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 …
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 told me they have two primary emotions whenever they think about their financial situation: “It seems like I’m either frustrated or mad. Is that weird? Should money always make me so upset?” This admission reminds me of a book written more than 50 years ago by Elizabeth Kubler-Ross in which she discussed five distinct …
No matter why I go see my doctor, he always does a few things first. Whether I’m complaining of cold or flu symptoms, or getting an annual physical, he first listens to my heartbeat, assesses my breathing (with an extra cold stethoscope), and looks down my throat, up my nose, through my ears, and into …
Why would anyone want to get out of debt? Think about it. You borrow money. You get to use that money now. Then you get to pay it back slowly, over time. Who wouldn’t want that deal? You might expect a financial planner to say getting out of debt is what everyone should do, ASAP. …
We’ve all got them. People in our lives who live in a chronic state of financial mess. When it comes to money, they habitually make poor choices. There’s the friend who overspends. Despite his big salary, he’s got even bigger debt. There’s the parent who under-saves. The sibling who comes to you annually for “just …
About that Financially Irresponsible Person in Your Life 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 …
“Don’t get a haircut!” That was my father’s reaction years ago when I told him I was about to have a professional photograph taken. I was baffled. I had no more hair then than I do now. Why this odd advice? Dad proceeded to tell me about his own experience. He’d once had his picture …
The Problem with Financial Plans Based on Sad Stories Read More »
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