Financial Education: Avoiding a Mega Millions Mess

January 25, 2011

Winning the lottery is every worker’s dream, but for Holly in Idaho that dream is about to become her nightmare.   If you haven’t heard the story, Holly recently bought a winning lottery ticket worth $190 million.  Who could be more lucky?  How about her estranged husband, who heard about Holly’s jackpot from a reporter.  Even though they have been legally separated for years, most attorneys are saying that the continued marriage means the husband gets half the winnings.  If Holly tries to fight his claim, her winnings could be tied up in court for years and unfortunately she already quit her job 6 days after the winning numbers were announced.  How could this mess have been avoided? Continue reading “Financial Education: Avoiding a Mega Millions Mess”

Financial Wellness: Getting Started by Taking it from Concept to Practice

January 24, 2011

Physical wellness is a much easier concept to understand than financial wellness but they are actually intertwined together since finances are the leading cause of stress and stress is the leading cause of illness.  This hit me this week because I decided to try something new (that’s my New Year’s resolution — try 52 new things) so I went to a yoga class called Yin Yoga. Continue reading “Financial Wellness: Getting Started by Taking it from Concept to Practice”

Car Buying: A Way to Save a Fortune

January 21, 2011

One of my neighbors was telling me about the car he was thinking about buying.  It’s not a flashy car, and he is very happy that he’s making a “frugal choice.”  Because it’s winter, he is concerned about driving in the snow and ice that is all too frequent in the Northeast, so he is buying a Subaru wagon with all wheel drive.  The car is a few years old and has roughly 50,000 miles on it.  The mega-store that has a no-haggling price structure is selling this particular car for ~$20,000. Continue reading “Car Buying: A Way to Save a Fortune”

Cash Management: Adventures in Being Frugal

January 19, 2011

For those of you that already know me, you know I’m a pretty frugal guy.  But the story I’m about to tell you is going to make you cringe.

I’ve told you before about how I like to use Hotwire.com for booking hotel rooms.  I get to stay at nice places for much less than retail.  However, I don’t get to choose the location.  You also know I like to pay cash for things, so I take out what I think I need, and only spend what I have. Continue reading “Cash Management: Adventures in Being Frugal”

Bring Your Lunch to Work and Send Your Kid to College

January 17, 2011

Bringing your lunch to work will help you save enough to send your kid to college?  Yeah, right.  There have been books out in the past few years talking about how if you make your coffee at home you can retire on the proceeds – David Bach coined the phrase “The Latte Factor.”  Many people thought that made sense in the 90’s when the market went up almost every year.  They could take the difference and invest it in mutual funds.  But, does it really make a difference to scrimp and save? Continue reading “Bring Your Lunch to Work and Send Your Kid to College”

Financial Education: How Much Do Penny Auctions Really Cost?

January 12, 2011

Have you heard about these things called penny auctions?  Penny auctions tout how you can “win” large ticket items—like a laptop computer or flat-screen TV—at auction for up to 95% less than what you would pay retail.  Now if you know me you already you know how I hate paying retail for anything, so if something advertises offering retail products for less than retail costs, you know I’m game.  You also know I’m not going to do anything unless I completely understand it, so let me share a little bit about penny auctions with you. Continue reading “Financial Education: How Much Do Penny Auctions Really Cost?”

Financial Education: 3 Important Check Ups to Do in an Hour

January 10, 2011

There are 8760 hours in a year – 730 in a month with about 240 of them spent sleeping.  That leaves about 490 hours to do what we want. We spend quite a few of those at work and it probably seems like we spend the rest of them waiting in line or being on hold. We can put a few of those hours to good use with some actions that might not be very urgent but are very important none the less.  Here are a couple of important insurance check-ups to do this week that take about an hour each. Continue reading “Financial Education: 3 Important Check Ups to Do in an Hour”

Christmas Toy with a Financial Purpose

January 07, 2011

As the father of three kids, the whole concept of toys for Christmas can sometimes be frightening.  The words “some assembly required” put fear into the hearts of parents all over the world.  I’d love to know what the line is between “some” assembly required and “MAJOR” assembly required!  But, I digress.

One of the coolest things I saw this year was a gift that my girlfriend’s son received.  It was a piggy bank that counts money as it is placed into the bank.  It was cool to hear “ten cents, you now have one dollar and fourteen cents” when I put a dime in the bank. Continue reading “Christmas Toy with a Financial Purpose”

Are Bundled Packages Really a Money Saver?

January 05, 2011
Photo: ShanMac / Flickr

Conventional wisdom suggests that buying things together in a prearranged package is better than buying items separately.  For example, if I’m hosting a super bowl party at my house, I could buy individual slices of meat, cheese, and vegetables, or I could just pick up a party tray.

If I’m tuning up my car I could buy the spark plugs, air filter, motor oil and everything else, or simply look for a tune-up kit.  The upside to the prearranged package is you generally get everything you need in a cost-effective way. On the downside, Continue reading “Are Bundled Packages Really a Money Saver?”

