My Car is a Lousy Hotel Room

September 30, 2011

I can say a lot of things about my car.  It’s old (1998).  It’s high mileage (~200,000 miles).  It’s got enough dings and dents and stuff to give it “character.”  But, it’s been a great car for me.  Very reliable.  Very much like my 2nd home considering how much I drive.  First, a little back-story on my life:  I live ~300 miles from a company (one of our client companies) where I routinely spend 2-3 days/week, and it takes roughly 5 hours to drive there.  I can get from my front door to my hotel room door in about 5 hours, 15 minutes if traffic isn’t an issue.  (My best-ever time is 4 ½ hours without a stop.) Continue reading “My Car is a Lousy Hotel Room”

In Defense of Financial Gurus

September 23, 2011

I’m writing this to stick up for Suze Orman.  And Dave Ramsey.  I know, they don’t need to be defended.  They have excellent reputations nationally, and have sold tons of books and CD’s, and, have become wealthy and famous by giving people financial advice.  So, why am I defending them and from whom? Continue reading “In Defense of Financial Gurus”

One of My Favorite “New” Features of 401(k) Plans

September 16, 2011

I would love to write about my favorite flavor of ice cream (Ben & Jerry’s Karmel Sutra) or other favorite foods (too many to list, which is why it would be fun to write about it), but I’m having trouble finding a way to make a connection into the financial world.  I just got done watching the Food Network’s “Best Thing I Ever Ate,” so forgive me for the food references.  While watching that, I happened to be reading an article in a financial journal at the same time (is that multi-tasking or A.D.D.?) about features that are available today in 401(k) plans that weren’t widely available 10 years ago.  They listed things like auto-enrollment and a cap on the percentage of company stock allowed in the plan, as well as a few others.  The one that really stood out to me as something that, if I could wave a magic wand and get everyone to enroll in I’d do it in a second, is the automatic rebalancing feature.  Why do I like this feature so much?  Well, I’ve seen it work as a means of managing your investment risk.  I’ll use an example to illustrate my point.  Continue reading “One of My Favorite “New” Features of 401(k) Plans”

Things to Consider if You Were Offered an Early Retirement Incentive Package

September 09, 2011

Last week I talked about some of the biggest factors that people face when considering an early retirement package.  Health insurance issues and determining when to take Social Security were by far the 2 most common topics of conversation.  But, they were by no means the only topics of conversation. Continue reading “Things to Consider if You Were Offered an Early Retirement Incentive Package”

Things to Consider if You Were Offered an Early Retirement Incentive Package

September 02, 2011

Over the last month, most of my working hours have been spent talking to people about the reality of deciding, in a short time window, if they are going to retire in the next several months.  Why?  These people have all been offered an early retirement incentive package with a deadline for accepting or rejecting the offer.  This meant that, for them, retirement was no longer something that was “out there in the future.”  It became a “right here, right now” opportunity.  There were things I learned during that process, and over the next 2 weeks I’ll talk about the “universal” factors.  Each person had their own story, their own situation, and their own set of circumstances that was remarkably different than anyone else’s.  But, there were some factors that were important to every single person I met.  They all asked about several factors that would impact the rest of their lives.  Here are the first few factors (more to come next week): Continue reading “Things to Consider if You Were Offered an Early Retirement Incentive Package”

Real Life Cases of Money Isn’t Everything

August 26, 2011

Over the last month, I’ve had the opportunity to meet a lot of people who are contemplating retirement right now.  And I’ve noticed a common theme.  More people, than might be expected, really like their job and the people they work with, and they have a difficult time wrestling with the emotions of making the retirement decision.  A little background to this story might help. Continue reading “Real Life Cases of Money Isn’t Everything”

An Unconventional Q&A Session with a Financial Planner

August 19, 2011

If you have read more than two of my blogs, you probably already know that while I take your financial lives pretty seriously, I don’t take myself seriously.  At all.  So, in the spirit of having a little bit of fun with this (it’s summer after all), and answering some REAL questions that I’ve been asked over the last few years, here’s a little “unconventional financial education” Q&A session: Continue reading “An Unconventional Q&A Session with a Financial Planner”

Are the Rich Really Getting Richer, and the Poor Really Getting Poorer?

August 12, 2011

Occasionally I will hear a phrase, that for some reason bugs me, and I’ll go out and try to figure out if it’s really true or not.  Yes, that would make me a certified geek.  And, it suggests I should probably back away from the laptop and go out for a bike ride or a run.  But, I enjoy the research and no animals are harmed in the kind of research I do, so I figure it’s kind of harmless.  Anyway, back to my point.  I keep hearing the following phrase:  “The rich keep getting richer and the poor keep getting poorer,” and it bugs me because it just doesn’t square up with the experiences of my life. Continue reading “Are the Rich Really Getting Richer, and the Poor Really Getting Poorer?”

