Don’t Forget the Tried-and-True Value of Compounding Interest

Don’t Forget the Tried-and-True Value of Compounding Interest Barnett Financial & Tax

If you forgot what compounding interest was, let’s refresh. Compounding interest is the process by which the interest earned on an investment is reinvested so that the initial investment grows over time. It may not seem like it, but compounding returns is a powerful tool that can significantly increase the value of an investment over…

Read More

Be the Financial Compass for Future Generations

Be the Financial Compass for Future Generations Barnett Financial & Tax

Building towards retirement, you have made many financial decisions. Perhaps you maxed out your credit card on clothes in your early 20s or chose the wrong payment plan for your car loan or home mortgage. Regardless, you’ve navigated many financial obstacles and gained wisdom that can now be passed on to your kids and grandchildren.…

Read More

5 Post-Holiday Shopping Tips for Retirees

5 Post-Holiday Shopping Tips for Retirees Barnett Financial & Tax

Holiday shopping can be stressful, and unless you took advantage of Black Friday or Cyber Monday, you might find it tough to find the deals you need to keep your gifts within your budget. Well, post-holiday shopping may be the perfect opportunity to take advantage of clearance sales on your favorite products and gifts. Use…

Read More

3 Factors to Know for Rising Interest Rate Conditions

3 Factors to Know for Rising Interest Rate Conditions Barnett Financial & Tax

The 2022 economy has broken multiple records, first, with the highest inflation rate in 40 years, and now, the highest federal reserve interest rates since 2008.[1] In efforts to curb raging inflation, the US Federal Reserve has raised interest rates six times in 2022, reaching a target of 3.75% in November.[2] This rise in the…

Read More

What You Need to Know about Index Funds and Mutual Funds

What You Need to Know about Index Funds and Mutual Funds Barnett Financial & Tax

On their surfaces, index funds and mutual funds may seem interchangeable. Both offer diversification of assets and are commonly invested in a basket of stocks that aim to meet a certain investment goal. However, there are many key distinctions that separate an index fund from a mutual fund – distinctions that may be crucial to…

Read More

3 Ways the Gender Pay Gap Affects Women in Retirement

3 Ways the Gender Pay Gap Affects Women in Retirement Barnett Financial & Tax

There has historically been a pay gap between men and women for comparable jobs which favors men. This phenomenon generally affects retirement funds as well – this is called the gender retirement gap.[1] On average, women earn 17% less than men, taking home $89 compared to the man’s $100.[2] The gender pay gap has lasted…

Read More

Covering COVID-19 Funeral Expenses

Covering COVID-19 Funeral Expenses Barnett Financial & Tax

Have you lost a loved one from the COVID-19 virus and are preparing funeral services? The Federal Emergency Management Agency (FEMA) may be able to help by covering up to $9,000 per funeral for qualified expenses. FEMA can help cover funeral expenses if you are a US citizen, the death occurred in the US or…

Read More

Making the Switch to Paying Yourself

Making the Switch to Paying Yourself Barnett Financial & Tax

You’ve probably had a daily routine for most of your life – from tying your tie and greeting your coworkers to loosening that tie when you get home. When thinking about retirement, not only does your daily routine change but your financial routine does too. In your working years, you made sure to have a…

Read More