Don’t Let An Old Rule Drive You Broke

October 30, 2015

Within the last several months, I’ve been contemplating the purchase of a home and my sons are a big part of that contemplation. My ex-wife and I split up about 8-9 years ago and I have lived in a few places since the separation/divorce. I’m currently about 15 minutes from my old house (that she still owns) and it’s a quick, easy drive but with two teen boys with active social lives, it seems like that 15 minutes is resulting in 30, 60, 90 or 120 minutes on the Beltway (our version of a highway) on a regular basis.  Continue reading “Don’t Let An Old Rule Drive You Broke”

Finding Some Good In My Worst Financial Decisions

October 26, 2015

Have you ever made some really dumb mistakes with your money? Perhaps your rational brain was screaming “No!” at the time but your emotional brain won the battle.Well, even though I may be a professional financial planner tasked with leading others to smart financial decision-making, I’ve had some major money missteps along this journey called life too. This week is the first in a series of blog posts about a few of my biggest blunders and how I tried to turn those mistakes into some good old fashioned life lessons. (Unfortunately, some life lessons can be quite expensive.) Continue reading “Finding Some Good In My Worst Financial Decisions”

10 Ways To Celebrate Financial Planning Week

October 05, 2015

Did you know that this week is the Financial Planning Association’s® 14th annual “Financial Planning Week?” The purpose of the week is to raise awareness of the financial planning process and to enable individuals and families to make prudent financial decisions. You can visit FinancialPlanningDays.org to see if a one-on-one financial planning advice event or educational workshops is being offered in your area. In the spirit of smart financial decision making, here are 10 ways to celebrate Financial Planning Week along with some of our thoughts on how finesse your personal finances: Continue reading “10 Ways To Celebrate Financial Planning Week”

Here’s Your Next Superhero!

September 25, 2015

I was talking with a young man today who was facing a rather large debt load and was looking for a way to effectively manage that debt so that it doesn’t ruin his life or at least make it difficult to feel anything other than trapped by his debt. He bought a relatively inexpensive ($20,000) car, has around $8,000 in credit card debt and about $80,000 of undergraduate and graduate school loans. His salary today basically allows him to pay rent, his debts and a little bit of discretionary money for entertainment. He said that his life was not very much fun right now and he feels like he is suffocating. He sounded very frustrated and he joked that at this stage, he’d be willing to sell an organ to raise cash to pay off some of the debt.  Continue reading “Here’s Your Next Superhero!”

How Far Would You Go To Get Rid Of Student Loan Debt?

September 17, 2015

A colleague of mine recently shared this article titled “How Far Would You Go to Get Rid of Your Student Debt?” that focused on the extreme lengths many people were willing to go to get rid of their student loans. It’s not surprising when you consider that the average college student graduated this year with over $35k in loans. If they pay just the 4.66% interest rate on federal student loans for undergrads, they’ll pay almost $9k in interest by the time they pay it off in 10 years. But if they can put an extra $300 a month towards their debt, they’ll pay it off in under 5 years and save more than half the interest. They can then put those payments towards buying a home or becoming financially independent. Continue reading “How Far Would You Go To Get Rid Of Student Loan Debt?”

Using Rewards Cards The Right Way

September 02, 2015

Using credit cards that allow you to accumulate rewards or cash back is a great way to get more bang for your buck. It totally works as long as you start out with no credit card debt and stay that way. But this is also how many people end up in debt in the first place. (There’s a reason that card companies offer those plush rewards.)

Continue reading “Using Rewards Cards The Right Way”

What If Money Fell Into Your Lap?

August 21, 2015

In a story that may or may not eventually turn out to be true, two men claim to have found a train that allegedly vanished at the end of the Nazi regime and it was (in theory) loaded with valuables. They are offering to share that location with authorities if they are given 10% of the value.  There are all kinds of legal, ethical and moral questions that would surround a found former Nazi treasure trove should this train actually exist and should they be given a nice finder’s fee. That could, if it’s a whole train filled with valuables, be quite the fortune! What are they going to do with it? Continue reading “What If Money Fell Into Your Lap?”

Permanent Life Insurance or Mortgage Payoff?

August 20, 2015

We recently received a question on our Facebook page from a couple in their 50’s who are trying to decide between a fixed universal life insurance policy with a quoted return of “7% minus fees” vs paying off a mortgage with a 3.5% interest rate. This combines two common question topics: using permanent life insurance as an investment and paying off a mortgage early. Let’s take a look at some things to consider: Continue reading “Permanent Life Insurance or Mortgage Payoff?”