Financial Planning: Automation…a Friend with Boundaries

August 05, 2011

I have a grocery store that I love.  It costs a little more, but the service is excellent.  One of the things I really like about this store is that when the weather is bad, and you’re dreading the hike to the car with open bags of groceries, there are staff who will come up to you at checkout and say, “Let me take care of that for you.”  They will take it upon themselves to make life a little easier for you.  This is a great idea and, for me sometimes, it is worth the small price differences in food.  It also works because even though I have the option of using the service, I am not obligated to do so.  And, if I want to use coupons to offset the higher prices, I can do that, too.  In other words, I am not locked in. Continue reading “Financial Planning: Automation…a Friend with Boundaries”

Wine Tasting and Your 401(k)

July 29, 2011

Yesterday was a great day.  I spent the day with my girlfriend Julie, doing some wine-tasting along the Finger Lakes Wine Trail in upstate New York.  This area is known for wineries dotted along the lakes, where you can spend the day traveling along, checking out what each has to offer.  The wineries range from quaint and home-spun, to modern and spacious.  Continue reading “Wine Tasting and Your 401(k)”

I WAS Officially Depressed, but Feeling Better Now

July 22, 2011

What started out as a quick thought about a depressing article on the difficulty younger generations may face preparing for retirement, has now become a mini-series about some of the positive trends I see, and today’s thoughts (the last installment of this series) are on some things that people who have a few decades prior to retirement can do to get into a much better long term financial position. Continue reading “I WAS Officially Depressed, but Feeling Better Now”

I WAS Officially Depressed, but Feeling Better Now

July 15, 2011

Last Friday, I talked about how each generation’s retirement income is increasingly at risk and the factors (longer life spans, shrinking pensions, uncertainty with Social Security, rising health care costs and declining investment returns) behind that trend.  While all of these factors exist and are real reasons for concern, I also see hopeful signs out there as well.  Today, and next Friday, I’ll talk about why I am hopeful and some of the things you can do, small things that may seem inconsequential, to take control of your financial life and buck the negative trends that I showed you last week. Continue reading “I WAS Officially Depressed, but Feeling Better Now”

OK, I’m Officially Depressed

July 08, 2011

Wow.  I don’t think I want to read financial news stories for a while now.  This is one of those times I wish I were older.  What am I talking about?  This article talks about how many Baby Boomers and Gen X’ers are “at risk” where retirement income is concerned.  The numbers get worse with each successive younger generation, and with each passing year.  Here are some numbers (I know, who comes to a financial blog to see numbers…). Continue reading “OK, I’m Officially Depressed”

Even Minor Surgery Can Be Scary!!

July 01, 2011

I had a real life brush with “Estate Planning” recently when I had some minor surgery performed. One of the questions that came up during registration was “Have you contracted any hospital borne infections in the last 12 months?” That question was Continue reading “Even Minor Surgery Can Be Scary!!”

What About My House? (A Soon to be Retiree’s Dilemma)

June 24, 2011

I met with someone who is preparing to retire in the next year, and we started talking about what a day in his new-styled life would look like.  I asked what I thought was a simple question, “Are you planning to stay in your house, move somewhere warmer (he lives in New England), or stay local and downsize?”  It turns out, the question wasn’t so simple. Here’s why: Continue reading “What About My House? (A Soon to be Retiree’s Dilemma)”

Poorer Can Actually Be Richer – Fulfilling a Lifelong Dream

June 17, 2011

I recently read an article talking about something we don’t like to talk about.  It was written by a hospice nurse and is about the regrets of the dying.  It was interesting to me to read what the five most mentioned regrets were from those who realized that their time on this earth was coming to an end.  I wasn’t surprised to find that one of the top five was, “I wish I didn’t work so hard.”  (In case my boss is reading this…I wish I could find a way to work even harder!  Is that sucking up too blatant?) Continue reading “Poorer Can Actually Be Richer – Fulfilling a Lifelong Dream”

Achieve Financial Success by Managing Someone Important – You!

June 10, 2011

At work recently I’ve been assigned something completely different than anything I’ve ever done before, so I’m doing a whole lot of training to learn some new things. This has been a test of “can an old dog learn new tricks?”  The good news is that it looks like it’s possible! Continue reading “Achieve Financial Success by Managing Someone Important – You!”

What $40 and a Basket of Dirty Laundry Taught Me

June 03, 2011

A while back I had the opportunity to do what most college kids and moms with extra-large comforters find themselves doing. I was a frequent-flyer member of my local laundromat.

I was in the process of having a laundry room put in at my house. Great news, except that instead of having the convenience of working from my desk while my laundry churned away, I was going to have to haul my laundry elsewhere. No problem, I thought. I will tough it out. The project was set to be completed in 2-3 months’ time. Continue reading “What $40 and a Basket of Dirty Laundry Taught Me”

Budgeting: You May not Think You Like it, but Give it a Try

May 27, 2011

So, this just might be the most embarrassing thing I have ever written. This is one blog I hope that NONE of my friends read, because this is just far too much information for them to have at their disposal. Here it is, my confession, I really like the show “Glee.” I can’t believe I’m admitting that. I watched one episode to see if it was acceptable for my kids to watch, and I won’t share my opinions about that part, but my daughter and all of her friends are huge Gleeks (fans of Glee), and now…so am I. Why do I tell you this most embarrassing of admissions? Continue reading “Budgeting: You May not Think You Like it, but Give it a Try”

A Dad’s Attempt to Teach a Money Lesson

May 20, 2011

On my last flight, I had the opportunity to listen to one of the podcasts (Your Money Minute podcast, see Episode 38) with Mary Karges about a really cool product called the Moonjar.  The Moonjar is a tool that can help teach children about money and how it can be used.  I wish I had one of these when I was younger!  There are 3 “slots” for a kid’s money in the Moonjar…Share, Spend, Save.  The goal is to teach kids that money spent can’t be shared with others (like giving to your favorite cause) or saved (for a bigger goal like a car when you’re of driving age).  It’s a great way to have conversations with kids about money and that money doesn’t grow on trees, or come from the magical ATM, there has to be an actual source of funds behind the ATM.  Listening to the Moonjar podcast though, reminded me of something I did with my daughter a long time ago when the subject of “allowance” came up.  I wanted to do two things, respect her desire for an allowance and teach her a lesson about the real world. Continue reading “A Dad’s Attempt to Teach a Money Lesson”