Financial Tips for Recent College Graduates and Early Career Professionals

July 29, 2013

I recently joined a group of friends in a discussion about our first jobs and reminisced about those innocent days of youth (mostly innocent at least).  My first job tapped into my entrepreneurial spirit as I traveled yard to yard in my little corner of suburbia mowing lawns. The boss was a free-spirited adolescent and that venture provided zero benefits, but I did learn a lot about the importance of having a solid work ethic and it gave me hands on experience with managing and saving money. Continue reading “Financial Tips for Recent College Graduates and Early Career Professionals”

In All Things, Moderation

July 26, 2013

To borrow a line from Dickens: “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness…” The title of A Tale Of Two Cities really hit me as I read this article about a couple who paid off their mortgage in less than 5 years.  They made a lot of changes/sacrifices in their financial life in order to pay off their mortgage and be totally debt free in a short period of time. They are being very frugal, looking for ways to trim their cost of living and putting off instant gratification and some “fun” right now in favor of getting totally out of debt and putting into place a lifestyle that would require only minimal incomes to sustain.  This is a family that is taking financial independence and financial security VERY seriously.  Continue reading “In All Things, Moderation”

To Buy or Not to Buy

July 18, 2013

I was reflecting on my “best investment decision” from my post last week and realized that the same caution that led me to not buy a home at the top of the real estate bubble also made me miss buying  a home near the bottom of the real estate market last year. I looked at several properties that I liked and they were priced low enough that I could have easily more than covered the monthly costs by renting them out if I had to. However, there were so many good options that I suffered from “analysis paralysis” and ended up not buying any of them. Continue reading “To Buy or Not to Buy”

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”

Planning: Don’t Leave Home Without It

May 24, 2013

Summer is upon us. And for many Americans, summer means vacation. But the prospect of long relaxing days ahead does not mean also relaxing your budget. It’s possible to be financially smart and have fun at the same time. Continue reading “Planning: Don’t Leave Home Without It”

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”

How Much Do You Really Need to Retire?

March 28, 2013

I recently answered a question from a blog reader and received the following message:

“Thanks VERY much! In the past few years, I have paid $500 to two separate financial planners to get this kind of advice, to no avail.  In a few minutes you provided me more useful information than they provided.  They have been helpful telling me how much I CAN invest with them, where, and how much that investment will grow to – but they haven’t, can’t or won’t tell me how much I SHOULD be saving now to get to a recommended savings target – so that I have enough to retire, but also am not unnecessarily saving too much now rather than enjoying it while my family is young, all together (before kids get big and move out) and all healthy (and capable of enjoying it).” Continue reading “How Much Do You Really Need to Retire?”

Helpful Tips for Househunters

March 19, 2013

Thursday is the first day of spring, which means daffodils in bloom, Easter egg hunts, and new homebuyers coming out of hibernation.  For employees considering a home purchase this spring househunting season, their decision could be the best or worst thing for their financial future.  Your workforce may have opportunities to learn about the housing market by working with a local real estate agent or mortgage lender, but these professionals have an ultimate agenda to seal the deal. Employees can benefit from an unbiased workshop on the ABCs of real estate to help them make one of their biggest buying decisions. Helping your employees find their dream home can also benefit the company by encouraging a more stable, less transient workforce.  Here are some of the topics that should be covered: Continue reading “Helpful Tips for Househunters”

How to Get Out of the Divorce Sinkhole

March 15, 2013

Having spent many afternoons on a golf course and being of very limited ability in that sport, I have had had my ball land in some very interesting places.  None of them would be as interesting, though, as the golfer in this story.  His ball, along with his body, ended up in an 18-foot deep sinkhole. And, he got a separated shoulder in the fall.  I’ve had bad days on the golf course, but never THAT bad!  The good news is that he was pulled from the hole and his shoulder will heal very quickly! Continue reading “How to Get Out of the Divorce Sinkhole”

What We Can Learn From 2012

March 13, 2013

Last week we released our 2012 Year in Review research, and there were several troubling statistics that came out of the report.  For starters, only 51% of employees reported having an emergency fund, which means there are 49% that are vulnerable to a financial setback should some unexpected expense come along.  Another troubling statistic was an increase in the percentage of employees that reported taking money out of their 401(k) as either a loan or hardship withdrawal.  Such early distributions can greatly impact if and when these employees will be able to retire.  As a result of sending out our research, we received the following three questions from a reporter: Continue reading “What We Can Learn From 2012”

