Financial Fridays with Bob Gustafson

Learn practical strategies on saving for college and planning for retirement simultaneously—without sacrificing one for the other.

Building wealth might sound intimidating, especially when you're just starting your career and possibly juggling student loans. But here's the good news—it’s not as hard as it sounds. With some smart strategies and consistency, young people can set themselves up for financial success.

Many people ask their financial advisors how to become financially independent. For many, it is a goal many aspire to, but the path can seem daunting. It’s more than just saving money—it's about creating a financial strategy that allows you to live life on your terms.

When it comes to estate planning, understanding the differences between a living (revocable) trust, an irrevocable trust and a will is crucial. Each option serves a unique purpose and comes with its own set of advantages and disadvantages. Dive into the specifics to help you decide which one might be the best fit for your needs.

When it comes to tapping into your home’s equity, you’ve got two popular options: a Home Equity Line of Credit (HELOC) and a Home Equity Loan. Both can provide you with the funds you need, but they work in different ways.

Retirement planning is like navigating a ship through uncharted waters. You need a solid plan to steer clear of hidden obstacles and reach your destination smoothly. We explore some common retirement planning mistakes and how to avoid them.

It’s really important you have enough money for retirement. The last thing anyone of us wants is for our money to run out during our retirement years. So, here are our top tips for ensuring your savings last through retirement.

If you have managed to save for retirement using a traditional IRA or 401(k), you may wish to consider doing a Roth IRA conversion. There are some good reasons for doing so, most of which include managing taxes. But should you go that route?

Charities rely on donations and for many donors, charitable giving is important to them. Many include charitable donations as part of their estate plan. So, whether you want to donate to an organization or cause that you are passionate about or help your school or university, there are steps you can take to ensure your money actually gets to them.

As humans get older, our bodies aren’t what they used to be, and neither are our minds. When it comes to financial decision making, it’s up to you to recognize the need for a transition plan.

If you think you may need long term care insurance to provide for personal care and wellness in the future, learn more before you invest.

The debate of active vs passive investing has been raging since the 1970s. Proponents on both sides offer up what they believe to be objective evidence that supposedly supports their respective positions. If you are not that familiar with the active vs passive debate, let me briefly explain.

People often wonder if they should invest in real estate. Depending on who you ask, opinions will vary. Real estate investment can be a lucrative and rewarding venture, but it's essential to tread carefully and thoughtfully because not everyone is cut out to own real estate.

When it comes to financial planning and wealth management, you want an advisor that has expertise in financial advice and investment strategies. But, more valuable is a financial expert who is also bound by a legal and moral duty to prioritize your best interests.

Finding the best college savings plan is a crucial step towards securing your child's educational journey. With the rising costs of tuition and other expenses, it's never too early to start planning for the future.

Is it even possible to save too much for retirement? This question is a popular one in the media right now. Experts are weighing in and the topic is being discussed in a lot of different places.

Investors are always looking for ways to diversify their portfolio. To do this, they often look to various types of funds that can provide this diversification without having to buy individual securities. Mutual funds or exchange traded funds (ETFs) are two of your options.

A REIT, or Real Estate Investment Trust, is a company that owns or finances real estate properties. A REIT lets you be involved in the real estate market without having to actively manage a property.

A self-directed IRA is a specialized retirement account for investing in alternative investments that are not allowed in a traditional IRA. Learn about the pros and cons of this type of investment option.

If you follow financial industry information, you may have read that it’s best to reduce risk in your portfolio as you near retirement. That’s a very valid concern. And the advice is generally true. But there is another way to reduce risk and still achieve your long-term goals.

Many people think getting a large lump of money may last longer than it really does. Unfortunately, most inheriting a large sum of money won't know how to put it to good use. But with some planning and understanding of your financial needs, you can make sure your inheritance can help you reach your financial goals, maybe a bit quicker than you had expected.

Few things can cause as many problems for your retirement outlook as the impact of inflation. You know that when the average inflation rate increases, things get more expensive. But did you know that the types of goods and services used by the elderly are affected more by inflation than the goods and services used by younger people?

There are many common investing myths that can be very costly, leading you to be too conservative, too risky or avoid investing completely. We’d like to steer you away from some of the most common investing misconceptions that can significantly injure your investment power and financial strength.

Fixed annuities will provide a guaranteed pay-out at a rate of return over a period of time. The rate of return usually mimics current interest rates. What could ever be bad about that? Let's find out whether a fixed annuity is right for your retirement portfolio.

Some people just aren’t financially savvy. Instead of calling an expert for investment advice, they try to figure it out on their own. This is never a good idea. See below for the most common investment mistakes to avoid. Learn from others’ failures and don’t fall into these traps!