“I wish I had all the money I’ve paid into Social Security. I’d be rich.” Over the years, I’ve had one or two (hundred) folks say something like that to me. Recently I got so curious, I decided to run the numbers. On myself. (By the way, did you know you can go to the […]
About that Money You’ve Been Paying Social Security Read More »
What exactly do you want out of retirement? (I ask because when it comes to this topic most folks focus mostly on tools—pensions, 401(k) plans, Social Security, etc. Only a few think about goals.) Many answer by saying they want be able to sleep till 10 or not have to dress up every day. I
Goldilocks and the Three Retirements Read More »
Long-term care is expensive. And sometimes it costs a lot of money too. There may not be a great deal of cash changing hands as a result of someone’s gradually increasing need for long-term care, but that doesn’t mean a steep price is not paid. And often, that price is paid by the healthy spouse.
The Many Expenses of Long-Term Care Read More »
“Money can’t buy happiness…but it can buy cows. And cows make milk, and milk makes ice cream, and ice cream makes you happy.” This is the sort of wisdom you pick up in a Colorado bookshop while on vacation. Maybe it was the thinner air, but after I chuckled, I thought, “Wait a minute…that’s really
What If Money CAN Buy Happiness? Read More »
Ask a friend. That’s what we typically do when we’re trying to make decisions in life. Need a new doctor? Ask a friend. Better accountant? Ask a friend. Romantic vacation spot? Ask a friend. New school for the kids? Ask a friend. Why do we do this? Do we honestly think our assorted friends are
That’s What Friends Are For Read More »
Comedian Bob Hope once quipped, “A bank is a place that will lend you money if you can prove you don’t need it.” We chuckle, but it’s true. Lending institutions couldn’t stay in business long if they loaned money to folks who couldn’t repay them (with interest). So banks are careful. They consider the risks
Is Your Debt Destructive or Constructive? Read More »
Clients often ask, “Do I need to budget?” When I reply, “Maybe, maybe not,” they look at me like I’m a weight loss guru who just offered them a cheese Danish. “Wait—you’re a financial planner! Aren’t you supposed to tell me to budget?” My experience is that only about 10% of my clients budget. And
The Surprising Truth About Budgeting Read More »
All the financial whizzes like to say, “You need to be saving money!” Maybe you’d like to, but you don’t know how. (If so, how’s this for a hook: You will by the time you finish this column!) First things first: Saving is a habit. Like all habits, it requires motivation and momentum. If you’ve
In the Disney film Glory Road, a star basketball player at Texas Western University is on the verge of flunking out. In desperation, the coach summons the young man’s mother. She marches onto campus and proceeds to turns her son’s world upside down. She even attends class with him and “volunteers” him to recite all
3 Ways to Avoid Wrong Business Priorities Read More »
Why are so many of us bad at keeping the secrets we should keep, but good at keeping those we shouldn’t? Like the financial secrets you’ve been keeping from your spouse. Gulp. Oh, yeah. Those. I’m convinced this happens because some financial realities are painful to face. And yet the pain of dealing with those
When Keeping Secrets is a Problem Read More »
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