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”

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?”

Does the 401(k) “Suck?”

May 09, 2013

A friend of mine recently sent me an article titled “It’s a 401(k) World and It Sucks.” I realize that the 401(k) is not perfect (but what is?) and the author does make some good points. But that being said, “sucks” is a pretty strong word about the vehicle that has encouraged more retirement saving than anything else, especially considering how much we need to increase those retirement savings. Let’s take a look at each of the author’s main arguments: Continue reading “Does the 401(k) “Suck?””

Where to Invest Short Term Money

April 17, 2013

We recently got this question on our Facebook page: “I am looking for short term investment strategies, 4 to 7 year span for some inheritance money that would then be liquidated to pay for college.” It’s a common question. After all, with interest rates near record lows and the stock market as volatile as ever, it can be tough to figure out what to do with money you need in just a few years.

First, let’s look at what NOT to do. Continue reading “Where to Invest Short Term Money”

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?”

The Secret to Creating Wealth From Your Paycheck

March 18, 2013

Robots have replaced many jobs that people used to do.  Luckily, they haven’t replaced all of them but there is something to be said for programming a robot to do a job.  They just do what they are told. They don’t have to make decisions.  We can actually learn something from our plastic and steel computerized robot friends about wealth building.  Take the human component of decision making out of the equation to have more cash and more income in retirement. Continue reading “The Secret to Creating Wealth From Your Paycheck”

Retirement Education: Sharing the 7 Habits of Confident Retirees With Your Workforce

February 05, 2013

From  the thousands and thousands of pre-retirees I’ve talked to over the past decade, two consistant comments I hear over and over again are “I wish I’d started saving earlier” and “I wish I’d saved more along the way.”  Since I’ve yet to have an employee tell me they’ve saved too much for retirement, every employee could benefit from knowing the 7 essential habits of highly confident retirees that were concluded from the BlackRock 2012 Retirement Survey, which was conducted by Boston Research Group. Continue reading “Retirement Education: Sharing the 7 Habits of Confident Retirees With Your Workforce”

Happy New Year! Three Financial Areas to Focus on in 2013

December 31, 2012

Today is the last day of 2012. Tonight you will pop the champagne cork and pull out the glasses to toast “out with the old and in with the new.” Whether you are dressed in your finest sequins and rhinestones or your best suit or you are comfy cozy watching the ball drop from the comfort of your living room, you just can’t help to think about new beginnings.  Tonight we shed the old and begin anew!  Continue reading “Happy New Year! Three Financial Areas to Focus on in 2013”

Setting Financial Priorities for the New Year

December 27, 2012

Now that Christmas is over and we’re approaching the New Year, you may start thinking about New Year’s resolutions and many of those probably involve financial goals. But we all have a limited amount of cash flow to work with. Which of those goals should you prioritize first? Continue reading “Setting Financial Priorities for the New Year”

Some Important Things to Focus On This Week

December 24, 2012

The focus  for many around the holidays is family, food and fun not finances.  This is as it should be because even though life requires a lot from us, it is meant to be enjoyed. Although we are striving to always save more, manage our money better,  insure against losses, and get our necessary papers in order, it’s also important to stop and smell the roses (as they say). Continue reading “Some Important Things to Focus On This Week”

Don’t Let Your Focus on Today Keep You From Planning for Tomorrow

December 12, 2012

What a great weekend.  As a family, we drove to Bethlehem (North Carolina) on Saturday night to see a live nativity, but what made this trip even more noteworthy was something that happened on the ride home.  As we were driving home, I took a detour to check on the status of my boat at the repair shop.  (Basically, I just wanted to make sure it was still there.)  After putting my mind at ease, we turned around, and I was about to make a left turn back toward the main road when something caught our eye.  Continue reading “Don’t Let Your Focus on Today Keep You From Planning for Tomorrow”

How to Qualify For a Mortgage

December 05, 2012

Susan and I purchased our first home back in 1996. Like many newlyweds, our first home is what you might call a starter home.  It was a modest, two-story, single family home on a small piece of property at the end of a cul-de-sac.  After seven years (and three kids), we were ready to move on, and so we did. Continue reading “How to Qualify For a Mortgage”

How Can You Avoid Being a Slave to Your Mortgage?

November 16, 2012

Lately I have talked to a lot of people who are interested in buying their first home and with a combination of today’s low interest rates and a housing market that does not have prices appreciating rapidly, this might just be a great time to be in the market to buy a house.  They understand that part of it but then don’t know how much house they can afford.  They are getting different opinions from different people in their lives.  So, are there any objective measures by which we can figure out how much house someone might want to consider buying?  Sure… Continue reading “How Can You Avoid Being a Slave to Your Mortgage?”

Check Your “Financial” Smoke Detector

October 31, 2012

We all know it’s a good idea to check the smoke detectors once a month to make sure they are working properly, but let’s be honest; how many of us actually do?  If you’re like me, you probably don’t even know the smoke detector is there until you burn the toast.  It’s not that we don’t care about safety (although I do like to live on the edge).  Most likely it’s simply because it’s out of sight and therefore out of mind. Continue reading “Check Your “Financial” Smoke Detector”

Does Your Plan Include NS4RW?

October 16, 2012

Although October is usually the month employees are focusing on their health insurance options for next year, it’s good to redirect their attention to a decision that has a much longer term impact then what type of health coverage they’ll have for 2013, and that is how much they are contributing towards their retirement. It’s not a fund ticker symbol or license plate number, but what NS4RW stands for is National Save For Retirement Week, created by Senate Resolution 555 that calls for the week of October 21, 2012 to highlight 3 goals: Continue reading “Does Your Plan Include NS4RW?”

What to Do with $100

October 15, 2012

People often ask me what to do with $10,000 or $100,000 because they have saved those assets in their 401(k) and want to make sure they are invested appropriately for their retirement.  I can’t recall anyone ever asking me what to do with $100, but that question may actually be the key to financial security and building wealth. Continue reading “What to Do with $100”

A 9 Year Old’s Perspective on Money

August 08, 2012

So far I’ve learned a lot about my two oldest children in the last couple of weeks.  I’ve learned that Rachel is a spendthrift and sees money as a means to necessities.  David, on the other hand, is a value hunter and wants to know that whatever he spends his money on is going to last. Continue reading “A 9 Year Old’s Perspective on Money”

The Brady Bunch and My Observations On a Younger Generation

August 03, 2012

The Brady Bunch is coming back!!!  I was very excited to read about that!!! As a kid, I was a huge Brady Bunch fan and if I see it on when I’m scrolling through the channels, I almost always stop and watch for a little bit. I even think Marcia Brady might have been my first celebrity crush. The show is just an absolute classic.  My kids even like it.  And, I can still sing the theme song without hesitating on the lyrics. (For your own protection, I absolutely won’t link an MP3 file here so that you can hear my rendition; your ears would bleed…) Continue reading “The Brady Bunch and My Observations On a Younger Generation”

A Twelve Year Old’s Perspective on Money

August 01, 2012

Last week, I wrote about how we as parents can learn about our own financial behaviors by observing our children.  To demonstrate this, I asked my daughter Rachel a series of questions to help me gauge where she is and what she has learned about finances, presumably from her mother and I. Continue reading “A Twelve Year Old’s Perspective on Money”