Do You Need Some Financial Flossing?

October 31, 2014

Recently I was talking with one of my coworkers and I said the following about something at work “It’s like flossing…I know I need to do it, and I do, but I try to find ways to postpone it as long as possible!” He thought it sounded like a blog topic about the financial lives of so many people, so here we are! What are some things that we KNOW we need to do financially, but they are so “not fun” that we either don’t do them or we keep putting them off indefinitely? Continue reading “Do You Need Some Financial Flossing?”

Be the Pilot, Not the Engineer

October 24, 2014

One of my colleagues is hopelessly stuck in the years BC (“before children” as he explains) with his cultural references. He made a reference to the movie “Airplane” (acting as if it were a relatively new movie) and as we discussed the absurd premise of the movie, he made an interesting observation. “If I had to fly a plane, I’d rather be getting directions from a pilot than the engineer who built the plane.”  His point was that a pilot knows how to focus on what is necessary to keep the plane flying whereas the engineer may get bogged down in the details of how the plane works.  That’s how far too many people feel about their financial lives after they attend a class or read a book about finances.  Continue reading “Be the Pilot, Not the Engineer”

Surprising Info About “The Rich”

October 17, 2014

I love facts that challenge the conventional wisdom.  That’s why this article from US News & World Report was so enjoyable to read.  The “8 Biggest Myths About The Rich” were all things that I’ve heard people say when making assumptions about people with means.  Here’s my take on some of the myths and what I’ve seen in my career with investors most would call rich. Continue reading “Surprising Info About “The Rich””

What I Am Teaching My Kids About Money

October 13, 2014

As you may know from following this blog, I have just completed my dissertation and other requirements to earn my Ph.D in Personal Financial Planning from Kansas State University so we now have two proud Wildcat alums on staff here. (Doug Spencer is the other. He personifies loyalty to one’s alma mater and has plenty of purple shirts in his wardrobe to prove it.) Continue reading “What I Am Teaching My Kids About Money”

A Comeback Story

October 10, 2014

America loves an underdog.  I see it in sports all the time, and there are countless movies that end with the little guy triumphing over the big bad guy.As a society, we love to see someone prevailing against the odds.  I saw this article about companies that were left for dead but rebounded to find success again and it reminded me of how much we love a comeback tale in particular. Continue reading “A Comeback Story”

How to Assess Your Financial Wellness

September 29, 2014

Last week, we started to explore the concept of financial wellness, a term used to describe our complete financial picture or overall financial health. The following question was presented as food for thought – what does financial wellness mean to you? Continue reading “How to Assess Your Financial Wellness”

What Are Your Monkeys and Bananas?

September 26, 2014

One of the phrases my coworkers and I used a lot (at another firm during my career) in times of frustration was “monkeys and bananas.” That was our way of saying that we were operating under a bunch of constraints and no one could explain a logical or rational reason for those constraints.  “That’s the way it’s always been done…” is the beginning of an explanation that would always irritate me.  Just because something has always been done that way doesn’t mean it’s the way it should continue to be done.  So…how does that relate to monkeys and bananas??? Continue reading “What Are Your Monkeys and Bananas?”

What Does “Financial Wellness” Mean To You?

September 22, 2014

Last week, we kicked off “Ask A Planner Week” at Financial Finesse. This was designed to allow our social media fans and followers an opportunity to ask us questions so that our team of CFP® professionals can provide an unbiased answer. This initiative is being led by Erik Carter, JD, CFP® and you can check out Erik’s response to the first question “When Should You Sell Your Mutual Fund?” by clicking here to see his Thursday blog submission. We have already received many additional questions that are excellent and this is an ongoing initiative. So we encourage others to keep the questions coming in to Facebook and Twitter. Continue reading “What Does “Financial Wellness” Mean To You?”

How Our History Can Help Us Shape Our Future

September 19, 2014

200 years ago, Francis Scott Key wrote the Star Spangled Banner in the Baltimore harbor near Fort McHenry.As a Baltimore guy, this past weekend was glorious.  There were thousands of people celebrating the bicentennial of the Star Spangled Banner in the Baltimore area, tall ships from all over the world were in the harbor, the Blue Angels were doing aerial shows, there were fireworks and the Orioles were beating the Yankees in an important series.  (That has no bearing on the bicentennial, but it makes being in Baltimore a lot more fun.)  It was a great weekend to look back at our country’s history and reflect upon where we’ve been as a country and where we’re headed.  Continue reading “How Our History Can Help Us Shape Our Future”

Cyber-Thieves Strike Again: What To Do If You Are a Victim

September 17, 2014

Well, it’s happened again. Another national retailer has had its payment systems hacked. This and similar cyber attacks against corporations appear to be on the rise so as a consumer you will want to be especially diligent in watching your accounts for unauthorized use. The Consumer Financial Protection Bureau (CFPB) offers four steps you should take when you suspect that your debit or credit card information has been compromised: Continue reading “Cyber-Thieves Strike Again: What To Do If You Are a Victim”

Will Changes to FICO Scoring Affect your Credit Score?

