The Joys of Moving

September 05, 2011

When was the last time you moved?  Were you amazed at the amount of “stuff” you have?  I am moving this weekend (from a five bedroom three bath home to a condo about half the size) and I am shocked at how much stuff is coming out of my house.  I found that I have not one, not two, but seven cameras!  There is an old Minolta manual 35mm film camera with a bunch of lenses (I’ll keep that one), a Canon 35mm film camera, and a bunch of point and shoot digital cameras (which we don’t really use anymore since we use the cameras on our phones every day). Continue reading “The Joys of Moving”

You Don’t Need to Spend a Million Bucks to Look Like It

August 29, 2011

The other day I was getting my nails done at the salon down the street, and a very nice classy looking lady walked in and asked a question to the owner.  Why was I listening?  Well, you need to know that when you are getting your nails done, there isn’t anything to do.  They’re usually playing a soap opera on TV, or some random program that you have no interest in.  There are magazines to read, but think about how difficult it is to do because you have to put the slippery magazine in your lap making it difficult to turn the pages.  Remember why you are there also; you have to keep changing hands while the manicurist works on you.  So the best way to pass the time is to people watch.  That is what I was doing when I overheard the conversation between the classy patron and the salon owner. Continue reading “You Don’t Need to Spend a Million Bucks to Look Like It”

Financial Lessons from a 23 Year Old

August 22, 2011

I just got off a call to our financial helpline with an amazing young woman.  It is funny how sometimes you get a caller who should be teaching financial planning instead of calling the helpline; this was one of those calls.  I was struck by her insight and maturity for such a young woman.  She had a good idea of what she needed to do but was trying to do everything at once.  I helped her take a step back and look at things a bit differently.  She had all the right pieces but wasn’t sure how to put them together.  The pieces themselves aren’t the important part of this story, but the wisdom behind how she was making her decisions. Continue reading “Financial Lessons from a 23 Year Old”

Why I Love My Whole Life Policy

August 15, 2011

Whole life insurance has a bad reputation.  It isn’t perfect but then again it wasn’t ever meant to be.  When used for the right purpose, however, it can fit perfectly into a financial plan when there is a need for life insurance.  You hear a lot of talk about the negative aspects of whole life and what it doesn’t do such as: Continue reading “Why I Love My Whole Life Policy”

Why Didn’t I Sell?

August 08, 2011

“Why didn’t I sell before the market dropped?”  is a question I got from a caller to our helpline last week.  This is a common question, as you can imagine, after a big drop in the market or during an extended bear market.  This caller was extremely frustrated because he was stuck between a rock and a hard place.  He had already turned in his paperwork to retire within the month (too late to cancel) and was making a transfer from his 401(k) to a pension purchase to provide additional fixed income – essentially changing the goal of this money from long term growth to income.  The market drop would lower his monthly income for the rest of his life because his lump sum was being used to calculate his monthly income payment.  He was distraught. Continue reading “Why Didn’t I Sell?”

So You’re Having a Baby? Six Ideas to Get Ready Financially

August 01, 2011

I just heard the news that my niece is pregnant with a little girl!  I am doubly excited for her since as a mother of three boys (and one girl), I am still “underweighted” in girls.  Bring on the pink.  What I’m about to say may come as a shock to you, and I feel I have license to say it because of personal experience with pregnancy (even though it has been over twenty years): When women are pregnant, they tend to act differently (read c-r-a-z-y).  (Any husbands want to second that?)  I can promise you that at some point in your life, you will have a pregnant woman say, or do something, that will leave you scratching your head.  Whether it’s eating pickles and peanut butter together (yuck!), eating entire boxes of frozen spinach (guilty), crying uncontrollably for seemingly no reason, having an uncanny sense of smell and being able to tell what people had for lunch or forgetting how to do things they’ve done a thousand times before, it will happen. Continue reading “So You’re Having a Baby? Six Ideas to Get Ready Financially”

How I Got Road Rage From a Radio Ad

July 25, 2011

Driving to Lake Tahoe last weekend, I heard a radio ad from a mortgage company going on and on about how we should call them immediately to refinance our fixed rate mortgages since the variable rates are dirt cheap right now.  It said, “You can save thousands of dollars in interest by switching to a variable rate loan,” and intimated that the bank was ripping you off by charging such high interest on fixed rate loans.  I did something very uncharacteristic of me and started yelling at the radio.  At first my husband thought I had a strange case of radio road rage, and I guess he is right. Continue reading “How I Got Road Rage From a Radio Ad”

