How To Overcome Financial Avoidance

February 23, 2015

I have had the privilege to work with so many incredible people throughout my career as a financial planning professional. Imagine having the opportunity to listen to people as they share their unique life stories, talk about current challenges, and explore future life goals. Money is a powerful force in our lives and how we choose to use it is up to each individual. What’s even more amazing to me is the fact that the topic of money is not something that everyone is comfortable talking to others about. But sometimes the type of person that needs the most financial guidance is also one of the most challenging groups of people to actually get in front of – these are the money avoiders. Continue reading “How To Overcome Financial Avoidance”

Last Minute Tax Savings With An HSA

February 16, 2015

In recent weeks, millions of taxpayers have been realizing the true impact of the Affordable Care Act as they file their tax returns. It’s probably no surprise the individual mandate required most Americans to have health insurance coverage as of January 1, 2014. If you had employer-provided health insurance coverage for most of 2014 or you purchased coverage through a private exchange or directly from an insurance company, the health insurance mandate will not have an impact your taxes. Continue reading “Last Minute Tax Savings With An HSA”

Obamacare Tax Forms Are Coming to a Mailbox Near You

February 09, 2015

I just got done pitching out a foot-high pile of holiday sale catalogs, magazines that I never got to read over the holidays, and donation requests from charities and schools that for some reason didn’t feel like I paid them enough tuition while there as a student. Am I the only one out there who’s looking online for a new smaller mailbox?  But just when we thought it’s safe to downsize our mailboxes, the Affordable Care Act (also known as the “ACA” and “Obamacare”) and IRS regulations have added more mail to the winter pile-up, the new series of IRS information forms that support whether you have health insurance that complies with the “Obamacare” rules.  These forms started showing up late this January and will every year after. Continue reading “Obamacare Tax Forms Are Coming to a Mailbox Near You”

5 Tips to Make Tax Time Less Taxing

January 12, 2015

If Christmas is the most wonderful time of year, why does it always have to be followed by its stressy and messy cousin “Tax Time.” Remember that New Year’s resolution to get your financial life in order? Well, it’s not too soon to start organizing the files, papers and “stuff” needed to do your taxes.   Continue reading “5 Tips to Make Tax Time Less Taxing”

The Nine Core Values of Financial Advice

January 05, 2015

What does the game of golf have in common with the financial planning profession? According to my colleague Paul Wannemacher, there are many parallels between the two.  The financial planning process is all about aligning your money and wealth with your life goals and personal values. As Paul explores below, professional financial advisors have an important role in this process and your financial future should be treated with the highest levels of professionalism and integrity: Continue reading “The Nine Core Values of Financial Advice”

Last Minute Moves to Save on Taxes for 2014

December 22, 2014

I have never been a big fan of shopping during the busy holiday season, where we are all encouraged to buy, buy, buy no matter where we turn. In fact, I personally prefer to do my shopping in the convenience of my home office and avoid the consumer-driven hustle and bustle as well as the traffic. Click, click, done! Continue reading “Last Minute Moves to Save on Taxes for 2014”

How to Roll with the Punches

December 15, 2014

Last week, my family was just beginning a six hour trip home from Orlando, Florida when a major brain cloud of forgetfulness appeared that cost us money. After getting the family wagon loaded with kids, wife, parents, and luggage at a record setting time for punctuality and efficiency, our crew was ready to go. (It is important to note the small victory this appeared to be at the time because I am known to operate on “island time” when in vacation mode.) Google Maps was even confirming an estimated arrival that would leave us plenty of time at home to finally put lights on our sad and extremely naked tree and to do some Christmas shopping​. Continue reading “How to Roll with the Punches”

Happy Holidays Now and in January

December 01, 2014

The holiday season is officially here and I can honestly say that it may take me a few days to fully recover from Thanksgiving dinner (and a few rounds of leftovers). Despite spending about 20 hours in a car, it was fun setting some time aside to do nothing but eat, watch football, and express a little gratitude. In our household, the peaceful tradition of starting an Advent calendar on December 1st is usually countered by the hectic activity of trying to coordinate family logistics for the next month. Continue reading “Happy Holidays Now and in January”

The Season of Generosity

November 10, 2014

One of my favorite pre-holiday meetings involves gathering the kids together to discuss our holiday plans. In our household, it’s inevitable that kids will find that perfect moment of cute childhood brilliance to break out their Christmas wish list at a moment when they are polite and well-behaved. In the spirit of giving to others, my wife and I encourage them to also create a wish list for things they would like to give to others in need. Before you start donating online or breaking out those checkbooks, let’s review the basics of why, when, who and how. Continue reading “The Season of Generosity”

Why Wait Until Next Year to Plan Your Future?

