Joel Smit - Northwestern Mutual

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Joel Smit - Northwestern Mutual

Joel and his wife Michelle are lifelong Midwesterners. They currently reside in Lakeview in Chicago.

When he is not sharing his passion for finance, Joel enjoys weightlifting, watching Formula One races, and enjoying a meal with friends. http://joelsmit.nm.com/disclosure
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09/07/2021

If you've recently switched jobs, it's a good idea to move your previous employer's 401(k) to your current employer's 401(k), or into an IRA. Here are some guidelines on how to make the rollover without incurring any taxes in the process.

Don't hesitate to reach out if you have any questions!

Millions of Americans landed in new jobs over the past year. Here’s how to roll over a 401(k) from an old employer without incurring steep withholding taxes, penalties or fees.

08/26/2021

There has been some good news economically over the past few weeks. While prices still rose in July, the pace decreased noticeably compared to previous months.

Additionally, the Senate passed a $1.2 trillion infrastructure package. Although the bill still needs to head to the House, there's a lot of optimism that this will create jobs and boost U.S. productivity in the coming years.

From tamer-than-expected inflation to Senate passage of new infrastructure spending, there has been generally good news over the past week.

08/24/2021

Starting a family financial plan is an important part of your family's financial security. The first step to create a family financial plan is to determine how much you earn and spend by creating a budget. Once this is done, you can sit down with your family and talk over short term and long term goals. This will help you prioritize what's important to you and your family.

Don't hesitate to reach out if you have any questions creating a financial plan!

How do you start financial planning for families? It not only involves creating a budget, it also includes figuring out family goals — read these tips to learn more.

08/12/2021

Household budgets changed drastically during the pandemic. Costs surrounding traveling, gym memberships, and going out went down lowering household's monthly expenses. As things continue to open up and travel begins again, it can be difficult to navigate the expense changes.

One guideline is to allocate 60% of your total take-home pay toward fixed expenses like rent, utilities, subscriptions, etc., 20% toward your financial goals, and 20% toward fun things like traveling and going out. Being intentional about this now can build the foundation for long term financial success!

The pandemic helped a lot of Americans be better about their finances — but how do you keep it up? Here are 4 money habits that will help keep your household budget in check.

08/10/2021

A common misconception is that budgeting and financial planning are the same thing. Although there are a few similarities, budgeting looks at your current financial picture whereas financial planning is creating a strategy to get from where you are currently to where you want to be in the future.

Budgeting is a key aspect in financial planning. However, financial planning is more comprehensive and creates a strategy to turn you dreams into goals, and your goals into reality.

What is the difference between budgeting and financial planning? Learn more about their key differences.

08/05/2021

Giving your home a fresh feel doesn't have to cost you a fortune! Whether you just bought a new house, or you want to update your current house, these ideas can help you spruce up the place.

If you’re looking to give your home a refresh, there are ways to keep costs down. Here are 4 easy home decorating ideas you can do on a budget.

08/03/2021

RV camping trips are a great way to tour America! A camping membership through something like Harvest Hosts is an awesome way to save money on an RV trip while also supporting small businesses which has become even more crucial since the start of the pandemic.

By getting a membership to this, you can park overnight for free at small businesses, farms, wineries, etc. if you promise to support the business while you're there. This is a great way to see different locations on your trip while also supporting small businesses!

RV camping has become all the rage, but the costs can add up. Read these 6 money-saving RV camping tips for beginners.

07/29/2021

Since work from home became the normal as a result of the pandemic, burnout has become even more prevalent than before. To quote this article,

"Everything from an incredible workload to expectations that aren’t always clear to highly competitive work environments can provide a perfect breeding ground for burnout."

If you're feeling burned out, the first step is to prioritize yourself. Sleep is crucial along with taking some time to exercise and do the things you really enjoy.

Is work stress too overwhelming? Here’s how to nip burnout in the bud.

07/27/2021

As the CPI continued to rise in June, inflation is top of investors' mind. However, there is a lot of belief that inflation will cool as supply chains continue to normalize as things in the pandemic get back to normal.

Additionally, since lumber prices skyrocketed to $1,688 on May 7, they have now receded to $536.

While CPI rose to a 13-year high, we don’t believe the headline inflation figures are cause for concern. We take a deeper look in Northwestern Mutual’s Market Commentary for the week of July 19, 2021.

07/22/2021

As it becomes more common for people to switch jobs, a question has started to arise as to whether it's better to move all of your 401(k) or other investments at once, or spread it out over a period of time.

Historically, making a lump sum payment or transfer has proving to be better 75% of the time in the long run. However, there are a lot of factors that go into this. Please feel free to reach out if you'd like to hear more about which method works better for your situation!

If you have a large sum of money to invest, you may be wondering if it is better to invest the lump sum or dollar-cost average? While historical returns actually give the edge to lump-sum investing, there’s more to this story.

07/08/2021

Even though Amazon moved its Prime Day to June, there are still lots of good deals to get this July! Summer apparel sales will be happening, and as always, back to school supplies shopping will start.

Some things not to buy in July are grilling and patio furniture and lawn mowers as demand and prices are high.

Even without Amazon Prime Day, shoppers can still find plenty of bargains this month. Here are 4 things to buy in July and 3 to skip.

07/06/2021

Here is a list of 5 ways you can improve your finances in July. Stepping up retirement savings is still at the top of the list, but now that travel is back (and is still important for mental health), being conscientious about travel and getting the best deals is right up there! Feel free to reach out if you'd like to discuss any of these topics further.

Stay on track with your finances this summer. Here are 5 ways to improve your finances in July.

Address

5215 Old Orchard Road Suite 1200
Skokie, IL
60077

Website

http://joelsmit.nm.com/

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