Are You Doing the 52 Week Savings Challenge?

February 24, 2014

Have you heard about the 52 week savings challenge? Apparently this challenge has been pretty popular on social media sites and there are some pretty creative money jars out there on Pinterest and Facebook.  It wasn’t until a recent financial planning consultation that I’d ever talked to someone actually using this approach and it came up again in multiple sessions with others just last week.  Continue reading “Are You Doing the 52 Week Savings Challenge?”

Personal Finance Tools Review: Mint

February 10, 2014

Mint is one of those financial tools that I have talked about so much since they appeared on the online budgeting scene that I often take for granted the fact that not everyone out there knows about their service. This week, we will look at Mint and review some of its most popular features. Mint has been around since 2007, boasts over 10 million users and has numerous awards, which is great and all, but all that really matters if you have an account is one thing – are you taking control of your money and making the smartest decisions possible? Here is a little more information about how it works and how you can potentially use Mint to help you reach your most important financial life goals. Continue reading “Personal Finance Tools Review: Mint”

Retirement Saving Benchmarks for All Ages

February 03, 2014

How did your team do in the Super Bowl?  If you are a Seattle Seahawks fan (or at least pretended to be last night) the final scoreboard doesn’t tell a lie and your team was victorious in Super Bowl XLVIII (that’s 48 if you’re a bit rusty on the understanding of Roman numerals).  Continue reading “Retirement Saving Benchmarks for All Ages”

Save Money With This Quick Two-Minute Drill

January 13, 2014

It is playoff time in the NFL and just four teams are left with a shot at the Super Bowl. (That’s Denver, New England, San Francisco or Seattle just in case you aren’t a fan of pro football or have managed to avoid the fanatics in your life that do care about the proverbial pigskin.) In the spirit of playoff season, I thought that I would accept a challenge from a colleague to put today’s blog post on the clock.  Continue reading “Save Money With This Quick Two-Minute Drill”

A New Way For Couples to Manage Their Finances in 2014

December 30, 2013

The holidays present numerous financial challenges, not to mention the positive and negative stress associated with spending some quality time with friends and family. (Insert your own mental image of Cousin Eddie from Christmas Vacation here.) Generosity is a wonderful characteristic to possess, but if left without monitoring, it can lead to overspending and debt. Additionally, travel costs can be expensive if you hit the road or the occasionally friendly skies to be with family.  There is a well documented outbreak of financial stress and regret that occurs every January in our consumer-driven culture when the reality of holiday spending arrives in the form of a credit card statement. Continue reading “A New Way For Couples to Manage Their Finances in 2014”

Being Married to the “Money Doc”

December 16, 2013

This week, I will begin a series of blog posts about money and relationships. My wife, Heather (and the real brains of our family), had the idea to start off this series by exposing some lessons that we have learned along the way. Heather is self-employed full-time as an occupational therapist and specializes in working with incredible children who have developmental challenges. Despite occasionally minimizing the role she plays in managing our household finances, the reality is that Heather is also a co-financial planner in our household. Continue reading “Being Married to the “Money Doc””

What Happens Now If You Cannot Afford Health Insurance?

November 18, 2013

Most of the employees that I work with are in a fortunate position to work for large companies that provide health insurance to their employees.  But many of the people that I talk with have friends and extended family members that are not covered by an employer-provided plan.  One area of confusion these days is what happens when you cannot afford health insurance.  Unfortunately, the answer to that question is a little complicated and it depends on a few important factors. Continue reading “What Happens Now If You Cannot Afford Health Insurance?”

Hey Mr. Planner, What’s in Your Bag?

November 04, 2013

I’ve always been fascinated by the game of golf or what Mark Twain referred to as “a good walk spoiled.” During childhood, I would spend hours at a time out in my yard creating my own imaginary course designs and pretending that I was at Augusta National competing for the coveted green jacket.  (My parents and neighbors were probably grateful that I was using plastic golf balls at the time as my errant shots often landed on cars and houses.)  Continue reading “Hey Mr. Planner, What’s in Your Bag?”

Is Optimism Helping or Hurting Your Financial Plan?

October 28, 2013

A couple of weeks ago,  I discussed the important role that our thoughts and beliefs can play when it comes to working toward important financial goals. While an optimistic outlook is associated with many positive outcomes related to our health and wealth, as with most things in life, moderation is the key when it comes to optimism related to our personal finances.  Here are some questions to help determine if your optimism is helping or hurting your personal finances: Continue reading “Is Optimism Helping or Hurting Your Financial Plan?”

Introducing Our Newest Planner: Doug Spencer

August 19, 2013

When it comes to choosing a financial advisor to help get you closer to your financial goals, it’s important to ask some tough questions. We have a pretty rigorous hiring process here at Financial Finesse and only about 2% of potential candidates make it on board our team of unbiased financial educators. Recently, I had the chance to sit down with Doug Spencer, CFP®, one of the resident financial planners and a recent addition to the Think Tank at Financial Finesse.  I asked him a series of questions trying to pick his brain and find out more about how he became interested in joining a growing group of financial planning professionals who are committed to providing unbiased financial guidance to employees in the workforce. Here is a summary of our discussion with some important resources included for anyone seeking an unbiased perspective on how to take control of their financial future: Continue reading “Introducing Our Newest Planner: Doug Spencer”

Create a Financial Life Plan with a Few Simple Questions

July 22, 2013

Prior to becoming a full time financial educator, some of the work that I did with my clients fell into the realm of what is often called financial life planning. Financial life planning gives money more meaning and purpose and helped my clients do more than just focus on typical financial goals such as deciding when to retire, where they plan on living, and how much the expected lifestyle will cost. Rather than simply focus on money and wealth, it helps people decide what is really important in their lives. Continue reading “Create a Financial Life Plan with a Few Simple Questions”

Is It Time For Your Mid-Year Financial Check Up?

June 24, 2013

Summertime is officially here and things around my house are just as hectic as ever.  With all of the upcoming events my kids have on the schedule like summer camps, swim lessons, dance lessons, soccer camps, reading lists, vacations, and staycations, we have to do a serious balancing act as parents.  (When I say “we,” I actually mean my wife, Heather, because I admit that she is the master organizer in our household.)  Continue reading “Is It Time For Your Mid-Year Financial Check Up?”

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”

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?”