September 15, 2014

Are you thinking of applying for a loan in the future? If so, you might want to know that there are some upcoming changes in how FICO calculates credit scores. This is important to be aware of since FICO is one of the most widely used credit scoring methods. The new FICO® Score 9 will incorporate three major changes. Continue reading “Will Changes to FICO Scoring Affect your Credit Score?”

Do You LUV Your Brand?

September 12, 2014

As someone who travels a lot for work, news from airlines always gets my attention.  Southwest Airlines is doing an overhaul of their logo, their paint jobs on planes, their snack bags…virtually everything associated with their brand.  We see the same images and messages all the time and after a while we stop noticing. I always think of Charlie Brown’s teacher when I hear a friend of mine threaten her kids with some form of punishment (which never happens, they still get ice cream after failing to listen to anything she says).  The same “you’re going to bed early” or “no technology if you don’t do X” or some similar thing is held out as a consequence, yet there are never consequences. In order for her kids to take her seriously or for companies to get us to pay attention again, sometimes a change is required.  Southwest is doing exactly that with their makeover of their logo and branding efforts. Continue reading “Do You LUV Your Brand?”

Managing Mom’s (or Dad’s) Money

September 09, 2014

I recently spoke to a caller on the Financial Helpline, where we provide over the phone financial coaching as an employee benefit through her employer.  She had just learned that her parents had deeded over the family home to her nephew, who was in his early 20s and barely getting by. Her mom had just recently settled into an assisted living facility at $5,500 a month due to an onset of dementia. Her dad, age 93, still lived at home with her sister and nephew and was getting worried he might go broke trying to pay for her care and he didn’t want to lose the family home.  Continue reading “Managing Mom’s (or Dad’s) Money”

Fooling Ourselves

September 05, 2014

I was scrolling through the SiriusXM radio dial while driving recently and found a song I hadn’t heard in at least 20 years.   Styx – Fooling Yourself  was playing as I was weaving in and out of traffic, trying to get home in time to meet my girlfriend at a reasonable time for sushi.  It seemed like the more I changed lanes and zoomed past a line of cars, I’d get behind a super slow car and the line of cars passed me by.  Continue reading “Fooling Ourselves”

My Back to School Checklist

August 11, 2014

It is hard to believe that summer is winding down and school is right around the corner. I talk to many other parents this time of year who have a wide range of thoughts regarding the back to school routine. Some ask “where did all of the time go” while others cannot wait to get their cute little monsters out of the house and out of their hair. If you are a parent with school-aged children, you are likely experiencing a similar feeling of disappointment/relief. Continue reading “My Back to School Checklist”

Regrets…I’ve had a few…

August 08, 2014

As a dad, I often try to impart life lessons to my kids just like people did for me when I was growing up.  And, just like I did when I was their age, there is some eye rolling and a less than full understanding of the message being delivered.  Some of the lessons I try to impart on my kids deal with more optimistic, forward looking items.  Others are lessons I learned while making mistakes in my life.  Continue reading “Regrets…I’ve had a few…”

What (If Anything) Will You Regret the Most in Retirement?

August 04, 2014

Have you ever had a conversation with someone who was simply living in the past? When I say living in the past, I don’t just mean the innocent act of reminiscing about better times or the so-called “good ole days.” I am referring to people that painfully dwell on the past. This can be painful for the person experiencing regret and can also be an emotional drain on those who constantly observe and listen to others experience the cycle of regret. Continue reading “What (If Anything) Will You Regret the Most in Retirement?”

Welcome to the Financial Finesse Book Club

July 21, 2014

What has been on your reading list so far this summer? Last week, we looked at some recent financial blogs to help add some balance to your summer reading list and hopefully improve your finances along the way. Since I am often asked about recommended personal finance books, I figured why not summarize some books that my colleagues and I have read in the past few years. The good news is that many of these books are located at your local library so you can check them out for free. Continue reading “Welcome to the Financial Finesse Book Club”

8 Steps to Improve Your Credit Score

July 17, 2014

Have you had a rough patch in your financial life? Or maybe you’re trying to position yourself to get the lowest possible rate on a mortgage or even a new job. For whatever reason, you may be like one of the many people I speak to on our Financial Helpline and Ask a Planner sessions who are trying to improve their credit. If so, here are some steps you can take: Continue reading “8 Steps to Improve Your Credit Score”

What’s the Deal With Car Reservations?

July 16, 2014

Oscar Wilde once wrote “Life imitates Art far more than Art imitates life.”  As though this statement needed any proof, my recent trip to a rental car agency proved to be a reenactment of a classic Seinfeld episode.  Several months ago, I reserved a minivan in anticipation of a family trip to the West Coast. Upon arriving at the rental car agency, I was told that there were no minivans available. How could this be?  They knew what I needed.  They knew when I would be there.  So why would they not have a car waiting for me?  Continue reading “What’s the Deal With Car Reservations?”