In The Media
Embolden Financial Planning LLC is excited to have been featured in several media outlets. Click “Read more” to read each feature in full.
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Why Talking About Money is Crucial in a Relationship
February 2, 2024
By René Bennett, Bankrate“‘Starting with a net worth statement that shows assets and liabilities allows for both spouses to understand where they are starting from on a factual basis,’ says Tim Melia, CFP, MBA, founder of Embolden Financial Planning in Seattle. ‘This is really important when one spouse deals more with the finances than the other.’”
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Can You Refinance Your Mortgage After Bankruptcy?
November 10, 2023
By Larry Phillips, LowerMyBills“Tim Melia, a certified financial planner with Embolden Financial Planning in Seattle, says the focus should be on developing smart financial habits. ‘No matter the waiting period, the primary focus likely needs to be on establishing good long-term financial habits that will also help increase a person’s credit score,’ he says. ‘Paying bills on time, avoiding opening new accounts, obtaining a secured credit card, and keeping an eye on the credit score are ways to do this. It may take a while, but this will all help with an eventual refinance.’”
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Gen Z Embraces ‘Soft Saving’, Study Shows—in Contrast to Previous Generations
October 26, 2023
By Kristen Fischer, Motherly“‘I think this trend is in line with what I have been experiencing with clients in Generation X and younger. People are moving away from the standard pattern of life: Educate, then work, then retire,’ Tim Melia, certified financial planner at Embolden Financial Planning LLC, told U.S. News and World Report.”
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This Indulgent Retirement Trend Is Popular Among Young Professionals — But Financial Planners Are Providing a Dose of Reality
October 23, 2023
By Amanda Breen, Entrepreneur“Tim Melia, certified financial planner at Embolden Financial Planning LLC, shared a similar perspective with U.S. News & World Report: ‘To be sure, a balance needs to be found. A sound financial plan needs to be in place to assure comfort and solvency in our later years. But that equation becomes different if people choose to work further into what were once traditional retirement years.’"
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How to Build Wealth While Paying Off Student Loans
By Louis DeNicola, Upwise
“‘It may decrease the total monthly payment and extend the repayment term,’ says Tim Melia, a financial planner with Embolden Financial Planning, LLC. ‘But pay attention, as it might mean more interest paid during the life of the consolidated loan.’
‘If an employer offers a retirement account with some sort of matching contribution, it's valuable to take full advantage of this match to grow retirement savings,’ says Melia.”
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Sandwich Generation Feels Financial Squeeze in Caring for Parents, Kids
September 1, 2023
By Kate Stalter, U.S. News & World Report"‘The answers on how to do it differ for every family, but some prioritization may need to happen,’ says Tim Melia, principal and financial planner at Embolden Financial Planning in Seattle, who also works with clients to make a financial plan that supports aging parents and school-age kids, including planning for college costs. He points out that elderly parents need financial support immediately. Adult children may need to make their parents' support a priority if they still have plenty of time to save for or delay their own retirement. However, he notes, sandwich-generation adults need to avoid a situation where their children have to support them someday if they don't continue saving for their own futures. For example, the sandwich generation's children may need to take out student loans to fund college. That generation has time to pay back the loan, but the sandwich generation can't use loans to fund retirement. ‘If there is financial capacity later in life, perhaps the parents can circle back and help the kids with loan payments or other financial needs,’ Melia says.”
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How Does Student Loan Interest Work?
August 24, 2023
By Louis DeNicola, Upwise“‘Federal loans typically have fixed interest rates,’ says Tim Melia, a financial planner with Embolden Financial Planning. In fact, all newly issued federal loans have a fixed rate, meaning the interest rate doesn’t change during the loan's lifetime. ‘Those rates may be lower than those of private lenders,’ he adds.”
