7 Steps For Millennials to Define Their Financial Future

January 16, 2014

Over the last two days, we discussed the Baby Boomers and the Generation Xers. Finally, let’s take a look at the newest generation to enter the workforce: the Millennials. Like the other age groups, not saving enough for retirement is the biggest vulnerability facing Millennials. However, they’re the only generation that doesn’t seem to know it as Millennials ranked more urgent needs like managing cash flow, getting out of debt, and investing as higher priorities. Here are some steps Millennials can take to strike a better balance between the needs of today and tomorrow: Continue reading “7 Steps For Millennials to Define Their Financial Future”

“Rules of Thumb” Can Make Financial Planning Simpler

November 13, 2013

One of the many hats I wear around the Financial Finesse office is that of a fact checker. Before we publish an article or release new content, I am frequently asked to verify any factual information it may contain. In some instances, the information I am asked to verify is absolute. For example, the IRS has recently released 401(k) and IRA contribution limits for 2014: $17,500 (or $23,000 if age 50+) and $5,500 (or $6,500 if age 50+), respectively. At other times, the information we include in our publications is based on generally accepted financial planning principles—what we typically refer to as “rules of thumb.” Continue reading ““Rules of Thumb” Can Make Financial Planning Simpler”

Is That a Want or a Need? Who Cares?

February 28, 2013

When it comes to budgeting, the conventional wisdom is that we should divide our expenses into “wants” and “needs.” Even our own Expense Tracker worksheet does this. But I think it’s actually a waste of time and let me tell you why. Continue reading “Is That a Want or a Need? Who Cares?”

How a Cash Management System Can Help Simplify Your Finances

April 26, 2012

Do you ever have trouble managing your day-to-day finances? If so, you’re not alone. Quite a few people I speak to say that they have trouble saving and aren’t sure where their paycheck goes by the end of the month. There are lots of methods to organize your finances, but my personal favorite is to use a particular cash management system of automatic payments and multiple accounts. Here’s how it works: Continue reading “How a Cash Management System Can Help Simplify Your Finances”

All I Want for Christmas is…

October 26, 2011

Just in time for Christmas, Hasbro has released its newest version of the classic board game MONOPOLY, called MONOPOLY – Electronic Banking Edition. Listen to the first paragraph of the product description posted on their official website: Continue reading “All I Want for Christmas is…”

Cash Management: The Price of Our “Toys” is High

July 18, 2011

I was talking to my 23 year old son, Brian, last night and had to smile when he told me of his latest financial mistakes. I say smile because this young man really has his act together – he is happily married to a sweet young lady, just graduated top of his class from the nuclear program with the United States Navy in South Carolina, and they are keeping him on to teach for two years. This guy is no slouch. Earlier this year, when the federal government hadn’t passed a budget and threatened to withhold pay from the military until it was passed, he called to let me know he was fine and had 4 months of emergency savings. The rest of his buddies were scrambling. Continue reading “Cash Management: The Price of Our “Toys” is High”