A Simple Estate Planning Checklist For a Challenging Topic

June 17, 2013

What does your current estate plan look like?  If you said you don’t have an estate plan, you’re probably wrong because the state you live in actually has a plan for your estate if you die without a will, trust, or other crucial documents.  If your line of thinking is “what estate…I’m overwhelmed by debt” or “I’m single with no kids” or “I’m young and just getting started in my career,” understand that everyone has an estate and needs an estate plan to make sure your individual, family, and financial goals are met once you die. Continue reading “A Simple Estate Planning Checklist For a Challenging Topic”

Are 401(k) Loans a Really Bad Idea?

June 10, 2013

Following a recent financial planning webinar presentation, I was faced with a frequently asked question.  Does it make sense to take out a 401(k) loan to consolidate debt? This employee had definitely done her research on 401(k) loans but she was wary after reading warnings from many financial planners and media gurus. However, this didn’t deter her from exploring a 401(k) loan as she was eager to eliminate her high interest credit cards and get them out of her life forever.  Continue reading “Are 401(k) Loans a Really Bad Idea?”

My Field Trip to Seoul

June 03, 2013

For the past three years, I have been working on a Ph.D. in personal financial planning from Kansas State University. One of the final requirements prior to completing my doctoral studies and defending a dissertation is to examine global markets and to directly experience how other cultures approach the management of their money. So this week, I am writing you as I return from Seoul, South Korea after a ten day trip to learn about the country’s approach to personal financial planning. Continue reading “My Field Trip to Seoul”

The Top 5 Things to Teach Kids About Money

May 27, 2013

Happy Memorial Day! If you have young kids, this unofficial start of summer is a great opportunity to start thinking about how you can use some of their time away from school for another form of education: how to make smart financial decisions that can benefit them for the rest of their lives. After all,  the first money lessons your child gets will likely come from you and can have a major impact on their ability to avoid major financial problems later in life. In particular, these five basic concepts should be incorporated into your child’s education about responsible money management: Continue reading “The Top 5 Things to Teach Kids About Money”

8 Home Buying Mistakes to Avoid

May 20, 2013

Exactly one year ago, our family completed a crosstown move in Charleston, South Carolina to get closer to family, my wife’s business, and our children’s schools, and thankfully, within a short little drive to Folly Beach. Any planned major purchase can add significant joy (and stress) as well as some expected and unexpected financial challenges and this was one was no different. Our new home was purchased through a short sale and although it was left structurally sound when we moved in there, there was a long to-do list related to cosmetic repairs, appliances in need of replacement, and an exterior in need of pretty significant landscaping and TLC. Continue reading “8 Home Buying Mistakes to Avoid”

Did Mom Miss Out on this Important Gift?

May 13, 2013

Yesterday, Americans spent nearly $20 billion saying thanks to mothers across the country for their priceless roles as domestic CEOs. Hopefully, you had an enjoyable Mother’s Day weekend and had the opportunity to celebrate with the moms in your life too. While my son and I were making our special recipe of blueberry explosion pancakes in the kitchen for my wife (well, I was primarily trying to minimize the mess he was making out of love for his mommy), I started thinking about my memorable Mother’s Day gifts of the past. As a child, I’m sure there were more than just a few kindhearted but lame attempts at breakfast in bed, homemade cards, flowers, and gift certificates. Even as an adult, I still struggle to find the best gift for my mom and I am sure that I’m not alone when I say that it’s tough to find a substantive gift that adequately says thank you enough. (However, I did come across this open letter to moms everywhere from Kid President and it’s sure to make some moms smile in realizing how awesome they are!) Continue reading “Did Mom Miss Out on this Important Gift?”

Four Key Questions For Your Retirement Plan

May 06, 2013

In last week’s blog post, I introduced my idea of creating a list of forty things to do before I reach my 40th birthday. The ultimate goal in creating my 40 by 40 list was to establish goals across important areas of the life experience while at the same time, helping define my own vision of an ideal retirement. Regardless of what your retirement vision may look like, there are four basic questions that should be a driving force behind your retirement planning activities: Continue reading “Four Key Questions For Your Retirement Plan”

Is Your Investment Portfolio Missing a Key Ingredient?

April 22, 2013

Do you have a written plan in place to guide your investment decisions? If not, how will you know if your investment plan is on track to meet your financial life planning goals? An excellent way to make sure that you follow an investment plan and have a measurement stick in place to track your progress is to setup an investment policy statement. Continue reading “Is Your Investment Portfolio Missing a Key Ingredient?”

Is Your Financial Plan on Track?

April 15, 2013

Are you making progress in your financial life or are you simply trying to keep the train on the tracks when it comes to managing your personal finances? We track the financial well-being of employees in the workplace on a quarterly basis and it is obvious that not everyone out there feels that their financial life is on track. In our 2012 Year in Review research report, retirement preparedness remains a significant concern with only 17% of employees knowing their on target to reach their retirement income goals. Financial stress also remains a potential problem with 82% of the employees participating in the workplace Financial Wellness Assessment reporting some degree of financial stress.  Continue reading “Is Your Financial Plan on Track?”

What Happens When You Inherit an IRA?

April 08, 2013

Last week, I received a difficult but important question from a good friend who wanted to know what to do when an IRA account is inherited from a loved one. His mother is in the final stages of a long battle with cancer and the need for hospice care had prompted my friend and his family to start the emotional process of making sure her estate plan is in order. Unfortunately, most families wait until it’s too late to have these difficult talks but in this case, my friend’s question was driven by the difficult ordeal his family experienced following the sudden death of his father about five years ago. They didn’t want to get blindsided this time around but weren’t sure about what tax laws and potential surprises were waiting for them. Continue reading “What Happens When You Inherit an IRA?”

Ways to Avoid Financial Foolishness on April 1st (and Beyond)

April 01, 2013

Happy April Fool’s Day! Today marks my very first day as a regular contributor to the Monday blog spot for Financial Finesse. When I was first informed of this new role, I thought it may have been some kind of April Fool’s Day prank. Now I know that it wasn’t a practical joke (and hopefully you don’t find my financial tips and guidance comical either) and I look forward to the opportunity to share some of my thoughts and experiences as a financial planner and educator. Continue reading “Ways to Avoid Financial Foolishness on April 1st (and Beyond)”