How Your Finances Can Affect Your Dating Life

August 14, 2015

One of my favorite phrases with my friends after I say something that clearly isn’t all that brilliant is “Is there any wonder I’m still single?” Sometimes, I say things that are meant one way but interpreted another.   At dinner the other night with a group of friends, I made a comment about needing to go outside for a potty break. Of course, I meant the dog but the way I said it made a few of the guests a wee bit nervous. Fortunately, my date understood what I meant and got a good laugh out of it. Continue reading “How Your Finances Can Affect Your Dating Life”

The Kids (Credit Scores) Are All Right

August 06, 2015

Which generation has the lowest average credit score? According to this article, it’s the Millennials, who have a 625 VantageScore vs 650 for Generation X and 709 for Baby Boomers. This is unfortunate since Millennials are the most likely to look for a new job or buy a home, which are two of the situations when having good credit can be most important. Continue reading “The Kids (Credit Scores) Are All Right”

What Really Matters To Your Credit

July 21, 2015

One of the most common questions I get is how do I improve my credit score. There is so much information on the Internet that people cannot make heads or tails of it. I was talking to my buddy, Kelley, a fellow CFP(R) professional and CPA, and she offered great insight as to what really matters vs. what does not matter to your credit score. Below are her thoughts: Continue reading “What Really Matters To Your Credit”

How To Determine Your Financial Priorities With A Late Start To Retirement

July 20, 2015

We hear a lot about the retirement crisis in America and there’s a great deal to be concerned about these days. With a decline in pension availability and concerns about the long-term viability of Social Security, the burden of saving for retirement rests squarely on our shoulders. However, the average American has less than $25,000 in total savings and investments for retirement (see EBRI’s 2015 Retirement Confidence Survey). Continue reading “How To Determine Your Financial Priorities With A Late Start To Retirement”

A Big Day And A Bigger Check?

July 17, 2015

Many moons ago, I remember going from catering company to catering company doing tastings for my wedding. Then there were the conversations with florists, musicians, photographers, venues, etc…it’s all a blur now. Because it was a long time ago and because I was trying to be frugal, the wedding came in well below the average cost of a wedding. I believe that all in, the cost was around $10,000 for everything. Sadly, the divorce 17 years later cost WAY more than that!!! Continue reading “A Big Day And A Bigger Check?”

7 Things To Do Before Summer Is Over

June 29, 2015

Most of us would agree that it’s important to schedule regular medical and dental check-ups at least once per year. Whether or not we actually follow through with those wellness visits is another story. I admit to recently realizing that I am long overdue with the scheduling of my annual check-up so last week I dedicated an entire 15 minutes to the schedule so I could get those “should be” routine visits on the calendar. Continue reading “7 Things To Do Before Summer Is Over”

Un-Crushing Student Loan Debt

June 26, 2015

Very often, I talk to people who have financial concerns that are weighing on them. I’ve noticed a correlation between the age of the person and the concern. Lately, a lot of people who are within a few years of retirement have been concerned about the stock market and relatively new hires who are just establishing a career have been concerned about their level of debt impairing their ability to make progress toward their important life goals.  Those are two mini-trends I’ve been seeing lately.  Continue reading “Un-Crushing Student Loan Debt”

Your Financial Check-Up (Week 3): Achieve Your Most Important Financial Life Goals

June 08, 2015

It is week 3 of the Financial Check-Up Challenge and I’ve heard from readers who are participating in the challenge. I’ve also heard from others who basically told me, “I get it Scott. It’s important to check in occasionally to assess our financial health but LIFE HAPPENED and I didn’t get a chance.” Continue reading “Your Financial Check-Up (Week 3): Achieve Your Most Important Financial Life Goals”

The 10 Question Financial Checkup

June 04, 2015

Earlier this week, I spoke to a couple of callers to our Financial Helpline. One was a woman who had just inherited some money and wasn’t sure what to do with it and the other was a man who wanted a complete “financial checkup.” While seemingly very different questions, both involved looking for vulnerabilities or opportunities in their financial situations. Want to do the same thing? In honor of our 4 Week Financial Check-up Challenge, here are some questions to ask yourself: Continue reading “The 10 Question Financial Checkup”

Climbing The Debt Mountain

May 29, 2015

One of the things I love to see is a different perspective. When we hire a new financial planner on our team, they offer a lot of “new employee energy,” a fresh set of eyes and a different life experience to the table. Fortunately, we recently hired Cynthia Meyer as a part of our team and she sent me this blog post about her view on a very common type of call that we see on our Financial Helpline.  I like her approach… Continue reading “Climbing The Debt Mountain”

The Best Laid Plans…

May 14, 2015

Let’s face it. No matter how perfectly you plan your expenses, life will always throw you those unexpected curveballs that could wreak havoc on even the best of budgets. After all, it’s impossible to account for everything that could possibly happen to your life. I’m not just talking about the real emergencies like a broken car you need to get to work. There are also things like weddings to attend and your kid’s piano lessons…not exactly “emergencies” but not quite frivolous spending either. Here are some ways to prevent these expenses from derailing your financial plans: Continue reading “The Best Laid Plans…”