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16 Books That’ll Help You Build the Lifestyle and Wealth You Want
August 21, 2023
By Aqsa Salam, Health Means Wealth“The Berenstain Bears: Dollars and Sense
For the kiddos (and parents, too), financial advisor Tim Melia loves this book for all ages. This book is a great opportunity for kids to learn about money, and there are even some lessons for parents too! The book is a bit dated, as it was written before the age of internet banking. And inflation would prevent Mama from buying a bag of groceries for seven dollars and fifty cents these days. But the lessons stand the test of time.” -
Looking for the Best Books for Financial Advisors? These 10 are Worth Checking Out
August 19, 2023
By Scott Opper, Wealthtender“Tim Melia, Principal & Financial Planner with Embolden Financial Planning, lays it out perfectly, ‘I recently read Die With Zero by Bill Perkins. I’ve worked with several clients lately, many of them Generation X and younger, who experienced what work-life balance might look like during the pandemic shutdown. They have a desire to bring as much of that into their present lives as possible instead of waiting for retirement. They want to experience life now and maybe live a simpler life in retirement, perhaps delaying retirement or even just partially retiring. The whole book is about finding balance, but I found this quote to be very meaningful: ‘Although we all have at least the potential to make more money in the future, we can never go back and recapture time that is now gone. So it makes no sense to let opportunities pass us by for fear of squandering our money. Squandering our lives should be a much greater worry.’ As a financial planner, I found it very valuable to read this book. It has changed my perspective on finding balance, and it has enhanced my ability to work with my clients who are seeking the same.’”
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6 Tips For Teaching Your Kids to Save
August 14, 2023
By Jean Chatzky, SavvyMoney“With electronic direct deposits and online savings and checking accounts, many of our money transactions are nearly invisible. ‘Talk with your kids about the money-related actions you are taking,’ says Tim Melia, a certified financial planner who owns Embolden Financial Planning. ‘The kids do not see us putting cash in the bank. But perhaps at the dinner table, when we are talking about our day, incorporate your money moves.’ You can also use time in the car or while waiting at a doctor’s appointment to sneak in financial lessons. ‘You can say ‘Today was the first of the month, so my paycheck was deposited directly into our bank account,’’ Melia suggests. If you have automatic deductions for monthly IRA contributions, explain those, too. ‘Kids may not know what an IRA is, so you can explain what it is and why you save for retirement. And they can ask questions,’ he suggests.”
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How High Will CD Rates Go? Experts Weigh In
August 10, 2023
By Kelly Ernst, CBS News MoneyWatch“In general, ‘the longer the CD term, the higher the interest rate is likely to be,’ says Tim Melia, CFP, MBA, financial planner and founder of Embolden Financial Planning. As a result, it may be wise to open a long-term CD while rates are high to protect yourself from future rate drops for a longer period.”
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Looking for the Best Podcasts for Financial Advisors?
August 8, 2023
By Jeff Fang, Wealthtender“For Certified Financial Planner Tim Melia (at Embolden Financial Planning LLC), ‘Other People’s Pockets’ offers the exact insight he needs. Tim believes the podcast provides financial advisors with valuable insights into people’s lives’ emotional and economic aspects. He shares, ‘I think it’s really valuable for financial advisors to hear the open and candid conversations around money and all of the emotions and thoughts that the guests deal with.’ The show offers a deeper understanding of money management and decision-making, and a recent episode interviewing a professional, Death Doula, left Tim fascinated with the experiences and observations shared. Tim states, ‘I did not know that was a profession, and I was fascinated to hear her experiences and observations, especially her interactions with people dying who have no wills, no written instructions for handling their possessions, and no delegated person responsible for financial and medical decisions.’”
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NYC Sees Another Rent Hike — Are Other Cities Raising Rents Too?
August 7, 2023
By Laura Gariepy, GoBankingRates“Seattle’s average monthly rent has dropped by roughly $170 since last year. Currently, the median rate is around $2,300. However, former property management firm owner and certified financial planner of Embolden Financial Planning LLC Tim Melia said, ‘In Seattle, it appears rents, after nominal changes over the last several months, may be trending up.’”
