Hive and Honey Wealth

How to Keep Track of Your 401(k) Performance In today's unpredictable market, staying on top of your 401(k) is more important than ever. Earlier this month, the market experienced a significant downturn, with key indices dropping around 2.8% due to various economic pressures.This is one reason to keep track of your future because many families and indiviudals took a heavy loss earlier this month. This decline has impacted many families and individuals, leading to heavy losses in their retirement savings. To keep track of your 401(k) effectively, consider setting up a monthly or quarterly review of your account. Here's a practical step to get started: Practical Step: Set Up Automatic Alerts and Schedule Regular Check-Ins Set Up Automatic Alerts: Most 401(k) providers offer options to receive alerts via email or text for account activity, contributions, and changes in your portfolio. These alerts can help you stay informed about any significant changes in your 401(k), such as market drops or reaching specific milestones. Schedule Regular Check-Ins: Allocate time each month or quarter to review your 401(k) performance. During these check-ins, assess how your investments are performing, check if you need to rebalance your portfolio, and ensure your contributions align with your retirement goals. This regular monitoring allows you to adjust your strategy as needed, especially during periods of market volatility. Taking these steps will help you stay proactive in managing your 401(k) and ensure you're on track to reach your retirement goals. Regularly monitoring your 401(k), you can be proactive in securing your financial future, adjusting your investment strategy to weather these volatile times. Market fluctuations like the one we just experienced serve as a critical reminder of why consistent oversight of your retirement accounts is essential. If you're looking for help with your 401(k), we can assist you in securing your future and potentially allocating your assets to a better strategy. Reach out to us today to see if you're eligible for a more effective retirement plan that aligns with your financial goals. Let's work together to build a solid foundation for your future. 🚨 AUGUST AUDIT MONTH! 🚨 Is your 401(k), 403(b), or other retirement plans performing as you would like? Have you reviewed your insurance recently? Reach out for a FREE audit of your entire portfolio to ensure you have everything you need to reach your financial goals! We're here to help you secure a better strategy for your retirement. Don't wait—contact us today to see if you're eligible for a more robust retirement plan. Your financial future depends on the steps you take today. Let’s ensure it’s a secure one.

As parents, we cherish every moment watching our children grow into the incredible young adults they’re becoming. I’m sure many of you can relate—being there to teach and nurture our kids is a gift we’ll never regret. But let’s be real: as much as we want to be fully present for our children, not working just isn’t practical for most of us. We’re stuck between a rock and a hard place—juggling motherhood, work, and the never-ending expectations that come with both. The lack of affordable, available childcare only adds to the pressure, making it even harder to enjoy the precious moments with our little ones. However, we believe in the strength and resilience of our families. We need more than just talk; we need action. It’s not just about securing our place in the workforce and our homes but also about paving the way for our children’s future. Our team of financial experts is here to help you navigate these challenging times. By implementing key financial strategies, we can help restore your family's financial stability and ensure longevity protection. We teach families how to make their money work for them, using college education funds and efficient wealth accumulation strategies. What we do now matters—whether it’s by equipping ourselves with smart money skills, advocating for better resources, or simply standing up for what’s right. Let’s step up for our kids and ourselves. Because as Abraham Lincoln said, "The best way to predict your future is to create it." Together, we can make sure our future—and theirs—is one we’re proud to build.

Starting to save early is one of the most important steps you can take to secure a financially stable future. When it comes to financial security for your family, planning ahead is crucial—especially with a 401(k). The earlier you begin contributing, the more time your investments have to grow, thanks to the power of compound interest. Financial planning is not just about ensuring your future; it's about protecting the well-being of your loved ones. Don’t leave your financial security to chance. Make budgeting a priority today. Set aside a portion of your income each month, and watch how small contributions can grow into a substantial retirement fund over time. 💡 Practical Tip: Automate your 401(k) contributions directly from your paycheck. Start with whatever amount you can afford and gradually increase it as your income grows. Even small, consistent savings can have a significant impact over time. Your future self—and your family—will thank you for the financial stability you’ve built. If you’re unsure where to start, don't hesitate to reach out. Professional advice can help you tailor a plan that fits your goals and ensures you’re on the right path. Are you on track for your retirement goals? Let's discuss how early planning can help you achieve the future you envision. Reach out today to start securing your financial legacy. 🚨AUGUST AUDIT MONTH!🚨 Is your 401(k), 403(b), or other retirement plans performing as you would like? Have you reviewed your insurance recently? Reach out for a FREE audit of your entire portfolio to ensure you have everything you need to reach your financial goals!

