In the last few weeks, I’ve been discussing how your financial future could be impacted by our national debt, our changing demographics, and our leaders’ reluctance to act decisively. You may be thinking, “Is there any way out, short of national bankruptcy?” One, I don’t believe the United States will ever declare bankruptcy. Two, I …
Last time we looked at three economic problems that loom large on our nation’s horizon: debt, demographics, and decisions. Lured by the economic steroid of borrowed money, we’ve accumulated debt as if we’d never have to re-pay the proverbial piper (i.e., the bank). Politically, Social Security is known as the “third rail” of politics. The …
4 Ways to Respond to America’s Economic Situation Read More »
I am routinely asked, “Is the U.S. headed for a financial crisis? And, if so, what can we do to get ready for it?” I get the feeling some questioners expect me to reply, “Buy 40 acres and some livestock, plant a garden, and stock up on gold and ammunition.” While that isn’t what I …
Most parents eventually think, “College…oh yeah…what’s THAT going to cost?” Smart question to ask—and answer—ASAP. (Have you checked the price of higher education lately?) According to SoFi, as of the 2022-23 school year, a four-year degree from Harvard (tuition, books, and all other expenses) now runs $334,152. If you want to tack on a degree …
Susan’s getting close to retirement. She has money in two mutual funds and in a traditional IRA. Susan loved the tax break she got annually on her IRA contributions while she was working. But now she’s realizing she’ll have to pay taxes on that money when she starts withdrawing it. Consequently, as she plans for …
Can money buy happiness? More than a decade ago, Nobel Prize-winners Daniel Kahneman and Angus Deaton decided to tackle that question. They studied the results of a 2008-2009 survey of 450,000 Americans (i.e., the Gallup-Healthways Well-Being Index). Kahneman and Deaton observed that the more people earned, the more inclined they were to report being happy—up …
As a financial advisor, I’m often asked: “Are student loans a wise investment in my future…or a bad idea?” Let me offer some facts, an example, an update, and some advice. Some facts: What does all that borrowing cost? Current interest rates on federal loans range from 4.99%-7.54%. Private loan rates range from just under …
Student Loans: Smart Investment … or Big Mistake? Read More »
Someone recently asked, “If I’m already retirement age, is it too late—and too pricey—to consider long-term care insurance? What I thought was, “It depends. How lucky do you feel?” What I said was, “I recommend you plan like a pessimist so you can live like an optimist.” Here’s why I answered that way: When we …
When is It Too Late to Buy Long-Term Care Insurance? Read More »
Visit a small town coffeeshop one morning this week. Listen in on the conversation. It won’t be long before someone starts grousing about financial institutions. “Can you believe we’re bailing out banks AGAIN? Why are we giving money to a bunch of billionaire bankers! You ask me…I’m ready to do away with ALL financial institutions!” …
As a financial advisor, I hear these complaints all the time: All of these comments reflect a faulty mindset. They are looking at the “savings problem” from the wrong end of things. You see, it’s all but impossible to cut back when you see everything you buy as “essential.” You can waste a lot of …
Don’t Confuse Symbolism with Substance When Trying to Save Money Read More »
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