We hear a lot in the news about concerns that Americans aren’t saving enough for retirement. It’s not surprising for news to lead to an increased concentration on saving for the future. On average, retirement planning may be the top financial planning priority but that doesn’t necessarily mean that everyone shares this sense of urgency. Continue reading “Can You Really Save More Tomorrow?”
I recently met with Dave, a long-term employee of a large company who came to me with a tinge of guilt in his voice. “You’re gonna yell at me, but I’ve got about 20% of my 401(k) invested in my company’s stock. I’ve been putting money in it since they started allowing me to, and it’s done about as good or better than my other stocks. The re-balancing tool on the plan website says I have too much company stock, and you’re gonna tell me to sell most of it – right?” Continue reading “Net Unrealized Appreciation is an Often Unrealized Option”
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”
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”
According to the sixth annual New Year Financial Resolutions Study from Fidelity, fewer Americans are considering a financial resolution for 2015. Only 31% of survey respondents have considered making a financial resolution compared to 43% last year. Should we be concerned that less Americans are considering a financial resolution for 2015? Continue reading “Resolve to Improve Your Financial Wellness in 2015”
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”
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”
Yeah, I know what you’re probably thinking. This is not the most exciting topic to think about and other areas of the financial life planning process such as money management, paying off debt, and investing for retirement tend to get more of our attention. Still, it’s worth a quick review on why life insurance is necessary and who should buy it. In fact, this part of the discussion should come before getting to specific amounts that you should own. Continue reading “Do You Have The Right Life Insurance Coverage?”
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”
As a parent, I am constantly trying to instill an “attitude of gratitude” in our children and the best approach is to model this attitude as much as possible along life’s journey. I always try to devote time for regular prayer and meditation but I am also adding a simple but formal gratitude journal to the weekly routine. As a financial planner, I know that I could do much more to encourage others to do the same. Continue reading “I’m Thankful For…”
It has often been said that the only constant in life is change. As a parent, I find that change is both exciting and scary as heck because you never know what lies around the corner. This statement about anticipating change definitely remains true when the IRS is concerned. Continue reading “How the IRS Can Help You Save More For Retirement in 2015”
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”
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?”
Saving for retirement is a must these days and retirement confidence in general is pretty low. Our recent retirement preparedness study revealed that only about 20% of employees feel they’re on track to reach their desired income in retirement. In order to bridge this gap, it’s no secret many of us need to save more. 
Continue reading “Can The IRS Help You Save For Retirement?”
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”
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”
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”
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?”
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?”
Student loans may be viewed as a form of “good debt” because of the many doors a college education can potentially open throughout our lifetime.Still, paying off student loans can become a major headache (especially if you are trying to balance other competing financial priorities like paying off credit card debt or saving for emergencies). Total student loan debt in this country now exceeds $1 trillion and 7 out of every 10 college students graduate with student loan obligations. Continue reading “Student Loan Debt? There’s an App For That”
