Let’s talk about credit card debt—and how to get out. If you gulped at that sentence and thought, “How did you know?” you need to understand this: You’re not alone. I get a steady stream of people in my office seeking freedom from the miserable consequences of buying more than they can afford. Most are […]
Escaping the Credit Card Debt Trap Read More »
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
How to Pay for College Read More »
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
Thinking About Taxes and Retirement Read More »
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
Can Money Buy Happiness? Read More »
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!”
Can We Trust the Big Financial Institutions? Read More »
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 »
If you had invested $100 in an S&P 500 index fund on January 1, 2020, it would have been worth… Which raises the question: Is this kind of volatility normal? Maybe we need to define “normal.” One wag has suggested that the only normal people are the ones you don’t know very well yet. The
Why the Stock Market Goes Up Read More »
I get this sort of question often: “A friend introduced me to a very nice Christian man who is recommending I put my money into some kind of annuity or bonds or something like that. I’m not a stock market person. I don’t understand finances, but I really like this young man. He seems so
The Person Behind the Plan Read More »
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