October 27, 2014

It seems like every fall I try to take some time to enjoy a few minutes of solitude and reflect on the experiences of the current year. This is also a time where I usually acknowledge that the to-do list that I created earlier in the year still reveals some unfinished business. As a financial planner, I’ll admit that this includes some things on my family’s financial planning checklist that still need some attention. Continue reading “Why Wait Until Next Year to Plan Your Future?”

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”

Sometimes It’s Okay to Punt

October 06, 2014

Football season is an exciting time of year as fall has officially arrived and even the hot and humid southern states get some relief. Personally speaking, I am a college football person. Although I may be an unbiased financial educator, there is admittedly a great deal of bias when it comes to my allegiance to certain colleges and universities on the football field. You will likely hear screams of “Roll Tide,” “Go Tigers” (the orange ones from Clemson in the Palmetto State), and occasionally “Go Wildcats” (K-State- I have to support my grad school) if you are in my neighborhood on a typical college football weekend. (Yes, similar to my investment portfolio, I like to maintain a diversified portfolio of schools to support but also have the documents to prove that I am not a fair-weather fan of the first two programs on my list.) Continue reading “Sometimes It’s Okay to Punt”

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?”

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?”

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”

Online Investment Platforms: Wave of the Future or a Passing Fad?

July 07, 2014

Last week, we looked at how the asset allocation process doesn’t have to be an overwhelming task and that a variety of options exist to create a diversified portfolio.  As we continue to examine different ways to create an investment plan that matches your life goals, it is important to understand where you can turn to for asset allocation guidance.  After all, financial literacy research studies demonstrate that most people do not have the financial knowledge and confidence to manage their own investments. Continue reading “Online Investment Platforms: Wave of the Future or a Passing Fad?”

Lessons from the World Cup About Diversification

June 16, 2014

The 2014 World Cup started with a bang on Thursday with the host nation Brazil beating Croatia in a somewhat less than convincing fashion.  National pride and hope is growing in the host nation of Brazil and across the globe with 32 nations vying for the World Cup trophy.  Like many American soccer fans, I’ve enjoyed watching other countries play the past few days… but now the real fun, stress, and patriotism begins.  The United States takes on Ghana today.  Continue reading “Lessons from the World Cup About Diversification”

Should a Roth IRA Be Part of Your Emergency Safety Net?

June 02, 2014

Roth IRAs are increasingly becoming one of the most popular savings vehicles for retirement. The most appealing feature of the Roth IRA is that these type of retirement accounts offer tax-free withdrawals of earnings at age 59 ½ as long as the account has been open for at least 5 years. The term “tax-free” is quite appealing in the current economic environment where higher future income tax rates appear to be a real possibility. Millennials and Gen Xers, who may not be in their peak earning years, may be particularly prime candidates to contribute to a Roth IRA. Perhaps that is one reason why the growth in Roth IRAs far outpaces that in traditional IRAs as more account owners are choosing to use after-tax dollars to save for retirement to receive the tax break during retirement.  Continue reading “Should a Roth IRA Be Part of Your Emergency Safety Net?”

Common Traits of Financial Success (Part II)

May 12, 2014

In last week’s blog post, we took a look at some important factors that are often inherent in financially successful people. This list is by no means perfect, but these traits are characteristic of some of the most financially confident people that I’ve worked with in my career as a financial planner.  (As a review, the first six traits that I discussed in the previous post were 1) purpose, 2 ) creativity, 3) courage, 4) willingness to act, 5) commitment, and 6) integrity.) Here are some additional traits that are important to possess along the journey to improve personal financial wellness: Continue reading “Common Traits of Financial Success (Part II)”