Cash Management: The Price of Our “Toys” is High

July 18, 2011

I was talking to my 23 year old son, Brian, last night and had to smile when he told me of his latest financial mistakes.  I say smile because this young man really has his act together – he is happily married to a sweet young lady, just graduated top of his class from the nuclear program with the United States Navy in South Carolina, and they are keeping him on to teach for two years.  This guy is no slouch.  Earlier this year, when the federal government hadn’t passed a budget and threatened to withhold pay from the military until it was passed, he called to let me know he was fine and had 4 months of emergency savings.  The rest of his buddies were scrambling. Continue reading “Cash Management: The Price of Our “Toys” is High”

How to Buy a Bike and Other Major Purchases

July 11, 2011

The other day I was talking to an extreme saver , Jonathan Fogel,  an attorney in Brooklyn who follows something called “Retirement Extreme” where he is living off of 25% of his income and saving 75%.  Until I talked to him, I thought he might be a little crazy!   I must admit I have a bit of an anti-frugal bias because of some bad experiences when I was a young woman – having to buy everything at yard sales and shopping at the bulk stores.  As a financial planner and financial educator, savings is highly valued, of course, but “extreme savings” has always been associated with “extreme pain” and deprivation.   So, that is what I was expecting when I talked to Jonathan about his experience. Continue reading “How to Buy a Bike and Other Major Purchases”

Loyalty has its Advantages: Savings

July 04, 2011

I read an Associated Press story today about a 100 year old woman from Bainbridge, Ohio who takes the cake for “extreme loyalty” because she has had the same bank account since 1913 when her father opened it for her.  She still has her original passbook.  Well, she is obviously not one to shop around for the best rates and jump ship when the grass was greener.  I don’t know about you, but I am loyal to brand name products myself.  I didn’t used to be, however, because I focused on price over quality. Continue reading “Loyalty has its Advantages: Savings”

Pay the Absolute Lowest Price on Groceries Every Week

June 27, 2011

Who came up with the idea to make a grocery list and go to the store and purchase what you need for the week?  I’ve done that all my life and in turn paid whatever the going price is for groceries.  This is the old way of shopping.  The new way of shopping is to buy what I need at the lowest possible (rock bottom) price and stock up.  What makes more sense, going to the store once a week and buying cereal for $4 a box every week for six weeks and paying $24 for cereal or buying six boxes of cereal at rock bottom prices (using sales and coupons) and paying only $6 for a TOTAL of six boxes of cereal?  If you have a pantry and the food doesn’t spoil, stocking up makes more sense.  Imagine what you could save if you were able to purchase all of your consumer staples and household items consistently at rock bottom prices.  Life would be different. Continue reading “Pay the Absolute Lowest Price on Groceries Every Week”

Couponing: How to Double Your Savings with the “Rain Check”

June 20, 2011

There are some things you can always count on:

You’ll hit every traffic light when you are in a hurry.

You’ll be called on in a meeting on the only agenda item you are not prepared for.

Someone will show up at a party in your very same new dress.

And…the store will be sold out of the sale item you specifically came in for. Continue reading “Couponing: How to Double Your Savings with the “Rain Check””

How to Make $50 Per Hour Couponing

June 13, 2011

Couponing is way more profitable than I ever thought it would be.  I used to think using coupons was way too complicated and felt I really didn’t have the time to do it.  In fact, I rolled my eyes when my sister- in- law, Anne, first showed her massive coupon binder – bursting at the seams with little slips of paper.  My thoughts were, “This lady is way over the top – extreme.” and I told her so.  Thankfully for me, she just laughed and was nice enough to take the time to set me straight, that indeed it was worth the hour a week cutting and organizing her coupons.  In fact, she saved about $200 a month in groceries so she really was making $50 an hour. Continue reading “How to Make $50 Per Hour Couponing”