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Good Financial Reads: 4 Tips on How to Handle Being the Sandwich Generation
August 4, 2023
By XYPN Financial Experts, Good Financial Reads“Generation X, born between 1965 and 1980, is fully qualified to call itself the sandwich generation. Please welcome Generation Y, aka the Millennials, who are just joining us, having been born starting in 1981. Say it together now: ‘Hello, our name is Generation X and Y, and we are in the sandwich generation.’"
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Shattering Stereotypes: Millennials and Gen Zs Seek Financial Advice, But Hesitate to Hire Advisors
July 28, 2023
By Jeff Fang, Wealthtender“‘Generation Z can benefit from having a quality financial advisor,’ says Melia. ‘To do so, it may be helpful to have the help of a financial advisor who sometimes helps investors stay the course for the long term in times of short-term volatility and can advise on many of life’s financial questions.’ Advisors can construct financial goal plans that strike a balance between goals and provide advice on answers to many of these critical economic life questions. The key is finding an advisor who understands and caters to the unique needs of Generation Z.”
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Good Financial Reads: How To Job Hunt, Get a Raise, or Handle Layoffs
July 28, 2023
By XYPN Financial Experts, Good Financial Reads“Layoffs are not a fun topic to talk about. Even thinking about it can be frightening. Nearly everyone has a layoff story, either from being laid off themselves or knowing family and friends who have been laid off. My father was laid off on my thirteenth birthday. It was a shock to all of us. The months that followed were tense and uncomfortable for my parents and our family. Thankfully, he eventually found another career that he enjoyed. As I've reflected on it over the years, I can still recall the sense of fear and insecurity that the news brought. Whether consciously or subconsciously, I know that experience and those emotions have impacted how I approach my own financial life.”
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Bloomberg Wealth: How to Invest as Markets Face a Wall of Worries
July 20, 2023
By Claire Ballentine, Bloomberg“Interest rates on unsecured personal loans may be lower than those on credit cards or payday loans, but they will likely be higher than rates on secured loans, and there will also be fees associated with the loan. Another concern could be that using a personal loan would solve a short-term cash issue while creating a new long-term cash problem. Is there a short-term cash need because there was an emergency, and the borrower can reasonably expect to pay off this loan in short order? Or have discretionary expenses left the borrower short on cash? I think any borrower should give serious consideration to how the cash need came about, how the personal loan will solve the short-term cash need, and how the new debt payment will impact future cash flows.”
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What to Consider Before Budgeting With the Cash-Stuffing Method
July 20, 2023
By Kim Palmer, Nerdwallet“Tim Melia, a certified financial planner and founder at Embolden Financial Planning in Seattle, suggests keeping the cash envelopes in a fireproof safe that locks. He adds that while news about bank collapses likely contributed to the appeal of cash, an FDIC-insured bank account is still the safest place to store money. (The Federal Deposit Insurance Corp. insures up to $250,000 per depositor, per bank and per ownership category.)”
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Streamline Landlord Life: Optimizing Rent Collection
July 19, 2023
By Liam Gibson, Wealth of Geeks“‘My recommendation to new landlords is to utilize a technology platform that allows tenants to pay rent online with options for bank withdrawals or credit card payments,’ says Tim Melia, Principal and Financial Planner with Embolden Financial Planning. ‘It should also allow tenants to set up automatic payments or a reminder that rent is due, which helps eliminate the challenge faced by many landlords: late rent payments. Furthermore, a tool that provides the landlord with an income statement, rent roll, and other helpful reports is valuable come tax time and also for analyzing the performance of the rental property.’”
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N8 Best Retirement Moves of 2023: Advisors’ Advice
July 17, 2023
By John Manganaro, ThinkAdvisor“I’ve had the opportunity to work with many clients who have been focused on bringing balance into their lives. They are very interested in working on a financial plan that allows them to enjoy and experience life now while also addressing the future costs of retirement.”
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Go Pro: Professional Advice for Financial Wellbeing
July 17, 2023
By Liam Gibson, Wealth of Geeks“‘Many professionals offer free introductory meetings, which is a great opportunity to ask those questions,’ says Tim Melia, Principal, and Financial Planner at Embolden Financial Planning. Melia adds that good advisors will identify where the client's needs require another type of professional and maybe even make a personal introduction.”
