“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”

Don’t Limit Yourself

August 23, 2013

From the time I was ~6 years old until very recently, I have been competing in one sport or another. If there is a winner and a loser involved in something, I’ll either try it or watch it. Over the last decade or so, I’ve become very fond of the sport of mixed martial arts (MMA). It’s a one-on-one sport combining boxing, wrestling, jiu-jitsu and other grappling styles. Because of the highly technical style of this sport, every single part of an athlete’s body needs to be operating at 100% capacity or defeat is nearly certain. Continue reading “Don’t Limit Yourself”

10 Common Financial Mistakes to Avoid

August 15, 2013

A friend of mine recently sent me this article about how in many competitive areas of life, it makes more sense to focus on preventing bad decisions rather than trying to make good ones. That’s because the advantages of making the good decisions can be largely cancelled out by other people making good decisions. In other words, it’s really hard to beat everyone else by making good decisions and relatively easy to avoid making the bad ones. This is what’s called a “loser’s game.” Continue reading “10 Common Financial Mistakes to Avoid”

A Simple Estate Planning Checklist For a Challenging Topic

June 17, 2013

What does your current estate plan look like? If you said you don’t have an estate plan, you’re probably wrong because the state you live in actually has a plan for your estate if you die without a will, trust, or other crucial documents. If your line of thinking is “what estate…I’m overwhelmed by debt” or “I’m single with no kids” or “I’m young and just getting started in my career,” understand that everyone has an estate and needs an estate plan to make sure your individual, family, and financial goals are met once you die. Continue reading “A Simple Estate Planning Checklist For a Challenging Topic”

Did Mom Miss Out on this Important Gift?

May 13, 2013

Yesterday, Americans spent nearly $20 billion saying thanks to mothers across the country for their priceless roles as domestic CEOs. Hopefully, you had an enjoyable Mother’s Day weekend and had the opportunity to celebrate with the moms in your life too. While my son and I were making our special recipe of blueberry explosion pancakes in the kitchen for my wife (well, I was primarily trying to minimize the mess he was making out of love for his mommy), I started thinking about my memorable Mother’s Day gifts of the past. As a child, I’m sure there were more than just a few kindhearted but lame attempts at breakfast in bed, homemade cards, flowers, and gift certificates. Even as an adult, I still struggle to find the best gift for my mom and I am sure that I’m not alone when I say that it’s tough to find a substantive gift that adequately says thank you enough. (However, I did come across this open letter to moms everywhere from Kid President and it’s sure to make some moms smile in realizing how awesome they are!) Continue reading “Did Mom Miss Out on this Important Gift?”

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”

What Your Financial Planner Needs to Know About You

December 06, 2012

One of the questions I commonly get from people is about what information to bring to a financial planning consultation. In my own meetings with employees, some people come with spreadsheets or even thick binders of information while many bring nothing at all. In both cases, they often have no idea what information is relevant and useful in making financial decisions. Whether you work with a planner or manage everything on your own, here is some information that you’ll want to have at your fingertips: Continue reading “What Your Financial Planner Needs to Know About You”

How to Prepare for an Impending Divorce

November 28, 2012

Marriage is not easy. (Can I get an AMEN?) Marriage takes a lot of work, a lot of sacrifice, and a lot of compromise. Couples must find a way to bring two separate worlds together, and that means finding common ground on everything from having children, to where you spend Thanksgiving. Continue reading “How to Prepare for an Impending Divorce”

Helping Employees Prepare Financially for the Frankenstorm

October 30, 2012

Are your employees prepared to weather a storm? As Hurricane Sandy rushes toward the mid-Atlantic area today, many companies across the area are telling their workforces to stay home. But is that enough? Certainly, employers should be concerned about their employees’ physical well-being, keeping them off the roads and updated on the availability of nearby shelters that employees can go to in case of flooding. But what about their financial well-being? Continue reading “Helping Employees Prepare Financially for the Frankenstorm”

Could Your Employees be Facing a Hazard From Mother Nature?

July 10, 2012

Last week’s east coast storms came as a shocking surprise to many of us living near the Chesapeake Bay. High winds toppled trees like dominoes, lightning zapped out the power, and a tidal surge flooded the marinas. Mother Nature was not in a good mood last week, and your employees may have been on the receiving end of her wrath. Whether it was a tree hitting Bob’s roof, lightning causing an electrical surge that fried Kenny’s electronics, or churning water causing damage to Sue’s cabin cruiser, you might not even be aware of the extent of the damages that your workforce may be facing and the financial hardship these repairs could cause. Continue reading “Could Your Employees be Facing a Hazard From Mother Nature?”

7 Steps to Your Financial Independence Day

July 04, 2012

This week America celebrates its 236^th birthday. To honor the occasion, why not declare your own personal “Financial” Independence Day. To me, financial independence equates to not having to worry about money, so if you are worried about your finances, take these seven steps to economic freedom: Continue reading “7 Steps to Your Financial Independence Day”

April Showers

April 04, 2012

As the saying goes, April showers bring May flowers and if you live in the Southeast like me, you’ve certainly had your share of showers this spring. As I stare out the window at the falling rain, I’m reminded of the fact that in every financial lifetime, some rain must fall so the bigger question is this: how do I prepare for my financial “rainy day?” Here is a list of five steps you may want to consider taking this spring so that when, not if, the financial rain comes, you’ll be better prepared. Continue reading “April Showers”

What Going to the Shooting Range Can Teach Us About Financial Planning

February 15, 2012

Recently, some colleagues and I visited the local shooting range to practice firing pistols at paper targets. I hadn’t fired a pistol in years, but I remembered that the last time I did I had fun. I was excited to go, but at the same time I was a little nervous. What if I miss the target and my friends laugh at me? What if I do something wrong and somebody gets hurt? What if I hurt myself? What if, what if, what if? Continue reading “What Going to the Shooting Range Can Teach Us About Financial Planning”

Spin Out in the Snow – Should Have Taken the Extra Rental Car Insurance

January 23, 2012

We all have something of a teenager mentality in us, “It won’t happen to me. I am invincible!” I suppose you have to have some attitude or you’d never leave the house. I did leave my house yesterday in a snow storm because my husband and I had tickets to a film showing at the Sundance Film Festival. We specifically chose a film at the Sundance Resort for Saturday rather than a film in the town of Park City because we wanted to experience the ambiance of founder Robert Redford’s Sundance Resort viewing room. This meant a 40 mile drive down Provo Canyon in a snow storm. Continue reading “Spin Out in the Snow – Should Have Taken the Extra Rental Car Insurance”

Why I Love My Whole Life Policy

August 15, 2011

Whole life insurance has a bad reputation. It isn’t perfect but then again it wasn’t ever meant to be. When used for the right purpose, however, it can fit perfectly into a financial plan when there is a need for life insurance. You hear a lot of talk about the negative aspects of whole life and what it doesn’t do such as: Continue reading “Why I Love My Whole Life Policy”