Is Paying Off Your Mortgage Worth Losing The Tax Deduction?

March 12, 2015
Updated June 14, 2017

I recently received a question after one of my workshops from a woman who was wondering if she made a mistake paying her mortgage off early because she no longer has the mortgage interest deduction. I can’t tell you how many times I’ve gotten different versions of that same question (including after a later workshop session that same day). Here are several reasons why this is a classic case of letting the tax tail wag the dog: Continue reading “Is Paying Off Your Mortgage Worth Losing The Tax Deduction?”

Don’t Take Financial Advice From Pop Music

February 27, 2015

I was out with friends recently and a new song from Pitbull and NeYo started playing. The song created a rush to the dance floor and given that when I dance, people think I’m either having a seizure or in some sort of pain, I opted to grab beverages for our group instead of risking injury (mostly to others) on the dance floor.  As I was waiting for the drinks to be poured, I started listening to the lyrics of the song. Continue reading “Don’t Take Financial Advice From Pop Music”

Are You On a Crash Course to Disaster?

January 23, 2015

One of the more interesting stories I’ve seen recently in the world of sports is about a guy named Rob Konrad, a former NFL player, who fell off his boat and swam 9 miles to shore.  It took him about 16 hours, he had hypothermia, and he couldn’t walk but at least he survived the ordeal. Along the way, he was circled by a shark and had to fight waves, wind and the dark in order to make it home safely.  Continue reading “Are You On a Crash Course to Disaster?”

Happy New Year’s!

January 01, 2015

We at Financial Finesse would like to wish you and your family a happy and prosperous 2015!

Merry Christmas!

December 25, 2014

We at Financial Finesse would like to wish you and your families a Merry Christmas!

 

3 Hidden Pitfalls Coming to a 401(k) Statement Near You

December 18, 2014

When you see your 401(k) balance or even a projection of your future balance when you retire, do you really know what that number means for your retirement? If you’re like most people, you probably don’t. A $200k balance may look like the most amount of money you’ve ever had so you can easily think it will be more than sufficient even if it turns out to be nowhere near enough to generate the income you’ll need to retire comfortably. Continue reading “3 Hidden Pitfalls Coming to a 401(k) Statement Near You”

Do You Need Some Financial Flossing?

October 31, 2014

Recently I was talking with one of my coworkers and I said the following about something at work “It’s like flossing…I know I need to do it, and I do, but I try to find ways to postpone it as long as possible!” He thought it sounded like a blog topic about the financial lives of so many people, so here we are! What are some things that we KNOW we need to do financially, but they are so “not fun” that we either don’t do them or we keep putting them off indefinitely? Continue reading “Do You Need Some Financial Flossing?”

Surprising Info About “The Rich”

October 17, 2014

I love facts that challenge the conventional wisdom.  That’s why this article from US News & World Report was so enjoyable to read.  The “8 Biggest Myths About The Rich” were all things that I’ve heard people say when making assumptions about people with means.  Here’s my take on some of the myths and what I’ve seen in my career with investors most would call rich. Continue reading “Surprising Info About “The Rich””

Do You LUV Your Brand?

September 12, 2014

As someone who travels a lot for work, news from airlines always gets my attention.  Southwest Airlines is doing an overhaul of their logo, their paint jobs on planes, their snack bags…virtually everything associated with their brand.  We see the same images and messages all the time and after a while we stop noticing. I always think of Charlie Brown’s teacher when I hear a friend of mine threaten her kids with some form of punishment (which never happens, they still get ice cream after failing to listen to anything she says).  The same “you’re going to bed early” or “no technology if you don’t do X” or some similar thing is held out as a consequence, yet there are never consequences. In order for her kids to take her seriously or for companies to get us to pay attention again, sometimes a change is required.  Southwest is doing exactly that with their makeover of their logo and branding efforts. Continue reading “Do You LUV Your Brand?”

What’s Your Magic Number?

May 16, 2014

By “magic number,” I mean how much money will you need in order to retire comfortably?  Without giving away too much, let me answer briefly.  A WHOLE LOT!!!! Of course, it’s going to be a different number for each of us and there are countless ways to arrive at a number that makes sense for your life  so my goal here is to try to help you figure out a reasonable estimate of what you might need without having to run numbers on a spreadsheet or a website that may or may not be worth the time it takes to prepare the estimate.  I’m not saying it’s going to be super-easy but at least it won’t require much math! Continue reading “What’s Your Magic Number?”

What Eating Halloween Candy Can Teach Us About Financial Success

October 31, 2013

When I was a little kid, I used to look forward to being able to gorge on all my Halloween candy. It didn’t take long for me to realize what economists call “diminishing marginal utility.” Each additional piece of candy would bring me less pleasure than the last. It would eventually get to the point where eating more candy would only make me feel sick. Continue reading “What Eating Halloween Candy Can Teach Us About Financial Success”

Seven Tips for Avoiding Rental Car Traps

June 12, 2013

“Good morning, Mr. Ward.  How are you today?” sincerely asked the polite young gentleman behind the rental car counter. I smiled and acknowledged his cordiality. “I see you have a prepaid vehicle with us today.  How does a Ford Taurus sound?” Continue reading “Seven Tips for Avoiding Rental Car Traps”

Will the Grass Really Be Greener?

May 14, 2013

Spring crept up on me this year, giving the weeds in my lawn time to spread before I was able to spread any weed control. On top of that, when I went to cut the grass for the first time last week, I discovered my lawn tractor had a flat tire that was not easily fixed.  Luck was with me though, because just as I was about to give up on the lawn care that day, I heard the sound of a weedwacker and noticed a shiny 4×4 pickup truck and trailer parked in front of my neighbor’s house. “No problem, I can cut your grass and apply some weedkiller for you today” said the landscaper with a big smile – and a big price tag.  I ended up having to pay him $160 to cut my acreage and attack the weeds. Continue reading “Will the Grass Really Be Greener?”

Get Your Workforce Money Motivated with America Saves Week

February 14, 2012

We can’t all win the lottery next week, but amazingly 21% of Americans—38% of those with incomes below $25,000—think that winning the lottery represents the most practical way for them to accumulate several hundred thousand dollars, according to the American Savings Education Council’s Savings Facts and Statistics.  So instead of throwing a dollar into the office lottery pool for next week’s drawing, take the time to join the America Saves Week campaign as an opportunity to encourage your employees to save automatically through payroll deduction or direct deposit towards an emergency fund, a goal like a home, or towards retirement. Continue reading “Get Your Workforce Money Motivated with America Saves Week”