The News Star columns

Question: I’m trying to get my brother to go see a financial planner. He makes plenty of money but I think he spends even more. I’m always having to bail him out of one financial mess or another. He usually pays me back, but that’s not even the point. I know he could be fine if he just got some discipline and got on a plan.  Can you recommend a financial planner for my brother to see?

Answer: Sure – one that I don’t like very much.

Question: My business is going well – better than I ever thought it would. My problem is that it’s just eating up more and more of my time…and my life. I’m missing kids’ ball games I know I’ll never be able to get back and I really don’t want to miss out on this time in their lives. What time management tips do you have for getting more things done in less time?

Answer: Last week I said time management is a myth.

That’s because time is a totally inflexible commodity.  We all have access to an equal amount each day.

Question: My business is going well – better than I ever thought it would. My problem is that it’s just eating up more and more of my time…and my life. I’m missing kids’ ball games I know I’ll never be able to get back and I really don’t want to miss out on this time in their lives. What time management tips do you have for getting more things done in less time?

Answer: Time management is a myth.

You obviously can’t add more time to your day, though I suspect you’ve given that a shot (“sure, I’m fine on four hours of sleep a night…”). So now, you’re working on the other end of the equation – packing more “doing” into each day.

Question: A friend of mine approached me about investing in a start-up business he’s involved in. I am not at liberty to divulge any details, but I think the idea is brilliant. I really don’t see how it can miss. My question is, what is the best way for me to make this investment – personally, through my IRA or with an LLC I set up?

Answer: Whoa boy. You’re about 100 steps ahead of the parade and it might not even be going your way.

Question: I think I may be opposite of most people – I am a compulsive saver. Or at least that’s what my wife says. I am always concerned that we will need the money and it won’t be there because we’ve spent it on something frivolous. I’m sure it’s how I was raised. I grew up poor. But my wife is about to get tired of it and I can see her point. How do I free myself from thinking this way?

Answer: Undefined dangers loom large in the mind.

Question: My plan is to leave everything to my wife after I’m gone and she’s doing the same with me. Then when the second one of us is gone, the kids will get everything more or less equally. That’s what our wills say. We are both in second marriages and both of us have our own set of children. But they are all adults, on their own and doing fine. Everyone gets along fine. Isn’t this simple approach the best?

Answer: Your plan strikes me as loving, well-prioritized, simple…and potentially disastrous.

Question: I've read a lot about reverse mortgages but it's still confusing. I can't tell if it's a good thing or a bad thing. Could you please give me your opinion! Thanks.

Answer: Even the most expensive lifeboat is a bargain when your ship is sinking.

Question: We know we need to do some estate planning but we have several children and not all of them are equally fit to handle a significant inheritance. But we don’t want to disinherit them. Is a trust the answer?

Answer: Having your attorney draft a legal trust may be a part of the answer. But may I suggest an attempt at re-building relational trust before you die?