Financial Wellness @ Work

Worst Thing Ever

Occasionally, I’ll be in a conversation with a group of people and will throw out a random phrase and everyone has to give a quick response to it.  Recently, the phrase I threw out to the group at happy hour was “Worst Thing Ever.” One of my friends, without hesitation, blurted out “New York Yankees fans!” As the group was made up of lifelong Baltimore Orioles fans, we all agreed that Yankees fans can be obnoxious but they aren’t the worst thing ever…close, but not quite.  Read more

Share it:
  • Facebook
  • Twitter
  • LinkedIn
  • StumbleUpon
  • Digg
  • Google Buzz
  • Yahoo! Buzz
  • Reddit
  • Posterous
  • email
  • Blogosphere
  • Live
  • Netvibes
  • Orkut
  • RSS
  • Technorati
  • Tumblr

Should You Buy Life Insurance as an Investment?

In response to this article we published on Forbes, we received this question on our Facebook page:

I recently read your article “Should You Use Life Insurance as an Investment?” on Forbes. I wanted to know how this article would apply to me. I just graduated and started my first job that pays pretty well. I don’t have any dependents so I didn’t think about life insurance until I meet with a financial advisor. He said starting insurance young is a better investment where I could keep safe dollars and be more risky in other parts. Would I be better off buying insurance now and benefiting from compound interest or use that money in other investments? Thanks! Read more

Share it:
  • Facebook
  • Twitter
  • LinkedIn
  • StumbleUpon
  • Digg
  • Google Buzz
  • Yahoo! Buzz
  • Reddit
  • Posterous
  • email
  • Blogosphere
  • Live
  • Netvibes
  • Orkut
  • RSS
  • Technorati
  • Tumblr

How to Change Your W-4 and Increase Your Take-Home Pay

Are you looking for a quick way to increase your savings or find some extra money to pay down debt? If you are like millions of other taxpayers currently overpaying your income taxes to the IRS each year, you still have time make adjustments to how much you are sending Uncle Sam. According to IRS statistics, there were 101 million refunds for the 2013 tax year. The average refund was $2,651. This figure was a slight decrease from last year but still a substantial amount of money to be loaning out to the IRS at zero percent interest. Read more

Share it:
  • Facebook
  • Twitter
  • LinkedIn
  • StumbleUpon
  • Digg
  • Google Buzz
  • Yahoo! Buzz
  • Reddit
  • Posterous
  • email
  • Blogosphere
  • Live
  • Netvibes
  • Orkut
  • RSS
  • Technorati
  • Tumblr

What Old School Insurance Sales Reps Won’t Tell You

I will admit that I own life insurance…lots of it. If a meteor were to fall from the sky and incinerate me today, my kids would benefit tremendously from a financial standpoint. They’d miss the wisdom (yeah, that’s what we’ll call it…) that I could pass down to them over the next 50+ years but they’d be OK financially.   Read more

Share it:
  • Facebook
  • Twitter
  • LinkedIn
  • StumbleUpon
  • Digg
  • Google Buzz
  • Yahoo! Buzz
  • Reddit
  • Posterous
  • email
  • Blogosphere
  • Live
  • Netvibes
  • Orkut
  • RSS
  • Technorati
  • Tumblr

4 Ways to Plan For Long Term Care

According to the American Association for Long-Term Care Insurance, over 70% of long-term care insurance policies are applied for after age 54. Maybe it happens after the kids leave the nest or perhaps when other goals like retirement are realized but I believe most people don’t start thinking about long-term care until they’ve experienced it through someone else.  I’ve had my share of experience dealing with long-term care but my most recent encounter with Patty Smith (name changed to protect the innocent) has made me realize why it is so important to plan for long-term care before it is too late. Read more

Share it:
  • Facebook
  • Twitter
  • LinkedIn
  • StumbleUpon
  • Digg
  • Google Buzz
  • Yahoo! Buzz
  • Reddit
  • Posterous
  • email
  • Blogosphere
  • Live
  • Netvibes
  • Orkut
  • RSS
  • Technorati
  • Tumblr

3 Alternatives to Borrowing From Your 401(k)

Last week, I wrote about some reasons it might actually make sense to borrow from your 401(k). After all, there’s no credit check and the interest goes back into your own account.  But even in those situations, there may be better options. After all, borrowing from your 401(k) means your money isn’t growing for retirement, the money generally has to be paid back over a relatively short 5 year period, and the outstanding balance could be subject to taxes and penalties if you leave your job. Here are three alternatives along with their pros and cons relative to a 401(k) loan and a couple of sites you can use to find them: Read more

Share it:
  • Facebook
  • Twitter
  • LinkedIn
  • StumbleUpon
  • Digg
  • Google Buzz
  • Yahoo! Buzz
  • Reddit
  • Posterous
  • email
  • Blogosphere
  • Live
  • Netvibes
  • Orkut
  • RSS
  • Technorati
  • Tumblr

Should You Borrow From Your 401(K)?

Have you ever borrowed or thought about borrowing from your 401(k)? According to this recent study, almost half of those who took out a loan from their retirement plan later said they regretted the decision. So when does it make sense? Here are 3 situations:  Read more

Share it:
  • Facebook
  • Twitter
  • LinkedIn
  • StumbleUpon
  • Digg
  • Google Buzz
  • Yahoo! Buzz
  • Reddit
  • Posterous
  • email
  • Blogosphere
  • Live
  • Netvibes
  • Orkut
  • RSS
  • Technorati
  • Tumblr

What’s Your PDQ?

What is the risk to losing your most valuable resource – your ability to earn an income?  That’s what the Personal Disability Quotient (PDQ) calculates based on your own chance of becoming sick or injured for an extended period of time and missing work (and your paycheck).  The PDQ calculator, sponsored by the Council for Disability Awareness (CDA), only took me a minute to complete and mine came up with a PDQ of 18%.  That means I have an 18% chance of becoming sick or injured and not being able to work for at least 3 months.  What was really scary to me is if I did become disabled for more than 3 months, there is a 43% chance that I’d be out of work for over 5 years, with the estimated average of 86 months for a long-term disability for someone like me.    Read more

Share it:
  • Facebook
  • Twitter
  • LinkedIn
  • StumbleUpon
  • Digg
  • Google Buzz
  • Yahoo! Buzz
  • Reddit
  • Posterous
  • email
  • Blogosphere
  • Live
  • Netvibes
  • Orkut
  • RSS
  • Technorati
  • Tumblr

When is Borrowing From Your 401(k) a Good Idea?

If you ask most financial planners when is the best time to borrow money from your 401(k), the overwhelming answer will be “NEVER”! And, for the most part, I agree with that. But, like almost every rule, there are exceptions.   Read more

Share it:
  • Facebook
  • Twitter
  • LinkedIn
  • StumbleUpon
  • Digg
  • Google Buzz
  • Yahoo! Buzz
  • Reddit
  • Posterous
  • email
  • Blogosphere
  • Live
  • Netvibes
  • Orkut
  • RSS
  • Technorati
  • Tumblr
css.php