How To Have Too Much Cash

March 04, 2013

Cash is king. You hear that term being thrown around and for good reason – having available cash is vital to financial health. Without having a cushion of cash, you are very vulnerable and can easily be taken advantage of during hard  times.  When you have a solid emergency fund with enough funds to carry you for six to eight months, you can handle most emergencies — even a job loss– with out having to take extreme measures. Continue reading “How To Have Too Much Cash”

It’s Time to Rethink Automatic Payments

February 27, 2013

As the landscape of my financial picture continues to change, I must be willing to change with it.  I have shared with you my recent discovery that I am not having enough federal income tax withheld from my paycheck, so as I decrease my withholding allowances, I can anticipate a decrease in take-home pay.  Couple that with increases in expenditures such as groceries (I am thinking about adding a revolving door to my pantry now that my oldest son is about to become a teenager) and gas for the car and you start to see why I need to reevaluate my spending plan. Continue reading “It’s Time to Rethink Automatic Payments”

Is a Big Fish Sinking Your Financial Boat?

February 01, 2013

The photo accompanying this article is pretty striking.  Fish sinks boat!  Marlin 1, Boat 0. It reminds me of a newspaper article I saw many years ago titled “Deer Shoots Man” that talked about a hunter who leaned his rifle against a tree while taking a quick bio-break, and as he walked away, a deer ran past the tree causing his gun to fall and fire a shot directly into his gluteus maximus.  Continue reading “Is a Big Fish Sinking Your Financial Boat?”

Is Your Paycheck Smaller Than It Used to Be?

January 23, 2013

Did you notice something different about your paycheck recently?  For the last two years, we’ve enjoyed a temporary reduction in our Social Security payroll tax of 2%, but that reduction expired at the end of last year, and according to USA Today, that means the average American will see a decrease in income of $100-$150 a month.  For some of you, that might just be enough to wipe out any annual pay increase you would normally receive, but for others that’s just less money available to pay the bills. Continue reading “Is Your Paycheck Smaller Than It Used to Be?”

How to Make 2013 a Financially Productive Year

January 03, 2013

If you’re like most people, New Year’s resolutions are usually a source of endless disappointment. We start the year with grand ideas that often melt away before the end of winter.  One of the biggest reasons for this is the tendency to try to do too many big changes at once, which causes us to burn out and get nothing done at all. That’s because we tend to overestimate what we can accomplish in the short run and underestimate what we can accomplish in the long run. To break things down, here are some ideas for each month to improve your financial situation in 2013: Continue reading “How to Make 2013 a Financially Productive Year”

Preparing For the Next “Fiscal Cliff”

January 02, 2013

The fiscal cliff may be resolved but the deal only makes our “national debt cliff” even bigger. While we all hope our politicians can find a way to implement the necessary changes to reduce our national deficit AND national debt, we all must be prepared for how these changes will affect our lives.  It’s been said that if we don’t learn from history, then we are destined to repeat it.  We should not let the valuable lessons of our most recent recession and now current financial pickle go unlearned.  These are some steps I encourage you to consider taking as a way to prepare for what lies ahead, no matter how things unfold: Continue reading “Preparing For the Next “Fiscal Cliff””

There REALLY Is No Such Thing As A Silly Question When It Comes To Financial Education

December 18, 2012

Whenever I facilitate a financial education workshop for employee groups, I always encourage the attendees to ask questions that come to mind – no matter how basic or odd they may think the question is. I promise them that there are no silly questions, and I’ve heard quite a few that prove employees are hungry for financial education.  As a financial planner, a benefits specialist, HR representative, or payroll manager, sometimes it is easy to forget that what we talk about every day can seem like a foreign language to your workforce. Here are a few examples:  Continue reading “There REALLY Is No Such Thing As A Silly Question When It Comes To Financial Education”

Daydream! It’s worth it…

December 14, 2012

Sometimes the best things in life start with a great idea or vision.   Recently I have become a huge fan of the “Spotify” music service. This article talks about how the founder of Spotify wanted to create something that combined his two loves, music and technology, and bring the world something better than music piracy.   And, since he wasn’t really good at playing music, being a rock star was out of the question!  So, he did the next best thing and created a music company. Continue reading “Daydream! It’s worth it…”