Mickenzie Romps - Financial Advisor

09/10/2023

There’s less than 4 months left of the year. Now is a great time to check in with your goals for the year and make sure you’re on track to achieve them!

If you’re a little behind, what are some ways you can catch up?? Can you…
• designate some more time every day or week to your goals?
• set aside extra money from your paychecks?
• reel in on your spending (especially for things that don’t align with your priorities)?
• find ways to bring in some extra cash (sell things, pick up a side gig, take on extra hours)?

OR maybe it’s time to adjust your goals. This is totally okay - it’s your life, they are your goals, and it’s important to be honest with yourself when it comes to your finances.

If you’re on track to reach your goals, go you 🎉 Start thinking of ways to up the challenge for yourself next year 😜

08/28/2023

Guess what happens this weeeeeeeek…..

Student loan interest goes back to accruing (😵‍💫) on Friday (Sept. 1st).

What does that mean for you?
Depends where you’re at in your schooling and what kind of loans you have.

1st off, this only applies to FEDERAL student loans. If you have private loans, your interest never paused.

Subsidized loan borrowers:
- Still in school: no interest accrues while you’re enrolled in classes, but once you’re no longer enrolled or graduate, interest begins accruing
- Out of school: interest begins (or returns to) accruing September 1st

Unsubsidized loan borrowers:
- Still in school: interest begins (or returns to) accruing September 1st
- Out of school: interest begins (or returns to) accruing September 1st

While interest resumes September 1st, payments aren’t due until sometime in October. It depends on your billing period and loan servicer.

‼️ Make sure your accounts are up-to-date with your current info.
‼️ Make sure you know the next steps for your loans and payments.
‼️ Check out the Loan Simulator on the StudentAid website to find the best repayment plan for you and your lifestyle ➡️ linked in my linktree in my bio.

Who’s got their plan in place??

I scheduled my lump sum payment (😭) for Friday to avoid interest 🥂 — this isn’t a fit for everyone’s lifestyle and that’s OK! My financial goals include paying as little interest as possible throughout my life so this is what aligns with my priorities and goals. Be true to yourself and do what you gotta do 🫶🏻

08/15/2023

Starting in 2024, you’ll need to complete an additional document and pay an application fee to travel to Europe. While it won’t be a big enough inconvenience to derail your trip, here’s what you need to know about the new requirement: https://bit.ly/3KiEP9w

Starting next year, Americans will have to follow a new requirement to go to countries in the European Union.

08/14/2023

Data analysis shows the income it takes to be among the top earning one percent varies among states. Find out how much you’d need to earn to be a one-percenter in your state: https://bit.ly/3DuqV02

Ranging from $368,000 to nearly $1 million, here’s how much the top 1% earn in each state.

08/11/2023

School is nearly back in session, and college students likely have money matters on their minds—including the fact that they’ll need to pay back their loans plus interest after graduation. These financial tips can help when heading back to dorm life: https://bit.ly/3OcDthL

Some items included in the college experience are funded with tuition and fees, and you'll want to take advantage of them as much as possible.

08/10/2023

When saving for retirement, most people factor in expenses like housing and food. But there are other common costs you’ll encounter in your post-work life. Here’s a list of 7 to keep in mind: https://bit.ly/3OuelDl

The dream retirement for many Americans who have worked hard their whole lives is a worry-free retirement in which all of their expenses are covered. But even if you've saved and budgeted for the life...

08/09/2023

Adults in their 40s are often responsible for supporting small children, aging parents, and saving for kids’ college educations, so it’s no surprise that many don’t have enough money saved for retirement. Check out these tips to help you save: https://bit.ly/3YaNxfz

Most Americans in their 40s have around two decades until retirement but may not be saving up enough money. Two tips for boosting your retirement contributions.

08/08/2023

An ongoing labor shortage has sparked a movement in many states to roll back child labor laws. This means minors could soon be serving alcohol and working later hours. But would this solution create more problems?: https://bit.ly/44WmWFh

Businesses are scrambling to hire more amid a labor shortage, and some lawmakers believe the solution lies in teenagers.

08/07/2023

More and more Americans are doing gig work—freelance work through apps like Uber, Lyft, and Doordash. Learn why this could be distorting government data on employment and what challenges are caused by the gig economy: https://bit.ly/3Q5Ghjc

Labor market experts say the number of gig workers is growing, and their alternative working arrangements are rippling through the economy.

08/06/2023

Social security funding dwindles each year due to an aging population, longer life expectancies, and retirement savings needing a boost. Learn what you need to know:

What are the disruptive forces affecting retirement and how can you prepare?

08/05/2023

Wondering why food deliveries are so harsh on your wallet? Stealth inflation is the culprit, and the White House estimates Americans spend more than $65 billion on “junk fees” each year:

New fees are being tacked onto hotel bills, airfare, restaurant checks and pretty much everywhere else. It's another form of inflation and it's costing consumers $65 billion a year.

08/04/2023

What do you want most in life? If you could name the top 9 things you desire, what would they be? See if you agree with this list, formulated by a psychotherapist from her 10 years of practice: https://bit.ly/44IkkeC

In a decade as a therapist, Charlotte Fox Weber has found there there 9 things human beings desire. She shares her best advice for making them a reality.