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Best Cash-Out Refinance Lenders of 2023
July 17, 2023
By Jacqueline DeMarco, Credible“While a cash-out refinance has benefits, it also has drawbacks. ‘This option alleviates the need to liquidate the property to access the equity,’ said Tim Melia, principal and financial planner at Embolden Financial Planning LLC. ‘The downsides are the potential for a higher interest rate with the new mortgage, and because cash is being extracted, the amount of the principal will increase. Therefore, payments are going to be higher. Taking equity out of real estate increases the potential for fees, default, and loss of the property if the mortgage is not paid.’”
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Gen X on Shaky Ground for Retirement, With 40% Having Saved Nothing
July 12, 2023
By Emile Hallez, InvestmentNews“Gen Xers are at ages where many are faced with supporting parents as well as young or adult children, and on top of that, they have student loan debt, mortgages and other financial hurdles, Tim Melia, principal at Embolden Financial Planning, said in an email. Those factors show an opportunity to review how they are prioritizing where their cash goes, Melia said. ‘Sometimes, they are not taking full advantage of employer contribution matches. They may not be fully contributing to IRAs, which have contribution limits that expire every year,’ he said. ‘Are they setting aside money for a child’s college at the expense of their own retirement? Are they aggressively trying to pay down debts at the expense of retirement savings?’”
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Are You Soft Saving for Soft Living?
July 7, 2023
By Tim Melia, Wealthtender“For the rest of us, the trend of soft living and soft saving might serve as a reminder to find balance in our own lives. I am aware of a situation where a very nice couple saved almost every dollar for the future, often at the expense of their experiences and hobbies. This mindset served them well at times, as they had an emergency fund available during multiple layoffs and extended periods of unemployment. However, the wife is now a widow, and the plans for their golden years of retirement together were foiled by a heart attack. The widow has a sizable net worth as a result of their saving habits but is unable to experience more in life because of physical limitations. She will never spend all of her money, or even come close. She will pass away having missed a life full of experiences because she and her spouse never established a plan for finding balance. I wish for her that she had done the work to establish a financial goal plan earlier in life, which might have revealed opportunities to spend more on experiences, hobbies, and passions.”
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What The Supreme Court Student Loan Decision Means For Your Client's Money
July 5, 2023
By Claire Ballentine, Financial Advisor“Financial experts generally recommend prioritizing debt with the highest interest rate first. Usually, that’s credit card debt, which can have rates above 20%. ‘I would suggest comparing the interest rate, including any tax deduction benefit, to other debts,’ said Tim Melia, financial planner at Embolden Financial Planning in Washington. ‘If there are other debts with higher interest rates, perhaps it makes sense to focus on paying the minimum and extra payments on those debts first and pay just the minimum on the lower-interest student loan debt.’”
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How to Choose a CD Term, According to Experts
July 5, 2023
By Kelly Ernst, CBS News MoneyWatch"‘If a saver has a particular savings goal, they likely want to select a CD term that matches when the expense will occur,’ says Tim Melia, CFP, MBA, financial planner at Embolden Financial Planning. ‘If they have a goal in three months, they will want a three-month CD. Likely, a saver does not want a longer term than the targeted expense, as there may be fees or penalties for selling the CD prior to the end of the term.’”
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Most Advisors Planned for Student Loan Payments, Despite Biden Plan
June 30, 2023
By Rob Burgess, WealthManagement.com“He recommends comparing the interest rate on all loans, taking into account how the student loan interest deduction impacts the real rate of interest paid on a student loan. Melia said one way to structure loan repayments would be to pick the highest rate of interest and focus on paying that down first, making minimum payments on all debts and anything extra toward the higher interest rate. Another approach would be to identify the smallest loan and pay off the balance as quickly as possible, then refocus any extra capacity for principal payments on the next-highest balance.”
