I have been practicing financial planning and tax planning for 3 decades. Today, there is a disease spreading like a flu outbreak at your local elementary school. I call the disease the “$100K and broke”. These people are college educated, with full-time jobs at companies that provide excellent benefits, Most are not contributing anything at all to their retirement and savings. How are they living from paycheck to paycheck and getting behind financially while making so much money?
I was reminded of this Aesop’s fable this week at Toastmasters. Kimberly Hardman presented a speech about The Grasshopper and the Ants. As I listened, I could not but think of the $100K and broke today as they live paycheck to paycheck.
Fall is The State Fair of Texas, College Football, Oversized High School Mums and Halloween. It is also the time of year where most companies begin to offer open enrollment for your benefits.
Benefits are complex and the pressure to make the right decision for you and possibly your family increases each day you wait. It is important that you learn how to make your best money moves during your open enrollment.
Your Five Best Money Moves for Open Enrollment
I received a call one morning from a college friend who asked if we could have lunch that day. I could tell from his voice that something was troubling him.
We met for lunch and after ordering our food, I asked what was going on that he needed to meet so suddenly. His answer is a common problem that nearly everyone experiences.
“I am having dinner with my parents tonight and I want to talk to my parents about their money, but I don’t know how to ask them.”
Thankfully there is a great way to open that conversation today thanks to the Queen of Motown Aretha Franklin dying without a will.
Approach your parents with “When I heard about Aretha Franklin, I wondered whether you had a will and that led to other questions running through my head.”
Five Money Conversations Every Family Needs to Have
Lifestyle Inflation is the greatest inhibitor to creating wealth. Last week, I discussed how debt is the biggest lifestyle mistake. Today, we are going to talk about how lifestyle inflation creeps into our decisions without our knowledge.
Two of the major purchases that we make in our life is the purchase of a home and a purchase of a car. Our credit score and our debt to income ratio are critical in getting the best interest rate for our purchase.
Additionally, there is the decision when making those purchases of how long will I make payments? It seems simple, yet the longer the payment the more you are paying someone else and making them rich. Take a moment and go back to last week’s blog and see the example of how to cut down the interest you are paying someone else.
Yesterday we said goodbye to “The Bandit” – Burt Reynolds. In 1977 together with Sally Field, Jackie Gleason, Jerry Reed, and his dog Fred they provided us with laughter as we watched the Bandit, Frog and the Snowman outwit Sheriff Justice T Buford and his “handsome but slow-witted son” Junior.
Trucking was an integral part of the ongoing US recovery from the 1973-1975 recession.
The longest and deepest economic recession since the end of World War II began in the late fall of 1973 and hit bottom in midwinter 1975. Since then the economy has grown vigorously: by the end of last year, production had increased at least 16 percent, and more than 7.7 million workers had found new jobs – Thomas M. Supel Senior Economist Research Department Federal Reserve Bank of Minneapolis
Forty-one years later in 2018, our economy continues growing yet many Americans are living from paycheck to paycheck.
Each time you create a password stop and think of how much sensitive personal data you have. From names, addresses, dates of birth, your Social Security numbers, credit card numbers and other financial information. It is all your most valuable data. And your safety of that information is only as strong as the passwords you create.
Far too often when working with our clients and their online accounts we find that either they have an excel spreadsheet, a handwritten list or almost the same password for all of their accounts.
This smorgasbord of information is a hacker’s dream come true. Take the time today and implement our Seven Do’s and Don’ts for password management. (more…)