Rebalancing your portfolio is like giving your retirement plan a regular tune-up. It’s the process of adjusting the proportions of your assets—such as stocks, bonds, and cash—to maintain your desired level of risk over time. Without rebalancing, your portfolio can drift, often becoming riskier as stocks outperform bonds, especially in bull markets. Why Rebalancing Matters: Imagine two scenarios: one where you regularly rebalance your portfolio, and another where you don't. Without Rebalancing: Over time, a portfolio that was initially set up with 60% stocks and 40% bonds could shift to 70% stocks and 30% bonds due to the stronger performance of stocks. While this might seem beneficial during a bull market, it exposes you to more risk if the market takes a downturn, potentially reducing your retirement savings at a critical time when you need to preserve capital. With Rebalancing: By regularly rebalancing, you maintain your original risk tolerance, for example, keeping that 60/40 split. This disciplined approach can reduce the impact of market volatility and help protect your savings from large losses, providing a smoother ride as you approach and enter retirement. Ultimately, this can lead to a more stable income in retirement, allowing you to enjoy your golden years with less financial stress. The Impact of Rebalancing: Rebalancing helps ensure that your portfolio remains aligned with your long-term goals, particularly as you near retirement. Studies show that portfolios that are regularly rebalanced tend to perform better over the long term, especially during periods of market turbulence. For instance, a rebalanced portfolio might see less dramatic swings in value, preserving more of your hard-earned savings and giving you a better chance of sustaining your retirement income over the years. If you haven’t reviewed your portfolio in a while, now might be the perfect time. Rebalancing isn’t just about protecting your assets; it’s about ensuring your retirement years are as comfortable and enjoyable as possible. Let’s work together to rebalance your portfolio and get you on track for a secure and fulfilling retirement. 🚨AUGUST AUDIT MONTH!🚨 Is your 401(k), 403(b), or other retirement plans performing as you would like? Have you reviewed your insurance recently? Reach out for a FREE audit of your entire portfolio to ensure you have everything you need to reach your financial goals!

As you build a financial legacy for your retirement, it's crucial to understand the rules around Required Minimum Distributions (RMDs). RMDs are the minimum amounts you must withdraw annually from your 401(k) starting at age 73. Failing to take these distributions on time can result in significant penalties, reducing the nest egg you've worked so hard to build. Planning ahead for your RMDs not only helps you comply with tax laws but also allows you to strategically incorporate these withdrawals into your overall financial plan. One practical tip is to budget your RMDs into your regular expenses—consider it as another income stream. By integrating your RMDs into your monthly budget, you can ensure that your retirement funds are used effectively, helping to cover living expenses or even contributing to savings or investments. This proactive approach can prevent financial surprises and keep your retirement plan on track. Taking the time now to understand RMDs and planning how to manage them is a key step in securing a stable financial foundation for your future. Whether you’re approaching retirement or just getting started, knowing how to navigate RMDs can make a significant difference in your long-term financial security. 🚨**AUGUST AUDIT MONTH!**🚨 Is your 401(k), 403(b), or other retirement plans performing as you would like? Have you reviewed your insurance recently? Reach out for a FREE audit of your entire portfolio to ensure you have everything you need to reach your financial goals! Reflect on this: Are you confident that your current retirement plan is aligned with your future goals? Taking small steps today could make a big difference in achieving the financial freedom you deserve. #RetirementPlanning #401k #FinancialLiteracy #BuildingALegacy #FinancialPlanning

Understanding 401(k) Fees and Their Impact on Your Retirement Savings When it comes to planning for retirement, every dollar counts. However, many people overlook the impact that 401(k) fees can have on their long-term savings. These fees—ranging from administrative costs to investment management fees—can quietly erode your nest egg over time. It’s essential to be aware of what you’re paying to ensure your retirement plan is working for you, not against you. Watch Out Tips: Check Your Statements: Regularly review your 401(k) statements for any listed fees. Look for terms like "expense ratio," "administrative fee," or "service charge." Ask Questions: Don’t hesitate to ask your plan administrator or HR department for a breakdown of the fees associated with your 401(k). Understanding where your money is going is crucial. Compare Plans: If your employer offers multiple investment options, compare the fees for each. Opting for lower-cost funds could save you thousands over the life of your plan. By staying vigilant about fees, you can take control of your financial future and ensure that your 401(k) is optimized for growth.Understanding these common fees is crucial to building a stable financial foundation for your future. 💬 Poll: Do you know how much you’re paying in 401(k) fees? Yes, I’m fully aware. I have a rough idea. No, I’m not sure. I didn’t know there were fees! Your retirement savings shouldn’t be undermined by hidden fees. Take control of your financial future by understanding what you’re paying for and ensuring your 401(k) is optimized for growth. 🚨**AUGUST AUDIT MONTH!**🚨 Is your 401(k), 403(b), or other retirement plans performing as you would like? Have you reviewed your insurance recently? Reach out for a FREE audit of your entire portfolio to ensure you have everything you need to reach your financial goals! #RetirementPlanning #FinancialLiteracy #401k #BuildingALegacy #FinancialPlanning

"The best way to predict your future is to create it." - Abraham Lincoln This quote resonates deeply when it comes to financial planning and literacy. Over the years, I’ve made intentional changes to secure a better future for my family. By creating a budget, managing cash flow, and teaching my daughters the importance of money management, I’ve laid down a roadmap to financial success. It hasn’t always been easy, but it’s been worth it. Building financial success can feel like a lonely journey, especially with all the twists and turns along the way. But the truth is, you don’t have to walk this path alone. In challenging times, seeking support and guidance can open up new avenues for connection, insight, and resilience. As we navigate the good, the bad, and the ugly parts of our financial journey, we learn so much about ourselves and our needs. It’s this wisdom that helps us make decisions aligned with our goals and build a secure future, no matter what life throws our way. How are you creating your financial future? Are your current decisions moving you closer to the life you envision? With perseverance and the right planning, there’s hope for all of us to achieve financial success. Let’s connect and take this journey together.