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Would You Trust Your Clients With a 401(k) Credit Card?
June 29, 2023
By John Manganaro, ThinkAdvisor“‘If a credit card attached to a 401(k) account were to be made available, I would encourage clients to think about it in the same way as a 401(k) loan,’ Melia writes. ‘Is the present expense worth putting at risk the future retirement savings goal? In emergency situations when all other emergency funds have been exhausted, a client may be faced with the reality that borrowing from a 401(k) is the solution.’”
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The 5 Steps I Took To Refinance My Mortgage
June 23, 2023
By Daria Uhlig, GoBankingRates“Before you make a move, define your goals so you can evaluate whether refinancing makes sense. Tim Melia, a financial planner with Embolden Financial Planning, has personally invested in real estate for the past 20 years. He told GOBankingRates that he has completed about 10 refis for various purposes, including to obtain a lower rate, get rid of FHA mortgage insurance and draw equity to use as a down payment on another investment property. ‘And I have refinanced to access cash for other needs and to open up a home equity line of credit at the same time,’ he added.”
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6 Ways Advisors Can Prep Clients Before Student Loan Payments Restart This Fall
June 22, 2023
By Elijah Nicholson-Messmer, FinancialPlanning"‘If there are other debts with higher interest rates, perhaps it makes sense to focus on paying the minimum and extra payments on those debts first and pay just the minimum on the lower-interest student loan debt,’ said Tim Melia, a financial advisor at Embolden Financial Planning in Seattle. ‘It is important to take advantage of this ‘free money’ opportunity,’ Melia said. ‘There are contribution limits to IRAs on an annual basis, and if you don’t fund the limit in a given year, that opportunity expires. So, if saving for the future is a goal, taking advantage of annual IRA contribution limits should likely be considered.’”
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Bloomberg Wealth: Tips for Building an Emergency Savings Fund
June 22, 2023
By Claire Ballentine, Bloomberg“Then, it’s a matter of increasing the total amount in your savings account. Automation can help with this, said Tim Melia, financial planner at Embolden Financial Planning in Washington. Set up an automatic deposit from your checking account to your savings each time you get paid.”
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What Is Soft Saving and Do You Need to Be Doing It?
June 16, 2023
By Jessica Walrack, U.S. News & World Report"‘I see clients more interested in education (whatever that may look like), sabbaticals, retiring earlier, gig work, etc. People experienced work-life balance in a new way during the pandemic – they have a taste for it and they want more,’ he adds. ‘I think it's a really good thing that individuals are not focused on saving everything, buying material possessions or ending life with as much money as they can accumulate. Many people are shifting to a greater focus on spending money on experiences when they are younger,’ Melia says.”
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Alumni Advance, Grow, Give Back
June 4, 2023
Gonzaga University Magazine“’01 Tim Melia, a certified financial planner, launched his own firm, Embolden Financial Planning, LLC, in Seattle, focusing on Generation X and Millennial clients faced with the dual challenges of supporting aging parents and young children.”
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Best High-Yield Checking Accounts
June 1, 2023
By Dashia Milden, CNET Money“‘Yields may be lower on checking accounts versus savings accounts because banks are likely more involved operationally with checking accounts -- be it in the facilitation of transactions or customer service, that comes at a cost,’ said Tim Melia, a certified financial planner at Embolden Financial Planning.”
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Will High-Yield Savings Rates Rise After the Fed's Rate Hike?
May 8, 2023
By Kelly Ernst, CBS News MoneyWatch“‘There is a pretty significant spread between banks on interest rates offered on savings accounts,’ says Tim Melia, CFP, MBA, principal and financial planner at Embolden Financial Planning LLC. ‘It’s a great time to compare institutions and the rates being offered.’”
