6 Common Traits of Financial Success (Part I)

May 05, 2014

Do you have someone special in your life that you’d like to give a financial planning shout out to? No, I’m not talking about someone you think could seriously use some financial planning help to get their money train back on the right tracks. I’m talking about a shout out to someone that helped shape your financial future in a positive way. It could be your parents, a friend, a teacher, or maybe even that special financial counselor or planner that was there for you when you needed some guidance. Continue reading “6 Common Traits of Financial Success (Part I)”

Put Your Financial Knowledge to the Test

April 28, 2014

Did you know that the entire month of April has been designated Financial Literacy Month? The month may be coming to an end soon but that doesn’t mean that the quest to improve our own financial knowledge should ever stop. As the financial world appears to get more and more complex, the concept of financial literacy becomes increasingly important when it comes to making decisions about money. Here are some assessments you can use to test your own financial literacy: Continue reading “Put Your Financial Knowledge to the Test”

Clean Up More Than Your House This Spring

April 14, 2014

As of this spring, it has been exactly two years since our family moved into our home after a cross-town move to be closer to our children’s school and their GiGi and PopPop. It’s amazing how fast time flies but it’s also disturbing how much junk we have accumulated in that short amount of time. (For the most part, when I say junk. I am referring to toys and gadgets for the kids and our dog.) Continue reading “Clean Up More Than Your House This Spring”

Are Money Issues Causing Stress and Anxiety?

March 31, 2014

How high is your financial anxiety? Hopefully, it is low or at least manageable. Last month, my anxiety level went up briefly as financial stress crept into our family’s financial plan in the form of unexpected but thankfully minor surgery for our son, an emergency vet visit for our dog, and tuition bills for grad school (for me) and pre-school (not for me). Thank goodness we have an emergency fund and health savings account to offset some of the costs! Expected and unexpected expenses like these can wreak havoc on our financial plans if we don’t maintain some flexibility and adapt our plans as those “surely this won’t happen to me” events occur. Continue reading “Are Money Issues Causing Stress and Anxiety?”

The Deadline to Reduce Your Tax Bill is Approaching

March 24, 2014

Time is running out to stay off of Uncle Sam’s naughty list and complete those income tax returns prior to the April 15th deadline. (Even if you choose to file an extension until October 15, 2014 taxes are still due by April 15 to avoid paying interest and penalties.) Beyond making sure you aren’t missing out on any itemized deductions or tax credits, there are still some moves you can make to reduce your tax bill or increase your refund. Last minute contributions to deductible IRAs and HSAs are two effective strategies to lower your 2013 tax bill (or increase your refund). Continue reading “The Deadline to Reduce Your Tax Bill is Approaching”

How to Make the Financial Planning Process Work for You

March 10, 2014

I get the unique opportunity to speak with employees taking part in our Ask-A-Planner consultation service offered through their employer as a financial wellness benefit.  Every session is unique and last week was no exception. One moment I was meeting with a recent college grad feeling overwhelmed with student loan debt and a few minutes later, I was talking with a parent trying to save for their kid’s college without overlooking their own retirement savings.  A conversation about establishing an income plan for retirement quickly transitioned to an emotional discussion about the death of a loved one and concerns about protecting one’s family through a well-crafted estate plan.  Continue reading “How to Make the Financial Planning Process Work for You”

Retiring Within the Next 10 Years? 10 Things to Do Now

March 03, 2014

This past weekend, I enjoyed a wonderful visit from my mom. As I was enjoying a morning cup of coffee (and not adequately caffeinated for a serious discussion), she told me about her retirement plans. Actually, she mainly shared how she was financially prepared to leave the workforce within the next year but not quite sure she was ready for full retirement.  Continue reading “Retiring Within the Next 10 Years? 10 Things to Do Now”

Personal Finance Tool Review: CreditKarma

February 17, 2014

Do we place too much emphasis on credit scores in America? Probably, but most of us aren’t completely debt-free. I’ve mentioned before that credit scores are not the “be all and end all” of your financial situation – but your credit score can help you lower the cost of borrowing money.  A higher credit score could save you thousands of dollars if you are in the market for a new home or refinancing because scores over 760 typically help you qualify for more competitive interest rates for a mortgage.  It is also important to note that routinely checking your credit report can help identify potential risks related to identify theft. It can even be difficult to obtain a job in some careers without a good credit report. Continue reading “Personal Finance Tool Review: CreditKarma”

