After another brutal tax season—digging up records for his CPA, trying to recall expenditures and hunt down old receipts, etc.—Bob vowed, “Never again!” He went online and purchased some money management software, thinking, “Next year, I want to be able to push a button and easily generate all kinds of accurate, detailed reports.” Last night, […]
Change: Short-Term Pain for Long-Term Gain Read More »
I once asked a potential client if he and his wife had long-term care insurance. “Oh, we don’t need that. Neither of us wants to go into a nursing home.” “I understand,” I said. “I hope that never becomes necessary. But here’s a reality most people aren’t aware of: I shared three more realities with
Misconceptions About Long-Term Care Insurance Read More »
Ralph has always been aggressive when it comes to investing. But as he ages, he’s second-guessing himself more and more. Is my approach the best approach? Here’s what I’d tell Ralph: It depends on how you define financial success. I find people define financial success in three broad ways. Often these definitions are unconscious and
What Does Financial Success Mean to You? Read More »
When my oldest son walked across the stage at his college graduation, my wife got all emotional. A month later, when he called home and announced, “Dad, I got a job!” I was the one who got emotional. Here’s the advice I gave him as we discussed what to do with his paycheck. (Note: It’s
Secrets for Successful Saving Read More »
I hear stories like this all the time: “So, this guy talked me into putting some money into his investment opportunity. Frankly, he just wore me down. I’m not sure how that investment’s doing, or even if this guy is on the up and up. Suggestions?” Two words: Take responsibility. Financial problems begin when you
Take Responsibility for Your Money Read More »
As I type this sentence, you can purchase a fancy Viking 7 refrigerator/freezer online for just under $30,000 (that’s $2K off). Or you could drive to your local home improvement store and get a Whirlpool model on sale for $1,499. Which one’s “better”? It depends. Suppose you buy the Viking and park it in your
When Planning Becomes Procrastinating Read More »
They were an easy-going couple who rarely squabbled—UNTIL he suggested they create (and live by) a budget. Each time he gently brought up the subject, she got defensive. He walked away muttering to himself. They remind me of a story I heard John Maxwell tell. A friend showed him a list of New Year’s resolutions:
Why It’s Hard to Change Financial Habits Read More »
Every day we face a variety of financial decisions: When it comes to making financial choices, my observation is that some people struggle all the time, and all people struggle some of the time. What’s behind this reluctance to choose? After decades as a financial planner, I’m convinced most of our indecision is caused by
Three Cures for Financial FOMO Read More »
NFL quarterback Steve “Air” McNair was rich and famous. About a year after retiring from football in 2008, the former Tennessee Titan star died of sudden onset acute lead poisoning (a polite way of saying “his girlfriend shot him”). That’s when the world found out about McNair’s intestacy (a fancy way of saying “he died
The Problem of Dying Without a Will Read More »
The next time you fail financially—losing a sale or a job, making a bad investment—I hope you’ll think of Tom. Tom’s head was crammed with ideas he was certain would change the world. Yet more times than not, when he tried to bring those ideas to life, he failed. Tom inspires me because he refused
5 Ways to Profit from Failure Read More »
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