Financial success is rarely achieved overnight. It requires patience, discipline, and a clear vision of where you want to be in the future. One of the most effective ways to ensure financial stability and growth is by setting long-term goals . These goals provide direction, motivation, and a framework for making smart financial decisions. In this article, we will explore why long-term goals are essential for financial success and how you can create and stick to them. The Impo

Understanding Your Financial Landscape It’s important to understand your full financial picture. This means knowing what you have in both retirement and non-retirement accounts. You should also be aware of how much you’re contributing and whether you’re in a position to save more. Debt is part of that picture too. Review what you owe, create a repayment strategy, and check that the plan fits your long-term goals. Review Insurance and Beneficiaries Life insurance plays a criti

There was good news and bad news when the Social Security Administration announced its latest costof-living adjustment in October of 2024. A CNBC article, Social Security Administration announces 2.5% cost-of-living adjustment for 2025, lowest increase since 2021, has some timely details. Good News and Bad News The good news is that nearly 73 million Americans will see their monthly Social Security payment increase by 2.5% in 2025. On average, according to the article, most p

Save $1,000 for an Emergency This will be the base of your emergency fund while we take care of step 2, which is paying off your debt. This is just the first small step to get you moving, but you'll definitely need more down the line. Get out of Debt It is recommended that you pay off your debt from smallest to largest, without worrying about interest rate, just the balance. You can start by listing out all of your debt, while continuing to pay the minimum on everything. Then

1. Update beneficiaries and passwords When there is a change in your family such as the loss of a family member, divorce, or birth of a child, you should consider adjusting your beneficiaries on each of your accounts. Beneficiaries can be updated for your retirement accounts, as well as life insurance and even some savings accounts. You may also want to consider updating the passwords to your financial accounts for added security. 2. Review your tax withholdings If you’ve had

Many people wonder what a financial advisor does and if it is worth it. In general, these professionals help you make decisions about what you should do with your money. This may include investments or financial products that will benefit your nest egg over the long term. A financial advisor is your financial planning partner. Let’s say you want to retire in 10 years, or send your child to college. To accomplish your goals, you may need a skilled professional with the right l

Now more than ever, there’s information available about personal finance all over the internet. It can be a challenge to find content that is easy to understand, but also helpful for our unique situations. Today, we have five money-focused newsletters and websites for you that are great places to start. NerdWallet, https://www.nerdwallet.com/ You may have heard of NerdWallet, one of the largest and most popular websites about money. Their mission is to “provide the tools, inf

There are plenty of things to worry about when it comes to your finances. Don’t let credit score become another stressor. It can be difficult to tell what’s the truth and what’s not when it comes to credit score. Will your credit take a hit if you open a new account? Does a potential employer check your credit score? In this blog post, we’ll debunk some of the most common myths about credit. Myth 1: There’s Only One Credit Score You may actually have many credit scores, depen

It can be hard to justify paying for things that we believe we can handle on our own. A perfect example of this is paying a financial advisor to handle your personal finances such as how to invest, how to plan for retirement , or pay for a home . Although you may feel that you know best how to handle your money, a trusted financial advisor can help take you to the next level with their expertise, experience and education. At Penny Lane Financial we have trusted financial advi

We have chosen a deserving non-profit organization for our company philanthropy! It is a Washington-based organization called the Center for Whale Research . They have been collecting demographic data on the endangered Southern Resident killer whale population for over four decades, recording all observed births and deaths. They also gather detailed information on the behavior and ecology of these animals, including information on where the animals are in geographic location

We all want to feel like our lives are in order, and that is especially apparent when things like the coronavirus show us how little we can control. One thing you can control, however, is improving your financial situation. The first thing you need to do when it comes to getting your finances in order is to do a thorough examination of where your finances are at right now. Calculate your net worth by comparing your assets against your liabilities. Assets are things like ban

Let’s get this out of the way: There are a lot of financial concepts that are, indeed, complicated. But the basics of financial strategy — t

By now, most of you know who we are, but do you know what we actually do? Aside from having “Financial” in our name, how do we help people?

In a cash-out refinance, you refinance an existing mortgage loan with an even larger loan. You can take the difference between the old and n

Our brains work differently when under stress, meaning we can make emotionally distraught decisions that can lead to poor choices.

Giving to charities is a great way to help out your community and give back during the holiday season. Charitable gifting can take many forms, from cash donations to donated appreciated assets. Individual donations make up the vast majority of aid that many charitable organizations and programs rely on, so know that your gifts are needed. In fact, according to the National Philanthropic Trust, 72% of all donations in 2016 came from individuals. If you plan to wrap up the year

The 6 basic daily activities people do in a general day on their own without help. A person’s ADL abilities will affect the type of long-ter