What do you really want from life? What kind of lifestyle do you seek? What are your life goals? What do you want to do, have or be? Does your spending reflect those things? When most of your money goes toward providing what’s important to you, you tend to live a more fulfilled life and feel satisfied with the way you spend your money. It’s also easier to stick to your personal finance plan … Read More
Deciding if a parent should work outside the home is never easy. There are many potential cost savings that can be gained by a parent staying home to care for the children. On the other hand, there is also a loss of income. Typically, couples have more options when one spouse has a significantly higher paying job or more work flexibility than the other. Some people believe a couple can afford to live on … Read More
I get it. Your life is busy and it can be tempting to let financial organization fall to the side. The truth is, though, being disorganized can hurt you! Late payments can cost substantial fees and finance charges. Overlooked information can jeopardize your security and cause you to miss important deadlines. Not to worry, though. You’ll find that you can easily make progress by taking some simple steps to rid yourself of the clutter and … Read More
Question: Any ideas on how we should use an inheritance? My husband and I recently inherited $50,000 and we can’t seem to agree on whether we should invest all of it or pay off debt of about $18,000 and invest the rest. Answer: On the surface, it seems the answer to your question should be straight forward, so here is my short answer: In general, if your costs to borrow money are higher than what you can safely earn on the same amount, … Read More
I was recently interviewed for the WGN TV Chicago Cover Story: Making a Pension Back Up Plan, discussing Illinois pension reform issues and the actions some teachers are taking to prepare for the uncertainty . A special thank you to the producer, Pam Grimes, for highlighting this important topic and including me in the story. The segment aired last night but if you missed it, you can watch the replay here and find additional resources on their website. “Image courtesy of Stuart … Read More
One of the first steps I help clients focus on is building or maintaining an emergency fund. As basic as it is, it can be a hard thing for some folks to commit to. I often feel like I’m being Debbie Downer when I have to focus on negative “what if” scenarios in life, but that’s part of helping people be financially prepared. I think the difficulty that comes in committing to an emergency fund boils down to a few key … Read More
Financial issues in a relationship can be complex and challenging. It’s likely you’ll encounter some point in time where you want one thing and your partner wants another. In such situations, wouldn’t you prefer to avoid a money argument? But how do you keep the peace without giving up what’s important to you? Use these strategies to avoid an argument and negotiate your position effectively: 1. Refrain from taking offense. When you see your partner is getting “hot … Read More
The best way to teach your child good money skills is through examples and daily life experiences. A good age to start teaching your child about the value of money is when they are around seven years old. At this age, real-life examples can help children to understand why certain things have greater monetary value than other things. A trip to the supermarket is a great opportunity to open this discussion. For example, start by … Read More
It’s tricky. How do you draw the line so you can protect your finances from relationship debt without creating a confrontational situation? Start by being aware of what it is and how it can creep into your life. Relationship debt is the situation when one person in a relationship becomes liable for the debts incurred by an ex-partner. I’m raising the issue for discussion because I have started to see more relation debt fallout … Read More
Driving home yesterday evening, this is what I heard on the radio… Host leads with great emphasis in her voice, “The stock market was hammered today with The Dow Jones Industrial Average dropping over 326 points. Stocks fell sharply after a disappointing report on U.S. manufacturing and ahead of a busy week for economic indicators.” Then in a more matter-of-fact, by-the-way-tone, she went on to say, “The S&P was down 40.7 and the Nasdaq was down … Read More