Most of my clients are in their 30s and 40s, and many of them are either starting families or adding to them. Many of these soon-to-be parents ask me, “how much do we need to save before having a baby? What should we have in the bank before we start thinking about having kids?” It’s…
A Trust Fund for Kids: Does Your Family Need One?
For most people, the phrase “trust fund baby” does not come with positive associations. It’s a description that conjures images of spoiled children that may grow up to be dilettantes as adults; of people that seem divorced from the reality of working for a living or being financially responsible for their own futures. But setting…
3 Advanced Techniques to Elevate Your Financial Strategy
A lot of general money advice focuses on the fundamentals; there’s no shortage of tips out there that promise to teach you how to save, budget, spend less, and maybe even make more. This advice is important, and shouldn’t be dismissed. You can’t reach major success without mastering the basics (and in fact, more than…
How to Better Manage Money with Just Two Simple Rules of Thumb
Personal finance doesn’t need to be overly complicated. Yes, the complexity in your financial life will increase as you build assets and grow wealth—but don’t confuse complex for overly elaborate and impossible to understand. At the end of the day, most of what it takes to reach (and maintain) financial success comes down to some…
Beyond Finances Podcast #49: Managing Equity Comp: How to Balance the Risks and Rewards
Leveraging equity compensation is one of the potential avenues we previously highlighted for use on the road to building wealth. But to enjoy the rewards, you have to know how to manage the risks along the way. Many industries offer a piece of ownership to company employees through equity compensation packages. If you receive equity,…
How to Build a Bulletproof Balance Sheet
Too often, we equate being conservative or risk-averse with missing opportunities, or missing chances to grow wealth. While there is such a thing as being too hesitant or too cautious, there’s a good reason to lean toward less risk when doing long-term planning. Even if you feel highly comfortable with risk or actively seek it…
Beyond Finances Podcast #48: What It Takes to Manage Investments Well
Lots of people think they’re good DIY investors. But they miss a lot of nuance, and make a lot of mistakes. Here’s what it really takes to manage investments well. If you invested in the market over the last 10 years… it was easy to win. The markets climbed up and up, with the longest…
Wealth Management Is an Infinite Game. Are You a Good Player?
Despite the recent popularity of people playing day trader, trading stocks using gamified apps designed to hook your attention and keep you engaged is a risky proposition. Playing on trading apps is a great way to gamble while casinos operate in limited capacity due to the ongoing coronavirus pandemic, but it’s a poor strategy for…
Beyond Finances Podcast #47: Make Your Money Goals Easier to Achieve
Accomplishing what you want with your money doesn’t have to be so hard. You just need to understand how to structure your goals for success. If you’re a highly accomplished, motivated person, you likely have goals. You may even have a lot of goals. And that could be holding you back. Today on the show,…
Looking for Your 2021 Financial Goal? Try This One
This essay was written by BYH’s creative director, Kali Roberge. It was published on Business Insider, and we’ve republished a version of it here. If you’re looking for insight into the kinds of goals we set each year, or need inspiration for your own 2021 focus, read on to learn about our number-one annual priority…