Category: Insights

The Social Media Trap: Are You Suffering From Money Dysmorphia?
August 31, 2025 Off

The Social Media Trap: Are You Suffering From Money Dysmorphia?

By The Admiral Staff

The article discusses “money dysmorphia,” a psychological condition where individuals experience a distorted view of their financial standing, often fueled by social media portrayals of wealth. This can lead to feelings of inadequacy or excessive confidence, resulting in detrimental financial behaviors like overspending or hoarding. Younger generations (Gen Z and millennials) are particularly susceptible due to their heavy social media use and the prevalence of curated “highlight reels” showcasing lavish lifestyles. Recognizing signs like lying about finances, constant comparison to others, and unrealistic

Shred It or Save It? Your Guide to Tax Document Retention
August 28, 2025 Off

Shred It or Save It? Your Guide to Tax Document Retention

By The Admiral Staff

Tax experts recommend keeping most tax documents for about seven years, as the IRS typically has three to six years to audit. However, documents related to significant purchases like real estate should be kept much longer, potentially 10-15 years, especially for those in non-disclosure states. Digitizing records and storing them securely is also advised.

Don’t Get Scammed: A Guide to Spotting Fake Charities
August 13, 2025 Off

Don’t Get Scammed: A Guide to Spotting Fake Charities

By The Admiral Staff

The article warns of the rise of charity scams, capitalizing on people’s desire to help those in need, especially during the holiday season and after disasters. It provides advice on how to identify these scams, including utilizing resources like the Better Business Bureau (Give.org) and Charity Watch to vet organizations. Be wary of unsolicited texts or calls, crowdfunding campaigns lacking detail or using suspicious images, and counterfeit charities mimicking well-known names. The key takeaway is to be cautious and verify the legitimacy of any

Navigating Taxes After Loss: A Guide for Grieving Families
July 29, 2025 Off

Navigating Taxes After Loss: A Guide for Grieving Families

By The Admiral Staff

Losing a parent brings emotional challenges, but also potential IRS tax issues that can be costly and complicated. Key points include: outstanding debts don’t disappear, final and estate tax returns are required, executors can be personally liable, joint accounts and property with tax liens can be affected, unreported income triggers scrutiny, inherited IRAs have mandatory withdrawals, and Social Security overpayments must be returned. Additionally, gifts over a certain amount may trigger gift tax, and life insurance payouts can inflate an estate’s

Retirement Ready: Finding a Fiduciary CFP Near You
July 25, 2025 Off

Retirement Ready: Finding a Fiduciary CFP Near You

By The Admiral Staff

To find a qualified financial planner for retirement, the author recommends searching the CFP Board’s website (letsmakeaplan.org) for Certified Financial Planner (CFP) professionals in your area. It’s crucial to ensure the planner is a fiduciary, meaning they are legally obligated to act in your best financial interest. The article provides a list of questions to ask potential planners to assess their credentials, services, approach, client types, fees, and potential commissions, and advises verifying their certification and disciplinary