Financial Education in the Workplace: What a Difference a Few Years Make

January 04, 2011

I recently spent a few cold, snowy days meeting with employees in the Midwest counseling each of them regarding their retirement goals.  I was surprised to hear quite a few employees were planning on early retirement, especially since we hear the trend is just the opposite because of our current economy.  Continue reading “Financial Education in the Workplace: What a Difference a Few Years Make”

Financial Planning: New Year, New Goals

December 31, 2010

Year end is a perfect time to take a look back at the progress you made in your financial life in 2010 and set new goals for 2011.  So many New Year’s resolutions fall by the wayside by St. Patrick’s Day.  (Dialing back on the chocolate consumption makes my list EVERY year.  Still, there’s something about dark chocolate that is stronger than my resolve.)  There are some resolutions, though, that are not only good for you but sustainable.  And, maybe a bit more realistic than my dark chocolate resolution too. Continue reading “Financial Planning: New Year, New Goals”

3 Actions to Take in an Hour to Prepare for Emergencies

December 27, 2010

In my last blog,  3 Actions to Take in an Hour to Build Wealth, I pointed out that many of us waste at least an hour a week.  I came up with three very important actions that take an hour or less to do but can significantly improve your finances.  I am writing this blog immediately after the last one and will predict right here that I will lose the playoffs in my fantasy football league.  First of all because my team isn’t that good and secondly because I am not a good manager.  I will admit that I have only gone this far by luck.  So in other words, I have free time.  What will I do with the extra hour? Continue reading “3 Actions to Take in an Hour to Prepare for Emergencies”

Financial Education: Read the Warning Labels

December 24, 2010

I spoke with someone recently who just welcomed a new baby into her household.  As we were talking, the conversation turned funny when we started talking about some of the warning labels on toys for children.  My youngest child is almost 9, but one of the funniest things I have ever read was the warning label on one of the toys he received at a very young age.  It was an ExerSaucer or something similar.   The assembly instructions were fairly easy, but what really stood out was all of the warnings about product usage.  If I recall correctly, the first two warnings were: Continue reading “Financial Education: Read the Warning Labels”

Is Your Financial House in Order?

December 23, 2010

Being the holiday season and my wife and I being the festive people we are, we were taking part in the age old tradition of trimming our tree to make it as decorative as possible.  Everything seemed the same as prior years – same size tree, some friends over to help, holiday tunes playing, and my wife lovingly asking why I don’t put more lights on.  There was one thing different though and that was the fact that all the ornaments were in special containers which made it very easy to decorate the tree but more importantly, easy to put away.  Every ornament in its rightful spot, nice! Continue reading “Is Your Financial House in Order?”

4 Steps to Take Now so Tax Cuts Don’t Affect Your Retirement

December 22, 2010

Have you seen the news lately?  The president has announced his support of an extension of the Bush-era tax cuts, but there are some other tax cuts in the fine print that may hurt your retirement.  The proposed legislation includes a 2% reduction in Social Security taxes.  Say what?!?  Isn’t Social Security in enough trouble?  According to the Congressional Budget Office, Social Security expenditures have EXCEEDED tax revenue for the first time ever this year.  The fund itself is expected to run out of money by the year 2037.  So what can you do in response to this potential derailment in your future Social Security benefits? Continue reading “4 Steps to Take Now so Tax Cuts Don’t Affect Your Retirement”

3 Actions to Take in an Hour to Build Wealth

December 20, 2010

It’s very obvious to my friends and family that luck plays a dominant part in our fantasy football league.  Why?  Because I am tied for second place and will possibly make the play offs.  Everyone knows that I am not skilled enough to even determine if I am getting the wool put over my eyes on a basic trade and truthfully, I don’t know the difference between a wide receiver and a tight end.  Last year during my first season, my team finished dead last. Continue reading “3 Actions to Take in an Hour to Build Wealth”

Get Rich Quick, or Not so Fast?

December 17, 2010

In my blog, Danger Spots When Getting Rich Quick!,  I talked about a few ways to STAY wealthy when people become millionaires overnight.  While becoming a millionaire overnight sounds really exciting and fun and maybe even a little glamorous, it’s not how most of the millionaires I have met during my career have become wealthy.  OK, so if that’s not how they got there, what have they done? Continue reading “Get Rich Quick, or Not so Fast?”

How to Budget when New Shoes are Needed

December 15, 2010
Photo: planetschwa / Flickr

I have four children, and as anyone with kids old enough to wear shoes will tell you, they don’t make shoes like they used to.  My kids go through shoes as though they were disposable.  My wife includes shoes on her grocery list, which kind of tells you what kind of shoes we usually end up buying.  The price for a new pair of shoes spans a wide range, so here’s what I think they should do to make buying shoes easier.

Continue reading “How to Budget when New Shoes are Needed”

End of Year Giving Ideas

December 14, 2010

The first frost has hit, so that’s a reminder to me to bring out my sweaters and winter attire in preparation for the cold weather ahead.  I make a habit of setting aside some of my winter clothes that no longer fit or I haven’t worn for the last few years and give them to the local Goodwill, but I have to make a detour from my normal routine to get there. Continue reading “End of Year Giving Ideas”

My Favorite Tax Deduction

December 13, 2010

When you’re a business owner or an independent contractor, of course you can write off everything associated with your business.  But what if you aren’t?  I have to say that I never really wanted to run my own business– I love being an employee with my W2 at the end of the year.  An entrepreneur?  Not me.  I pride myself at being an “intraprenuer” where I enjoy creative projects like writing and being the host of “your money minute,” as well as educating employees to become financially secure and helping the company to grow. Continue reading “My Favorite Tax Deduction”