🚨 Did You Know? 🚨 “43% of small businesses have experienced a cash flow shortage.” - QuickBooks This statistic is a stark reminder of how crucial financial literacy is for small business owners. Cash flow problems can cripple your operations and hinder growth, but with the right knowledge and planning, you can steer clear of these pitfalls. Here’s how financial literacy can help prevent cash flow issues: 1. Financial Planning: Creating a detailed financial plan is essential. Outline your revenue streams, expenses, and profit margins. Regularly update your budget to reflect changes in your business and market conditions. This proactive approach allows you to anticipate cash flow needs and avoid surprises. 2. Common Financial Traps to Avoid: Neglecting Expense Tracking: Failing to monitor your expenses can lead to overspending and unplanned cash shortages. Keep a close eye on your costs and categorize them to identify areas for reduction. Overestimating Revenue: It's easy to get caught up in optimism, but overestimating future sales can lead to cash flow problems. Base your projections on historical data and market research to ensure they’re realistic. 3. Building Financial Security: Establishing an emergency fund is vital for financial stability. Aim to save at least 3-6 months' worth of operating expenses. This buffer can help you navigate unexpected challenges and maintain cash flow during tough times. We encourage you to prioritize your financial literacy. By implementing these practical tips, you can build a more resilient business and safeguard against cash flow shortages. I’m excited to see you grow, transform your business, and reach new heights of success. As you reflect on your current financial path, ask yourself: Is it truly aligning with your long-term goals? If you need guidance or support, let’s work together to create a financially secure future for your business. #FinancialLiteracy #CashFlowManagement #BusinessGrowth #FinancialSuccess #SmallBusiness

🚫 Avoid These Common Financial Pitfalls! 🚫 As small business owners, navigating the financial landscape can be daunting. However, being aware of some common pitfalls can help you maintain a healthier financial outlook. Here are three crucial areas to focus on: Emotional Spending Pitfall: It's easy to let emotions drive our spending, especially when running a business. This can lead to impulsive purchases or extravagant expenses that strain your budget. Recognizing triggers—whether it’s stress, excitement, or frustration—can help you make more rational decisions that align with your financial goals. Tax Planning Pitfall: Many small business owners underestimate the impact of taxes on their bottom line. Failing to plan for tax obligations can lead to unexpected expenses and even penalties. Staying informed about tax regulations and consulting with a financial advisor can ensure you take advantage of deductions and credits, ultimately saving you money. Lack of Planning Pitfall: Without a solid financial plan, your business may struggle to adapt to changes or seize new opportunities. A lack of budgeting and forecasting can lead to missed growth potential and increased stress during unexpected downturns. Developing a comprehensive financial strategy helps you allocate resources wisely and prepare for the future. Our financial stress often increases when we lack awareness of our spending habits, neglect proper planning, and overlook the significance of taxes. We may feel alone in our journey toward financial success, but it doesn't have to be that way. During challenging times, we can discover fresh avenues for connection, enlightenment, and strength by seeking help. Having someone to lean on in times of need can provide the personalized direction necessary to navigate the many twisting roads and obstacles along the way. By proactively addressing these pitfalls, we can pave the way for a more secure and prosperous financial future. So, as you reflect on your financial journey, what steps are you taking today to ensure you have the support and planning needed to persevere? Remember, hope and success are within reach when we embrace the right strategies and connections. Let’s prioritize awareness and planning to enhance our financial well-being! #FinancialSuccess #Perseverance #FinancialPlanning #SupportSystem #FinancialLiteracy #SmallBusiness #FinancialPlanning #TaxAwareness #Entrepreneurship

Inflation is more than just an economic term—it’s a reality that affects the purchasing power of your savings and the long-term growth of your investments. For families working hard to build a secure financial future, understanding and mitigating the impact of inflation is essential. Effective financial planning begins with education. By understanding how inflation can erode your savings over time, you can take proactive steps to protect your family’s financial well-being. Start by revisiting your budget. In times of inflation, it’s crucial to ensure that your expenses are well-managed, allowing you to save more and invest wisely. Diversifying your investments can also help counteract inflation’s effects, ensuring that your portfolio has the potential to grow faster than the rising cost of living. When planning for your children’s education and your retirement, consider the long-term impacts of inflation. The cost of tuition and living expenses will likely be higher in the future, making it essential to plan and invest with inflation in mind. Regularly reviewing and adjusting your financial plan can make a significant difference in safeguarding your family’s future. Empowerment through education is at the heart of what we do. Equipping yourself with the right knowledge and tools, means a better future for our communities. Means better chances for our children all around and navigating the challenges of inflation and turn them into opportunities for growth. When was the last time you reviewed your financial and family priorities? Consider whether your financial plan is helping or hindering your journey.