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Financial Stress: The Relationship Between Finances and Mental Health
May 5, 2023
By Terry Turner, Annuity.org“‘The way we view money, be it positively or negatively, is related to how we learned about finances as children,’ Tim Melia, a Certified Financial Planner® and principal at Embolden Financial Planning, told Annuity.org. ‘The adults in our lives modeled how money is talked about, interacted with and thought about. There are times when parents can talk about the situation in a matter-of-fact way, explain that there are backup plans or explain how they plan to solve the problem,’ Melia said. ‘An honest, upfront approach with children, as scary as that may seem to adults, will be valuable for the whole family in the short and long term.’”
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Why Apple and Other High-Yield Savings Accounts are Worth Opening
April 25, 2023
By Kelly Ernst, CBS News MoneyWatch“‘Sometimes having a separate account that is earmarked for a special purpose is helpful in maintaining discipline and not using funds for any other purpose,’ says Tim Melia, CFP, MBA, principal and financial planner at Embolden Financial Planning LLC. ‘If it’s at an entirely different institution in a high-yield savings account, that may be more helpful in providing an additional step in the process to think about what the purpose of this money is and whether a person is using it for that purpose.”
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Cash is King Again: High Interest Rates Make Safe Investments More Attractive
April 21, 2023
By Rachel Christian, The Penny Hoarder“On the flip side, for risk-averse investors as well as people approaching or already in retirement, a larger cash allocation can make sense. ‘For retirees living off of their investment portfolios, consideration should be given to how to shift from more risky asset classes into less risky asset classes, like cash, to cover expenses,’ said Tim Melia, a certified financial planner at Embolden Financial Planning. Some experts recommend people within a couple years of retirement or already in retirement keep enough cash to cover 18 to 24 months of expenses.”
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As HELOCs Return, Here’s How and Why to Use One
April 19, 2023
By Holden Lewis, NerdWallet"‘I like to think of HELOCs in most cases as a secondary emergency fund,’ said Tim Melia, a certified financial planner and principal at Embolden Financial Planning in Seattle, in an email. He recommends drawing first from emergency savings and resorting to the HELOC after that account is exhausted. For college expenses, Melia prefers student loans, which ‘may have more friendly interest rates or payback options.’ He acknowledged that using a HELOC to consolidate credit card debt looks attractive, but you need the self-discipline to pay off the debt without running up more charges on the card.”
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At What Age Should Adult Children Start Paying for Their Own Cell Phone, Car, Netflix and More? Boomers Think One Thing - Gen Z Another.
April 19, 2023
By Alisa Wolfson, MarketWatch“In lieu of sacrificing emergency funds, Tim Melia, certified financial planner at Embolden Financial Planning says parents could also offer to hire a financial planner for their adult children. ‘Sometimes it’s hard for people to take advice from parents and perhaps parents can deliver good financial advice indirectly by offering the services of a planner which takes into account the need for independence and privacy, which a neutral third party can do,’ says Melia.”
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5 Saving Strategies for Financial Goals
April 13, 2023
By René Bennett, Bankrate
“‘I think the important first step is to think about short-term cash needs,’ says Tim Melia, CFP, MBA, founder of Embolden Financial Planning. ‘If a recession is coming, layoffs may follow (and already are for many), and that makes having an emergency fund very important.’” -
Ask an Advisor: What’s the Right Mix of U.S. and Foreign Stocks?
April 13, 2023
By Nathan Place, FinancialPlanning“My initial response is that no one can predict the markets, and how the U.S. will perform relative to other countries is at best an educated guess. That said, I think you have a prudent allocation between U.S. and international equities. For the sake of comparison, Vanguard's equity allocation is currently 60/40 U.S. to international equities, and Fidelity is currently at 70/30. You seem to have the same idea as these institutions, if not more conservative, which may be fine if you're concerned about being over-allocated to U.S. equities going forward. You have a long time until retirement, and I think your allocation is prudent, assuming it aligns with your level of risk tolerance. I would encourage you to revisit your target allocation annually, and as a reference point, check whether institutions that publish their allocations have made any changes.”
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Should You Use Home Equity for Debt Consolidation? Experts Weigh In
April 13, 2023
By Kendall Little, CBS News MoneyWatch"‘If a lack of discipline led to an accumulation of the debt, extra care needs to be given to not continuing to accumulate more debt after consolidation,’ says Tim Melia, CFP, MBA, financial planner and founder of Embolden Financial Planning.”
