What's Your Definition of Wealth?

Personal finance is becoming an increasingly popular topic of conversation. The beginning of a solid financial future begins with the solid foundation of managing personal finances well. This article sheds light on the overall mindset of wealth and its definition.

How do you define wealth? Perhaps one reason so many Americans find it difficult to build wealth these days is that they are aiming at the wrong target. They get lured by decoys — things that might seem like wealth, but in the end do not have its true staying power. 

— Richard Barrington

Adult Kids Living with Parents

They're known as the boomerang generation. Many parents ship their children off to college with the expectation that they will not return to live at home. Thanks to the ebb and flow of the U.S. job market those expectations are changing. So how do parents adjust to this new phase of adult children living at home? Find out in the article below...

Coming together under one roof again can be an uncomfortable adjustment for parents who thought they were done raising their kids, but find themselves having to parent in a new way. With grown children, expert Rachel Cruze, author of "Smart Money Smart Kids," recommends establishing clear guidelines and setting expectations in writing.

— Jeanie Ahn

Smart Planning for Your Summer Vacation

Many families plan for summer vacation long before the summer's arrival.  This article offers great advice for financially preparing for a great summer vacation. Get ready to rev up a great summer vacation without derailing your budget.

Traveling to your dream destination this summer (or fall) doesn’t have to be a budget buster. We have strategies to save on every aspect of your vacation, from airfare to lodging to entertainment. You’ll keep enough cash to upgrade to a more comfortable experience, or at least come home with a few dollars still in your wallet. Here’s how to save on four different dream getaways: a romantic trip abroad for two, a volunteer vacation, a family reunion and an adventure cruise. 

— Susannah Snider

Should Parents Help Their Kids with Debt?

Student loans and credit card debt continue to soar among teenagers and kids in their 20-30's. However the economy of this sandwich generation has led adult children back into the homes of their parents and made them more dependent than ever. Parents are forced to decide if stepping in to rescue them is a smart idea. This article offers advice for digging kids out of debt and keeping them out.

One thing's for sure: A lot of them do need help. The typical 25- to 29-year-old owes more than $35,000, according to a recent study from PNC Financial Services -- and only about 40% of them say their debts include student loans. No wonder that between credit card balances, car payments, and other bills, 78% of the millennials with debt reported in a new Ameriprise survey that they feel woefully overextended. If your child is one of them, of course you want to help. These steps will let you do that—without undermining his autonomy or risking your own financial security. 

— Kerry Hannon

Caring for Parents vs. Caring for Spouses

Image Credit: Chief Data

Planning properly for your parents transition into senior citizenship is a huge concern for most middle aged Americans. However, recent polls show that there is more stress associated with the care of a spouse than an actual parent. This role reversal often leads to high stress levels for the caretaker, bearing them with the responsibility of caring for multiple sets of dependents at one time.

A third of Americans in this age group are deeply concerned that they won't plan enough for the care they'll need in their senior years, and that they'll burden their families. Yet two-thirds say they've done little or no planning. About 32 percent say they've set aside money to pay for ongoing living assistance; 28 percent have modified their home to make it easier to live in when they're older. In contrast, two-thirds have disclosed their funeral plans. Anthony Malen, 86, of Gilroy, California said he and his wife Eva Mae, who has a variety of health problems, never discussed a plan for caregiving as they got older."She doesn't want anyone in the house. She doesn't want any help. She fusses about it so much, I just give up on it. But if it gets any worse, we're going to have to have it," Malen said. "I'm getting older too."

— More Stress in Caring For a Spouse Than a Parent

Learn How to Navigate Your Credit

Building and maintaining a great credit score can have a tremendous impact on your quality of life. With the onslaught of credit offerings, bank cards, store credits and financing opportunities available it can be difficult to navigate the confusing world of credit. However obtaining a better credit score is possible. Meet Nancy. Here she shares her personal story of improving her credit and her life.

There are advantages to maintaining a pristine credit profile. Primarily, having great credit means that you're more likely to qualify for loans and lower interest rates. There's also bragging rights. However, the path to achieving an excellent credit profile is not clear-cut -- credit-scoring agencies never reveal their scoring formulas. Fortunately for us, one woman -- Nancy, 39 -- was kind enough to share her credit report with us to see how she got a stellar FICO 8 Bankcard Score (score range of 250 to 900) of 873.

— How to Get a Near Perfect FICO Bankcard Score

Financial Tips for the Self Employed

As the tides of business change so does the structure of business culture. There is a growing trend of freelancers, remote employees and independent contractors among the small business and corporate communities. The transition to more flexible work structures creates the need for unique management of one's finances and a strategic plan for future financial goals.

More and more of us have jobs that produce uneven incomes. We will make a lot of money one month, but then very little for the month or two after that. The lessons of how to make those fat times cover the lean times are particularly useful at this time with an uncertain economy weighing on everyone’s mind. Having an uneven or uncertain income, may seem like a tough road for the salaried employee, but it is an everyday way of life for millions of Americans who work as realtors, mortgage brokers, commissioned sales people, freelance consultants, and many more.

— Money Tips for the Self Employed

4 Life Insurance Tips Everyone Should Know

Life insurance is an important investment for you and the loved ones who depend on you. Securing the proper life insurance is the foundation of solid personal finances. Knowing that your loved ones are financially secure, should something happen to you prematurely, is usually the reason most people invest in life insurance. This article offers four core principles to consider before choosing your life insurance.

Understanding the potential needs of your beneficiaries can also help you decide how much insurance you should have. Don’t follow any “rule of thumb” guidelines you may read. Your needs are specific to you. Your decision will depend on the math. How much money do your dependents need each year and for how long? Because your children are likely different ages, that number is different for each beneficiary. Calculate the needs of each dependent annually, multiple times the number of years support is needed and then add those numbers together so all dependents have what they need.

— 4 Core Life Insurance Tips

10 Practical Steps to Personal Finances

Personal finance is a huge topic of discussion across dinner tables and coffee shops around the world. It's a topic that touches every generation, class and ethnicity. With all of the finance gurus on tv and online sorting out the right information can be challenging. Here are 10 practical  steps to getting your finances on track.

Top 10 things to know when budgeting your money and setting financial priorities. 

1. Narrow your objectives. You probably won't be able to achieve every financial goal you've ever dreamed of. So identify your goals clearly and why they matter to you, and decide which are most important. By concentrating your efforts, you have a better chance of achieving what matters most. 

2. Focus first on the goals that matter. To accomplish primary goals, you will often need to put desirable but less important ones on the back burner. 

3. Be prepared for conflicts. Even worthy goals often conflict with one another. When faced with such a conflict, you should ask yourself questions like: Will one of the conflicting goals benefit more people than the other? Which goal will cause the greater harm if it is deferred? 

4. Put time on your side. The most important ally you have in reaching your goals is time. Money stashed in interest-earning savings accounts or invested in stocks and bonds grows and compounds. The more time you have, the more chance you have of success. Your age is a big factor - younger people (who have more time to build their nest egg) can invest differently than older ones. Generally, younger people can take greater risks than older people, given their longer investment horizon. 

5. Choose carefully. In drawing up your list of goals, you should look for things that will help you feel financially secure, happy or fulfilled. Some of the items that wind up on such lists include building an emergency fund, getting out of debt and paying kids' tuitions. Once you have your list together, you need to rank the items in order of importance (if you have trouble doing so, use the CNNMoney.com Prioritizer for help).

— Top 10 Things to Know When Budgeting