John Bodrozic

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Taking even just one of these steps can set you on a better path toward financial success. Financial surprises often seem to crop up at the most inopportune times — your car breaks down, you have an unexpected medical bill, your air conditioner needs to be replaced. All of these situations, paired with poor money habits or a lack of financial planning, can create a major hole in your budget, leaving you feeling scared or anxious about how you’re going to climb back out. But whether you have unexpected expenses, you spend above your means or you feel like you’re behind on saving for retirement, the key to finding stability is intention. Here, the financial and investment experts of Kiplinger Advisor Collective walk through the steps anyone can take right now to start building a more financially stable future and why doing so is key to living the life you want. 

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AI technologies can improve the financial management of homes and provide more value to homeowners.

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The key to smart investing is to first equip yourself with the right knowledge. For the average person, investing can seem like an intimidating concept. “How do I figure out what to invest in?” “How much should I invest, and how often?” “What are the best accounts to open up?” “What happens if I lose all my money?” These are just some of the questions aspiring investors are likely to ask, but getting answers isn’t always so straightforward. Those attempting to invest without any knowledge of how to do so have the potential to set themselves up for grave financial mistakes in the future. In this way, it’s critical new investors take care before making any decisions or setting any investment goals. But whether someone just wants to dabble in investing or they’re ready to make some more aggressive moves, they should first consider the advice of financial and investment experts. As such, the leaders of Kiplinger Advisor Collective have some sage advice for newbie investors. Below, they each offer one tip that individuals new to investing may not know about how to do it smartly, and why they would so strongly advise taking these cautionary steps before taking any major financial ones.

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Drawing up an intentional plan can ease your fears about not having enough. One of the biggest fears soon-to-be retirees have is that they won’t have enough money to last them throughout their retirement. And rightly so — with concerns surrounding inflation, recessions and a volatile stock market, over half of Americans feel behind on their retirement savings. These fears may keep them from taking the plunge and quitting their jobs once they hit retirement age, delaying retirement for years or perhaps even indefinitely.  However, with an intentional plan and the right support in place, you can retire comfortably — and confidently — at the age you choose. To provide some guidance on how to prepare, seven financial experts from Kiplinger Advisor Collective discuss their top tips for soon-to-be retirees looking for ways to make their savings last throughout their retirement and banish their fears of not being able to survive financially.

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It’s important to deal with the emotional aspect first before tackling the financial one. Inheritance can often feel like a double-edged sword. While a large influx of money can be a welcome blessing to those who may be in debt, are looking to purchase a home or a business or are wanting to start investing toward retirement, inheritance also often means the passing of a loved one and a period of emotional turmoil and grief. When paired together, these two major life changes can cause even the most financially savvy person to make a few mistakes. While emotions are high, it’s unwise to make any major financial moves. Instead, allow time for grief and healing before moving forward. Once you feel ready to take action, consider the following advice from the financial experts of Kiplinger Advisor Collective. Below, they discuss the next steps you should take after inheriting money from a loved one and some of the mistakes they’ve witnessed others make along the way.

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You don’t want to leave planning your legacy until the last minute. It can be difficult to put a value on a lifetime of accumulation — your money, your home, its furnishings, souvenirs from vacations, treasured gifts from your family. It’s a joy to collect these items over the years, but too few consider what will happen to it all when they’re no longer around.  From your life savings, to your digital assets, to what will happen to any beloved pets — all these things must be considered when estate planning. And while a qualified professional can help guide you through the process, there are still some mistakes people commonly make along the way. As leaders in the financial space, the members of Kiplinger Advisor Collective have seen numerous mistakes made by well-intentioned people who maybe just didn’t have the right information at their disposal. So here, they discuss those common mistakes and the advice they would give instead to ensure the estate planning process is a smooth one for all involved.

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Holding on to these beliefs could be holding you back from realizing your dreams. With high interest rates and even higher housing prices scaring many people away from the  thought of purchasing a home any time soon, strong narratives and beliefs around home buying in general continue to swirl around the cultural conversation. While some believe they’ll never be able to afford a home, others believe it’s the ultimate end goal and indicator of true financial success.  Though every person’s situation is unique, there are some common misconceptions people have about home buying that may be holding them back from realizing their true financial potential. Here, the financial and investment experts of Kiplinger Advisor Collective discuss seven of those misconceptions as well as the real truths behind these common beliefs.

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Here’s why technology can be one of the best guides for your financial journey. In the vast world of finance, there are plenty of resources claiming to help educate you, guide you toward the quickest path to wealth and set you up for a financially stable retirement — with some of those resources more helpful than others. However, some of the most useful tools in finance, especially today, involve technology. From simple budgeting apps to online banking to AI chatbots and robo-advisers, technology has the potential to act as a powerful tool and guide on your wealth-building journey. But while technology and tech-based financial tools continue to improve and grow more advanced each day, some people remain skeptical of using tech to manage something so important to their lives. Others simply aren’t aware of the benefits these platforms and tools can provide them with. Below, six financial leaders and members of Kiplinger Advisor Collective share their expertise by outlining some of the ways in which leveraging financial technology and tools can help you not only improve your financial management but your overall financial literacy as well.

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Deciding how to invest in real estate can sometimes seem complex and overwhelming, especially when you don’t know what’s hot and what’s not. So we at Kiplinger.com asked some of the financial experts among our Building Wealth contributors and Kiplinger Advisor Collective members to answer, in a few sentences, this question: What is one current trend in real estate investing, and how can investors take advantage of it? Their responses range from checking out online real estate investing platforms, to exploring tax-advantaged qualified opportunity zones, to keeping an eye on the debt issues of commercial real estate. Or maybe you might be interested in owning some rental property that you can also use as a vacation home. Wherever your real estate interests may lie, there’s bound to be a tip here that could snag your interest.

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Digital home management is bringing together all the financial and physical data about your home to help you make better decisions.

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It’s not uncommon during periods of high market volatility to feel worried about the future and to consider making rash financial moves in order to safeguard your savings and investments. This can be especially true when it comes to your retirement savings, as this is the money you’ve set aside for living expenses once you’ve reached retirement age and are no longer working. The move you make here, however, could be the difference between a secure retirement and a major loss of financial safety.  Before you take any action, consider the following advice from the financial experts of Kiplinger Advisor Collective. Here, they discuss their top strategies for managing your retirement savings during a volatile market and ensuring you plan accordingly for your future.

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Homeowners should manage and track these home finance categories.

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When high school or college graduation day comes, you’re likely relishing the moment, caught up in the excitement of reaching a major milestone and starting a new chapter in your life — You’re likely not thinking about how to invest your money for the future. However, after the celebration is over and you’re ready to take your next step, it’s wise to consider what you’ll do with any monetary gifts you received and how those gifts can help jump-start this next phase of life. While your money can be well-spent in a number of ways, the financial experts of Kiplinger Advisor Collective recommend the following 11 approaches. Implementing even just one of these strategies can help you start off adulthood on the right foot and set you up for a successful financial future.