Dr. Nicholas E. Michels, CFP® There is a rumor that Albert Einstein once commented on the principle of compounding interest as the most potent force in the universe. But is it a good investment strategy? The answer is generally yes, as anyone can benefit from investing in an account with compounding interest. Even short-term investments […]

Dr. Nicholas E. Michels, CFP® For many people, life isn’t just about saving and accumulating money; it’s about being responsible and doing something meaningful with that wealth. Whether you want to give back to your family, support your favorite causes, or even honor God, there is a great way to do this: tithing and charitable

By Dr. Nicholas E. Michels, CFP® Banks play a vital role in the economy, providing individuals and businesses with access to cash, credit, and other financial services. Despite their importance, however, banks can fail. And when they do, the effects often cause panic in the wider economic environment.  This past week, two major players in

Dr. Nicholas E. Michels, CFP® If you ask someone what’s most important in life, you’ll likely hear things such as family, faith, health, or life purpose. We all know that money is important, but perhaps it doesn’t reach as high as the others. However, its importance is real because money impacts every part of your

Dr. Nicholas E. Michels, CFP® There are many types of financial advisors in the market. If you’ve done any research, you’ve likely come across the term “fee-only.” It’s important to know whether or not a financial advisor is fee-only, but you may be wondering what this term means and why it matters.  At Michels Family

Dr. Nicholas E. Michels, CFP® During tough economic times, savings can often be a line item that is sacrificed. But it is more important now than ever to make saving a priority, especially for retirement.  In 2023 the contribution limits are increasing for most types of retirement accounts, meaning your savings will also increase! Not

Dr. Nicholas E. Michels, CFP® Email-Based Scams are on the Rise this Holiday Season With billions of emails sent globally each day, it’s no wonder that email compromise has become one of the largest and most financially damaging online crimes. In an email-based scam, fraudsters send an email that appears to come from a known

Dr. Nicholas E. Michels, CFP® If you happen to be one of the many Americans entitled to a tax refund most years, you might consider yourself lucky. However, is getting a substantial refund really the best strategy? After all, those funds are earning interest for you while they sit around in absentia, waiting for your

Dr. Nicholas E. Michels, CFP® Did you know that 90% of Americans do not maximize their Social Security benefits? As a father, I do not like the word entitled. However, when it comes to your Social Security, these absolutely are benefits owed to you, and we want to help you receive the most money possible.