Why Gen X Isn’t Doomed

January 20, 2014

Last week, Financial Finesse released our annual Generational Research Report and all I can say is, “I resemble that remark.”  The good news of our findings is that my generation, Gen X, is getting better across all areas of financial wellness.  The bad news is that we were the hardest hit generation by the Great Recession and we are lagging our counterparts in many areas, especially cash management. Continue reading “Why Gen X Isn’t Doomed”

7 Ways to Blow Your New Year’s Resolutions

January 06, 2014

Did you make any financial New Year’s resolutions this year?  According to Fidelity, approximately 54% of Americans planned on making one this year. Whether you avoid making New Year’s resolutions or embrace the challenge of making financial changes in the New Year, we all have financial goals that require some attention. Continue reading “7 Ways to Blow Your New Year’s Resolutions”

How Your “Time Perspective” Can Impact Your Marriage

December 23, 2013

Last week, my wife wrote a blog post to kick off the “couples and money” series.  One of the hot button “budget busters” she talked about was the urge to splurge on non-essential luxury items like clothes, purses, household items, etc. (I thought her timing was perfect for the busiest shopping period of the year.) Admittedly, she isn’t the only one in our household with a taste for big ticket items as I have a long list of wants (definitely not needs) on my list for Santa.  I would love to have a paddleboard, upgraded golf clubs, football season tickets for next season, or a trip to Brazil for the World Cup.  Continue reading “How Your “Time Perspective” Can Impact Your Marriage”

Understand the Facts About Target-Date Funds

December 02, 2013

During a recent series of retirement workshops geared toward early and mid-career employees, I received numerous questions regarding the role of target date funds in their 401(k).  This brought up an interesting discussion about hands-on vs. hands-off investing options. Target-date funds are supposed to provide simple solutions for people seeking an all-in-one fund that is diversified.  Yet, a tremendous amount of confusion surrounds these seemingly basic asset allocation tools.  Furthermore, not all target date funds are created equal so it’s essential to first look under the hood if target date funds are a part of your investment plan for retirement. Continue reading “Understand the Facts About Target-Date Funds”

Simple Car Buying Rules That Can Save You Money

November 25, 2013

I recently received a nice reminder about why our family maintains an emergency fund. While sitting in a car line getting waiting to drop my daughter off at school (and trying to play the role of referee during an early morning brother/sister quarrel), I noticed that the SUV was severely overheating. A few days and about $1,300 later, my daddy chauffeur business is now once again back up and running.  (Note: I am still working on getting the cute little monsters to get along though.) Continue reading “Simple Car Buying Rules That Can Save You Money”

Do You Have a Financial Plan or Financial Gridlock?

October 21, 2013

It is déjà vu all over again with the debt ceiling debate having reared its ugly head once again. In my opinion, when it comes to the financial stability of our nation, it doesn’t matter if you lean to the left, lean to the right or are somewhere in between with your political views (or if you are completely indifferent to political dialogue).  The reality is that something needs to get done to end the gridlock in Washington that impacts every American.  Continue reading “Do You Have a Financial Plan or Financial Gridlock?”

Is it Possible to Think your Way to Financial Success?

October 14, 2013

Think for a moment about how optimistic you are about your personal financial situation.  Are you confident that your financial life will improve over the next 12 months? Your response to these questions provides invaluable insight into your ability to achieve future financial success.  Continue reading “Is it Possible to Think your Way to Financial Success?”

The Life and Times of a Financial Educator

October 07, 2013

The week of October 7-13 marks the 12th annual Financial Planning Week that was designed by the Financial Planning Association to create awareness of the importance of having a personal financial plan.  In the spirit of promoting a profession that we love, the Resident Financial Planners at Financial Finesse will be writing about our experiences providing workplace financial education. Continue reading “The Life and Times of a Financial Educator”

How Much Will You Really Get From Social Security?

September 23, 2013

Will Social Security be around when we need it the most…and if so when should we take it and how will it be taxed? These days, those are some of the biggest retirement planning concerns among anyone that’s not currently retired. It’s no secret that Social Security is in need of some significant changes to strengthen the ability of future generations to receive Social Security benefits. The reality is that without any changes to the system only 75-80% of projected benefits would be able to be paid.  Continue reading “How Much Will You Really Get From Social Security?”

Are Money Beliefs Holding You Back?

September 16, 2013

A few weeks ago, I had the privilege of working with a young mother who had overcome countless obstacles to become the first college graduate in her entire family.  During our discussion, it was revealed that she was trying to overcome a seemingly insurmountable pile of debt created by student loans.  Her primary financial goal was to create a plan to stop living paycheck to paycheck and to start taking control of her financial future.  Continue reading “Are Money Beliefs Holding You Back?”