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6 Signs You Have Too Much Debt—and How to Pay it Off
April 5, 2023
By Mike Winters, CNBC“Whatever your debt total, your ability to eventually pay it off will depend on ‘decreasing discretionary spending or increasing income,’ says Melia. Most people probably have more flexibility in reducing discretionary spending, unless you can get a raise at work or start a part-time job.”
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Why Boomers Aren’t Done Learning About Money
April 4, 2023
By Heather Taylor, Yahoo!Finance“There’s a twofold opportunity available to boomers, Melia said. The first is from the perspective of educating loved ones on their intentions and end-of-life expectations. Doing so helps leave a legacy of comfort and reduced stress for younger generations in a time that is often stressful for families. ‘If baby boomers can exemplify good communication about money and their experiences,’ Melia said, ‘it will provide an opportunity for future generations to benefit from not repeating mistakes or gaining from the successful experiences of the boomer generation.’”
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Kimberly Palmer: How to Use a Tax Refund to Fight Inflation
March 27, 2023
By Kimberly Palmer, NerdWallet“Similarly, investing in yourself by taking classes for a new skill or certification could increase your income. ‘It increases your potential to earn and can allow you to step into a more lucrative career or take the next step in your existing career,’ Melia adds.”
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Always Use Your Debit Card for These 5 Purchases, According to Financial Experts
March 25, 2023
By Ari Notis, BestLife“Debit cards can be invaluable for teaching your children the art of financial responsibility. ‘I’m a big fan of using debit cards with kids or teens who are just starting to use money on a daily basis,’ Tim Melia, CFP, principal of Embolden Financial Planning, tells Best Life. ‘It’s a great opportunity for them to track the money in their checking accounts and they can only spend as much as they have, [without] over-extending on credit.’”
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5 Reasons to Have Multiple Savings Accounts
March 22, 2023
By René Bennett, Bankrate“Finally, it might be worth having additional savings accounts if you’re in a committed relationship. ‘If spouses or partners handle finances separately, that might be another reason for multiple savings accounts, shared or individual,’ says Tim Melia, CFP, MBA, founder of Seattle-based Embolden Financial Planning.”
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With Job Layoffs Rising, Financial Advisers are Seeing That Out-Of-Work Clients Need Help Managing Emotions as Well as Money
March 15, 2023
By Morey Stettner, MarketWatch“‘It’s a time for the adviser to shine,’ said Tim Melia, a Seattle-based certified financial planner. ‘It’s when you can really add value and earn your fee by stepping back, listening actively and letting the client express all the emotions’ that a layoff triggers. ‘The value may not be in what the adviser has to say, but rather that the adviser is present to listen to what the client has to say,’ Melia said. He keeps a box of tissues within reach of the client and lets them steer the conversation. They may need to vent or otherwise talk through their personal concerns before they’re ready to review their financial plan.
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Is Giving Your Kid a Debit Card a Dumb Money Move?
March 14, 2023
By Jake Arky, Yahoo!Life“‘With cash [my daughter] knows that if she doesn’t have it, she can’t spend it,’ said Tim Melia, a certified financial planner with Embolden Financial Planning LLC and a father who just went through this process with his daughter. ‘She may try to buy something and get declined for insufficient funds. This will challenge her to keep track of the balance. If she is faced with insufficient funds at a checkout somewhere it might be a bit of a wakeup call to be more organized.’”
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Good Financial Reads: How to Understand Your Risk Tolerance and Plan for Change
March 10, 2023
By XYPN Financial Experts, Good Financial Reads“Have you ever heard of the phrase ‘money baggage’? Maybe you haven't, but there is a good chance it is secretly impacting your financial life. Money baggage consists of the negative beliefs, attitudes, and behaviors we have around money. Our past experiences, upbringing, and cultural background all influence these beliefs and behaviors. Typically, we are completely unaware that it exists.”
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