recognize the competitive edge they get by offering a health benefits program to their employees. The Affordable Care Act offers many options to meet the needs and budgets of small businesses.
Read MoreWhen to Start Estate Planning? The Sooner the Better!
No one wants to think of their own mortality. But there comes a time for everyone when assets are passed on to family members. Estate planning is an important part of protecting your family now and in the future, so start soon.
Read MoreWho Needs a Health Insurance Broker?
Health insurance brokers registered with DC Health Link, the exchange set up in DC to administer the federal Affordable Care Act (ACA), are available to assist individuals and small business owners in navigating the ACA system.
Read MoreYour Easy Guide to Life Insurance
Life insurance is a risk management tool – a way to manage the risk of your untimely death with financial protection for your family and loved ones. Learn the differences between the two basic types of life insurance: term and permanent.
Read MoreHow Should Millennials Save for Retirement?
If you are a young adult in your 20’s, retirement probably seems like a lifetime away, but saving for retirement is an investment in your future that can be done while still maintaining a healthy work-play balance.
Read MoreThe Retirement Taxes You’ve Never Thought Of
Retirement income is not free from income taxes. Not planning ahead may mean that you end up paying more IRS taxes than you need to, and could make retirement a whole lot less comfortable.
Read MoreWhat Do Qualifying Events Have to Do With Health Insurance?
Investing and saving are familiar tools for protecting yourself from financial risk. But for another kind of risk - accidents and the cost of a serious injury - you need the protection of a health insurance plan.
Read MoreWhere Does All YOUR Money Go?
Many couples lose track of their money management plan. With a little discipline and some very basic tools like a budget, you can gain control of your personal finances.
Read MoreLet's Talk About Living Value
Most people think of life insurance as a way of receiving funds to help replace income when the primary earner passes away. This death benefit is one of the most prominent features of life insurance plans.
Read MoreMaking Sense of Life Insurance Beneficiary Designations
A beneficiary is anyone who is named in your life insurance policy to receive the death benefit of the insured when you pass away. The two main types of beneficiaries are primary and contingent.
Read MoreWhy Do I Need a Retirement Plan?
Even if retirement planning isn’t the first thing on your mind, it IS important to get started as soon as possible. The worst scenario is to postpone the process until later and you find yourself short on resources when you need them.
Read MoreBudgeting as Financial Planning
A budget is a financial plan for spending and managing expenses. It is a strategy that allows you to prepare for the unexpected. With a smart budget, you will be able to save and invest in your financial future.
Read MoreHow to Retire Early
For individuals who don't want to wait for the traditional retirement age to get started, early retirement is possible, as long as you are smart about the way you invest and spend your money.
Read MoreWhy Do Investment Plans Need Asset Allocation Strategies?
Some people attribute investing success to choosing the hottest stocks or timing the market correctly. But, in reality, the success of your investment usually depends on the quality of your asset allocation.
Read MoreWhat are Wealth Management Strategies and Who Needs Them
An effective wealth management system encompasses all aspects of a person’s wealth, from retail banking services, an investment portfolio, and estate planning, to legal advice, tax advice, and regular financial planning.
Read MoreYou Can Pay Less Taxes with a Home Office Deduction
The internet is changing the workplace. Many people can now choose to telecommute and work from home, rather than head into the office. Luckily, the IRS offers a home office deduction which is often misunderstood.
Read MoreHow To Benefit From End of Year Financial Planning
The end of the year is one of the best times to review your finances, prepare your tax documents, and make any changes to your financial strategy.
Read MoreHow Much Debt Is Too Much Debt?
Debt isn’t always bad. Having debt—and paying it off—is beneficial for your credit score. Having a high credit score will make it easier for you to buy a house, a car, or get a bank loan.
Read MoreHow to Pay for College
When you decide that college is a likely path for your child, creating a college funding strategy will pay dividends down the road. Starting early allows interest to accumulate on your savings leading to a greater investment return.
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