How a Journal Gave Me a New Perspective on Money

March 25, 2015

A few months ago, I started to keep a journal so that I could capture my thoughts about life and record them for the benefit of my children. I figure I work all day long and don’t really have much time to teach them some of the important lessons that I’ve learned along the way. My hope is that one day they will pick up my journal and hear my voice as I speak to them about what is really important. In the same way, there are some things that are just more important than others when it comes to our finances. Here’s how journaling has helped me deal with this concern: Continue reading “How a Journal Gave Me a New Perspective on Money”

Where is Your “Government Waste?”

January 09, 2015

Every year, in the December/January time frame, there are a lot of articles looking back at the prior year or looking forward to the New Year.As a bit of a political junkie, I love reading stories about predictions for the coming year but one of my favorite things to see each year is a look at how the government (mis)spent enormous sums of taxpayer’s dollars. This isn’t a Democratic or a Republican issue; it’s a big organization problem.  Continue reading “Where is Your “Government Waste?””

Why Wait Until Next Year to Plan Your Future?

October 27, 2014

It seems like every fall I try to take some time to enjoy a few minutes of solitude and reflect on the experiences of the current year. This is also a time where I usually acknowledge that the to-do list that I created earlier in the year still reveals some unfinished business. As a financial planner, I’ll admit that this includes some things on my family’s financial planning checklist that still need some attention. Continue reading “Why Wait Until Next Year to Plan Your Future?”

Surprising Info About “The Rich”

October 17, 2014

I love facts that challenge the conventional wisdom.  That’s why this article from US News & World Report was so enjoyable to read.  The “8 Biggest Myths About The Rich” were all things that I’ve heard people say when making assumptions about people with means.  Here’s my take on some of the myths and what I’ve seen in my career with investors most would call rich. Continue reading “Surprising Info About “The Rich””

What’s Your Magic Number?

May 16, 2014

By “magic number,” I mean how much money will you need in order to retire comfortably?  Without giving away too much, let me answer briefly.  A WHOLE LOT!!!! Of course, it’s going to be a different number for each of us and there are countless ways to arrive at a number that makes sense for your life  so my goal here is to try to help you figure out a reasonable estimate of what you might need without having to run numbers on a spreadsheet or a website that may or may not be worth the time it takes to prepare the estimate.  I’m not saying it’s going to be super-easy but at least it won’t require much math! Continue reading “What’s Your Magic Number?”

Is Your Financial Plan on Track?

April 15, 2013

Are you making progress in your financial life or are you simply trying to keep the train on the tracks when it comes to managing your personal finances? We track the financial well-being of employees in the workplace on a quarterly basis and it is obvious that not everyone out there feels that their financial life is on track. In our 2012 Year in Review research report, retirement preparedness remains a significant concern with only 17% of employees knowing their on target to reach their retirement income goals. Financial stress also remains a potential problem with 82% of the employees participating in the workplace Financial Wellness Assessment reporting some degree of financial stress.  Continue reading “Is Your Financial Plan on Track?”

Why It’s No Shocker When Athletes Go Broke

March 08, 2013

As a sports fan, I see a lot of sports–related items in the news, on Facebook, on my Twitter feed…all over the place.  Not too long ago, ESPN aired a special called “Broke” about athletes that earned tens of millions of dollars during their careers who are now completely broke.  A lot of people have expressed a bit of shock and disbelief that someone who earns $10,000,000 or more in a short career can have nothing left just a few short years after their playing days are over. Continue reading “Why It’s No Shocker When Athletes Go Broke”

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”

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”

Show Me the Money — to Pay Down Debt

July 09, 2012

One of the common complaints I hear from people who are trying to get out of debt is they are financially strapped.  “How can I pay down debt when I can barely make ends meet?”  Since the economic downturn in 2008, overtime pay has gone away, salaries were cut and haven’t come back up, and those who lost jobs and found new ones are unfortunately getting paid less.  It’s tough to find extra money to pay off credit cards and other loans but it can be done. Continue reading “Show Me the Money — to Pay Down Debt”

“The Andy Griffith Show” Meets the Kardashians

July 06, 2012

I just heard that an iconic American TV personality has died.  Andy Griffith was one of the most beloved characters of not just a generation, but of a few generations.  After I heard the news, I started scrolling through the channels and watched a few episodes to remember the good old days in Mayberry.  It took me back to a time that was much simpler, when the rules were clearer and business and personal ethics seemed to be in a better place than they are today. We tend to only see the positive when looking backward.  But, in looking back at the way life was portrayed in Mayberry, I noticed something that seems like an even more far away concept.  Continue reading ““The Andy Griffith Show” Meets the Kardashians”

Why Spending Less Can Mean Living More

June 06, 2012

This morning on the radio, I heard an ad for refinancing your home mortgage, targeting us listeners by explaining that the savings that come from a lower interest rate could be used to buy a new car or take a luxury vacation.  But there was nothing about using the savings to actually, well, save!  Ads like this remind me that we live in a society where other people often judge your quality of life based on the amount you spend, while the amount you save is seen as painful deprivation, belittled as “cutting back.”  But if spending less in order to save more is seen as something that limits your life rather than enhances it, something to be suffered rather than celebrated, it’s no wonder that it becomes so difficult for so many people to do. Continue reading “Why Spending Less Can Mean Living More”

A Tale of Two Choices Part 2: Which is Right?

June 01, 2012

Last week I wrote about 2 young men who are living very different lifestyles.  One is frugal now and is saving substantial sums of money and the other is living for the day with the assumption that when he gets married and settles down, there will be plenty of time for saving later.  As I was writing it, I was reminded of the epic tortoise v. hare race.  In the blog post, I raised some questions about the lifestyles and choices that these men are making.  Some of those questions are at the very heart of the field of behavioral finance and some of the questions could lead some of us to “judge” the choices that they are making.  This is where understanding each guy and how they are “hardwired” regarding financial decisions can be helpful.  Continue reading “A Tale of Two Choices Part 2: Which is Right?”

A Tale of Two Choices

May 25, 2012

Over the last few weeks, I have met a couple of young men who are in the early stages of their career.  Both are in their mid-20’s and both make approximately the same amount of money, yet each had very different financial issues to discuss.  The contrast with these two gentlemen is something that I am absolutely going to point out to my kids and hope that they can take a valuable life lesson from it. Continue reading “A Tale of Two Choices”

How Much Money Do You Really Need to Be Happy?

March 07, 2012

For some people, the grass is always greener.  I recently read an article about a banker living in New York who earns a  $350,000 annual salary, which covers private school tuition for his two children, a summer home in Connecticut, and a duplex apartment for his family in a very desirable neighborhood.  Yet he still feels it isn’t enough.  “I feel stuck,” he lamented.  “The New York that I wanted to have is still just beyond my reach.” Continue reading “How Much Money Do You Really Need to Be Happy?”