Think of a financial shock that could totally knock you off your feet. That’s a financial earthquake. Unemployment, an illness, divorce, the death of a spouse, the loss of a home or a business – a financial earthquake is unexpected, unpleasant and unwelcome. Continue reading “Do You Need Financial Earthquake Insurance?”
How important are daily habits to financial wellness? In my own financial wellness journey, they’ve been crucial. By changing my own habits, including my inner dialogue about myself and my income, how I managed my cash flow and how much I saved and invested, I altered my own trajectory. The primary reason I became a financial planner is that I believe other people can do it as well. Continue reading “The Four Pillars of Making Habits That Stick”
I’ve written frequently about how I changed my financial behaviors over time. Once someone who spent her paycheck down to the last penny, I became a successful saver and investor over time. That all happened because I changed both what I believed about money and what I was worth, as well as what I did in my everyday life to align my daily habits with those beliefs. Continue reading “How Understanding Your Personality Can Change Your Life”
Does the recent market volatility make you afraid to look at your 401(k) statement? Maybe it’s time to think about adopting a portfolio rebalancing strategy. Rebalancing is the process of periodically selling or buying investments in your portfolio in order to maintain your target mix of investments over time. It helps you keep the level of risk in your portfolio stable by taking some profits from those funds that are now taking up more space in your portfolio than originally intended – usually because they grew in value – and buying more of the funds that are now taking up less space than you intended, possibly because they fell in value. Since stocks, bonds and other investments tend to move up and down at different times, implementing a regular rebalancing strategy with a diversified portfolio mix helps you “buy low, sell high” over the long haul. Continue reading “3 Ways to Make Market Volatility Work For You”
In a post last week about how choosing the right life partner can be the most financially wise choice you ever make, I wrote about how my husband Steve is my financial inspiration. He truly is a “financial hero,” who’s made wise choices about money his entire life. I am continually impressed by his natural talents as a money manager. I came to my financial beliefs and behaviors the hard way, learning from missteps I made in my 20’s…not Steve. He was born this way – a sensible, long term, evidence-based investor. Continue reading “4 Things An Actuary Can Teach Us About Money”
As our CEO says in her new book, What Your Financial Advisor Isn’t Telling You, your life partner can be your worst financial enemy. Choosing the wrong person in a relationship can wreak havoc on your financial well being. But what about choosing the right person? Is the converse true? Can your life partner be your best financial friend? Continue reading “Your Life Partner Can Be Your Best Financial Friend”
I’ve been hearing more and more from friends that they are considering a side gig selling a product or service. We all know stories of people who have made substantial extra income from things like nutritional cleansing, personal care products, cosmetics, financial products and vitamins. Many of these are established companies and household names. Consumers like their products and the feeling that comes with supporting their friends and neighbors. Continue reading “Multi-level Marketing or Pyramid Scheme?”
Friday nights on CNBC, households all over the country are watching American Greed, the wildly popular documentary series narrated by Stacy Keach which tells the real-life stories of financial crimes and the effect on their victims. There have been episodes about Ponzi schemes, mortgage fraud, identity theft, insurance fraud and investment scams. Some of them tell truly heartbreaking stories, where the people who were victimized by the fraud seemed to be making wise decisions, only to be fooled by someone with criminal intent. In all the episodes, the message is clear: there are hucksters and criminals who are out to steal your money — and you’d better be on guard. It’s an important message, one that we all need to hear. Continue reading “The Other Side of American Greed”
Can your friends help you become financially independent? Yes — if you choose the right friends. My fellow planner, Kelley Long, recently wrote a thought-provoking post about how financial frenemies can sabotage your financial wellness. “Much like starting a new diet or fitness program has a higher chance for success if you do it with a friend,” she wrote, “engaging your friends in financial habit changes could greatly increase the likelihood you’ll stick to it.” I couldn’t agree more. Continue reading “Can Your Friends Help You Become Financially Independent?”
What’s my financial New Year’s Resolution for 2016? It’s all about dealing with paper. Much of daily life really does come with an instruction book, helpfully printed in four languages. Plus it comes with legal disclosures, bills, prospectuses, receipts, health insurance notifications, magazines and professional journals. Continue reading “2016 New Year’s Resolution: Deal With Paper Daily”
The Free Application for Federal Student Aid (FAFSA) opens after January 1 for the 2016-2017 school year. Parents and students all over America will begin the difficult, agonizing process of figuring out how to fund an increasingly expensive American college education. In honor of the start of the financial aid season, I’d like to point out the obvious: student loans are NOT financial aid. They are a financing mechanism. Those are two different things. Continue reading “Student Loans Are Not Financial Aid”
Do you really need more stuff for the holidays? If you are like most working Americans, “stuff” is not a problem. Time is where you are falling short. Continue reading “Why Time is the Ultimate Financial Wellness Gift”
Dear Financial Finesse: I’m a working mom with three kids and a busy job. I read Financial Wellness @Work and you guys make everything look so easy, but that is just not realistic to spend so much time on financial stuff! I don’t seem to have time to figure out what to do with my 401(k) or work out a college savings plan, and frankly, I’d rather relax or hang out with my family. Is there something simple I can do to manage my money without spending a lot of time on it? – Alexandra, FL Continue reading “The Two Hour a Week Money Prescription”
As I take over Financial Wellness@Work on Mondays (following in the very big shoes of Dr. Scott Spann, who is bringing Financial Finesse wisdom to the retirement planning pages of About.com), I thought I’d take some time upfront to tell you my story so you know my perspective. Twenty years ago, I declared financial independence. I remember my Financial Independence Day very clearly… Continue reading “My Declaration of Financial Independence”