Couponing 101: How to Get Expensive Stuff for Free

June 06, 2011

My husband hates it when I buy vitamins (well he used to). It is not that he doesn’t want us to be healthy and he is not a “purist” thinking you should get all of your vitamins from the food you eat. He just hates to pay for them since they are expensive and of course, he’s right, they are. So when I used to come home with a multi-vitamin pack and our Vitamin C, he wasn’t happy. Now, well it is another story. Since I am no longer a coupon snob, I now get my vitamins compliments of Walgreens or CVS with three added benefits – we are healthier, wealthier and happier (I bet you thought I was going to say “wiser”). Continue reading “Couponing 101: How to Get Expensive Stuff for Free”

Cash Management: Saving Money Without Sacrifice

May 30, 2011

Over the years, I have unknowingly wasted thousands of dollars at the grocery store and the pharmacy. If I knew then what I know now, I could have saved AT LEAST $1200 per year by using coupons. If you add that up over 25 years that I’ve been a financial planner, it makes me cringe. Those lost dollars will never come back; they are lost forever but I am just glad that I know now and certainly don’ t want anyone else making the same mistake. As a financial planner, I’ve always paid attention to the big things in my financial life—my training gave me a keen focus on making sure I had low fees and low interest rates on loans such as my mortgage and auto, managing my 401k for the optimal risk/return ratio, and to make sure my family was protected should something happen to me. I felt like carrying around a 50 cent coupon for a laundry detergent was a waste of time. Continue reading “Cash Management: Saving Money Without Sacrifice”

Follow Oprah’s Lead with Your Transition Plan

May 23, 2011

Oprah is counting down her last days on the Oprah Winfrey show.  At the time I am writing this she is at show 18, I guess I waited kind of late to watch her since there aren’t many left.  There is good news for me however because I understand she is going to a new network!  There will be more Oprah!  I guess I am in luck.  This may sound cynical because, well, it is. Continue reading “Follow Oprah’s Lead with Your Transition Plan”

Get a Durable Power of Attorney for Your Parents – Unless Your Mom is Betty White

May 16, 2011

The problem is our parents aren’t as feisty and sharp as Betty White is but they think they are.  Betty who is 89 is still working and even signed on a show on NBC slated for the fall about practical joke playing seniors.  Personally I am not so sure I want to work until 89, unless of course I am asked to be the host of Saturday Night Live at the time.  The issue is with the parents – our parents not wanting to believe they will have a diminished capacity.  Seriously.  Who would? Continue reading “Get a Durable Power of Attorney for Your Parents – Unless Your Mom is Betty White”

You Don’t Have to Look Shabby Just Because You are Frugal

May 09, 2011

You don’t have to look shabby just because you are on a budget.  That is exactly what we told my son Rick, I was going to say the family gave him some tips but it was actually more of an intervention than that.  Rick was planning a trip to Spain to see his girlfriend who was spending the year abroad – Rick had the money for the plane ticket and got some spending money for Christmas but otherwise is a frugal college student living on a very limited budget.  His older brother took him aside and said something like, “You can’t go to Spain to see your girl looking like that – seriously.  She is around all the European men and you need to measure up, man.”  Continue reading “You Don’t Have to Look Shabby Just Because You are Frugal”

Reduce Financial Stress with Clarity and Direction

May 02, 2011

Overwhelming stress takes its toll.  Research shows that stress is the leading cause of disease and financial stress is the most common stressor.  Imagine the feeling of not making ends meet and not having a safety net – no emergency fund and high debt so you feel like you may never get out of it.  In our latest research, we studied stressed out employees who used our financial wellness assessment and found there were two things they all had in common — no emergency fund and high debt.  Maybe it was the combination of the two that put them over the edge of “high stress” to “overwhelming stress.” Continue reading “Reduce Financial Stress with Clarity and Direction”

Make High Pay Off Financial Moves

April 25, 2011

You wouldn’t think I would get any insight about my finances from playing “Bubble Breaker” on my Palm Treo.  It seems like a complete waste of time but overall, I see playing games on my phone as a time passer – waiting at the doctor’s office to be seen or waiting for a phone call.  These little pockets of time don’t give me enough time to get something done and I hate to get deep into an article I can’t finish because I will always wonder what the outcome was.  So I play Bubble Breaker on my phone.  Even when I changed to a new phone, I keep the old one without a Sim card to play this goofy game. Continue reading “Make High Pay Off Financial Moves”