Blog: Matthew Gates

Should You Talk With A Financial Advisor?


A financial adviser is someone who advises individuals and companies on how to spend their money, especially if they have certain savings goals they are trying to meet. Although most financial advisers use applications nowadays, mathematics is heavily involved in understanding how to align quotas and meet expectations. Just because you consult a financial adviser does not mean you are financially in trouble, but most people who do are not likely to be disappointed in their choice of a consultation.

There are a variety of different companies that employ financial advisers from assets under $100,000 to companies who won't even deal with anything under $1,000,000 in assets. Many celebrities, who are paid millions of dollars, hire financial advisers to ensure they make the best decisions as there have also been celebrities who have overspent and misunderstood how many they actually had. For example, if you buy a mansion and a garage full of cars, all of those assets need to be insured, and this is often what causes many people to go bankrupt, especially lottery winners.

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Planning For The Arrangements Of Your Own Funeral

In another article, I spoke about planning for a funeral, and I said I was talking about a funeral early to get it out of the way, but now that I think back on it, I wanted to discuss the difference between purchasing life insurance vs. prepaying for a funeral. To the point as I try to be, I believe prepaying for your funeral will save you and your loved ones more money in the long-run instead of paying for life insurance. Let's discuss why.

If your parents paid for your life insurance as a baby or you pay for your child's life insurance early on and you or your children were given a clean bill of health and released from the hospital, this is the time where the price is lowest that you could ever pay for life insurance. For me personally, my parents purchased a plan similar to a Gerber Life Grow-Up Life Insurance plan, which costs the same amount throughout the lifetime of the child. These plans are can be worth anywhere from $5,000 to $50,000 and will cover the costs of the funeral, the plot, and likely leave enough money left over for a beneficiary for any unforeseen costs or damages.

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Why You Should Use A Net Worth Calculator


Most people hardly know what they are actually worth but when asked about their net worth, they might think this only accounts for what they have in a bank. For the vast majority of people, their savings and checking account amounts to less $20,000 for an individual and is not triple their salary by the time they are in their middle age. To calculate the average net worth, it is a simple formula of what you own that has value to it minus what you owe. Anything that is considered to have a value and can be sold is part of your net worth. In other words: assets - liabilities = net worth. [ Source: ]

If you aren't worth much, don't worry too much. If you are young, you have your life ahead of you and time to obtain and grow your assets. Just remember that those with the most still die with nothing. However, while you are alive, it makes sense to acquire some assets in your name, and even use those assets to borrow equity or sell off for cash or something else of value. Many people use their assets to add more assets into their net worth, such as acquiring new property with downpayment by refinancing or using another asset as collateral.

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What Age Should You Start Thinking About Retirement?

It is hardly a thought about saving for retirement when you are young, especially under 30 years old. The thought of being 65 years old is not a reality to anyone that young. However, once you are in your 30s and 40s and you start to experience those unexplainable pains in your legs or your side, you begin to realize that maybe, just maybe, you are aging. You also face the reality when your parents reach the age of 62 and 65 years old, respectively, and you likely aren't far behind, especially if they had you in their 30s and 40s.

At 18 or even 25, thinking about retirement already may seem like its too early. You've just begun your life. You've just started college or even graduated college, or just bought your first car, or just moved into your first apartment, so why would retirement even be on your mind? Why should it be on your mind? The truth is: you should expect to live long enough and beyond to retire. Even though we live in a world plagued with COVID-19, the statistics are still pretty good on your survival up until at least the age of 75 to 78 years old. If you're lucky, you can even look forward to 80 and 85 years old.

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Should You Worry About Retirement?


Worrying about retirement usually doesn't even come until you are in your mid-to-late 30s. You may still be single or you may have a family, but you soon begin to wonder: am I going to be working for the rest of my life? How much should I put away for retirement? How much will I need in retirement? Am I ever going to be able to retire?

Walk into any retail store, such as Walmart or even Home Depot and you will find some Elderly still working. Have you ever asked them why they are still working? The good news is that the majority of them are not working because they have to work but rather because they are looking for something to do, something to make them still feel relevant, and something to give them a little extra in their paychecks. They do have to make under a certain amount in order to also continue collecting social security. What exactly are they saving for by this age?

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