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The saying goes, "The first generation builds it; the second generation maintains it; the third generation loses it." This proverb reflects the commonly held belief about the cycle of wealth accumulation and loss. Unfortunately, it has become a proverb precisely because it often rings true. Many financial legacies created by the founding generation, intended to secure the future of their descendants, are squandered due to reckless spending and poor financial decisions. 

When you were young and embarking on your career journey, maybe you dreamed of owning a spacious home on a sprawling property. One with plenty of bedrooms for the future children you envisioned, a multi-car garage, and a lovely backyard with a picturesque garden or even a refreshing pool.

Surprisingly, the term "bucket list" (referring to a list of things to do before one's demise) actually emerged in 2007, coinciding with the release of the movie bearing the same name. Considering its widespread popularity and frequent usage, it's rather astonishing to realize that it has only been with us for a mere 16 years.

Even so, most of us actually have some kind of bucket list, even if it's just a casual one. We often think that retirement is the time when we'll finally start ticking off those items, one by one.

Retirement, ah, that magical phase of life where you bid farewell to the daily grind and embark on a different kind of adventure. It's a time to savor the fruits of your labor, explore new horizons, and embrace the freedom that comes with financial independence. 

The global population of people aged 65 and above is increasing due to healthier lifestyles and modern medical advancements. In the last ten years, the number of people 65 and above has risen by 38%, and it is predicted to reach 94.7 million by 2060. With the aging of our population, many Americans are focusing on taking care of their elderly parents. ¹

As a parent holding your precious newborn, you dream of their success in life, including the many opportunities that come with a college degree. However, we all know how expensive it is to care for a child from birth through high school graduation. According to the Brookings Institution, the average cost is at least $300,000. This explains why many parents, and even grandparents, struggle with fulfilling the dream of providing their child with a debt-free higher education due to the daily expenses such as diapers, formula, school lunches, transportation, and other necessities.

When is the right time to retire? It's a question that many of us will face at some point in our lives. For some, the answer is easy – they know when it's time to leave their job and enjoy their golden years. For others, it can be a bit more difficult to determine. One thing is clear, though. There is no one-size-fits-all answer. Every individual has their own unique circumstances and considerations that must be taken into account. 

That said, there are some general guidelines that can help you make the decision of when it's time to call it quits. Here, we'll take a look at four factors you should consider when making the decision to retire.

No one ever plans on becoming disabled, but the unfortunate truth is that accidents happen and illnesses occur. In fact, according to the Social Security Administration, around 25% of today’s 20-year-olds will become disabled before they turn 67.

Many people experience a mid-career crisis after dedicating around 30 years to their work. A lack of excitement for the job or exhaustion from long work hours can cause this crisis. If you are feeling uncertain, know that you are not alone. Suppose you're experiencing insomnia due to doubts about your job, feeling anxious about going to work every morning or spending your weekends browsing job listings. In that case, you may need to take action and explore the possibility of changing careers.

Teaching our children about personal finance is crucial in setting them up for a financially stable future. This includes guiding them on wise spending habits, budgeting, charitable giving, and saving. Investing is also a particularly important aspect of personal finance that we should be passing down to our children. It may seem overwhelming, but it's an important lesson that can benefit them in the long run.