Category: Personal Finance

Personal Finance

How I Invest My Money

I have to admit that I got the idea for this blog post from a soon-to-be-released book by the same title. Just as the cobbler’s kids often have no shoes, many financial advisors do not practice what they preach. It is a bit shocking that not all financial professionals save, invest, and insure like the …View Article

Dog Ownership: Health Benefits & Financial Costs

One consequence of the Covid pandemic is more people are buying or adopting new pets. This brings up several questions, including: Are pet owners happier than non-pet owners? Do these pet owners live longer and/or healthier lives? And how much does it cost to own a pet? Several studies have shown compelling rewards to sharing …View Article

Financial Stress: Impacts on Health & Relationships

Almost all Surevest clients are doing just fine financially and have not been adversely affected by the Covid-19 pandemic. That may not be the case for their adult children and grandchildren. Therefore, I wanted to shine some light on the potentially devasting effects of financial stress. The American Psychological Association publishes an annual “Stress in …View Article

Financial Relief for Individuals & Small Business Owners

The federal government has responded to the Covid-19 pandemic with a wide variety of relief programs and stimulus spending to help individuals and small businesses. However, many Americans are confused regarding which programs they are eligible for, and if they will receive benefits automatically or if they need to apply for them. This week, I …View Article

Coronavirus Stimulus Plan: What It Means to You

The Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 seems to have something for almost everyone. The bill is 335 pages long, so today’s article is a summary of the few provisions most likely to affect our clients, specifically recovery rebate checks, which 90% of American households will receive, and the waiver of …View Article

Five Opportunities in a Financial Crisis

Most people know intellectually that bear markets (20% decline in stock prices) are a temporary phenomenon, but they still feel lousy. One thing that makes these declines feel much better is taking advantage of corresponding opportunities. Here is a list of five opportunities that become more compelling during a financial crisis: 1) ROTH IRA conversions …View Article

Household Budget – More Than Just Tracking Expenses

When I was a kid, my mother had a “food allowance.” It was a sum of money she got every other week to spend on groceries. She kept it in an envelope in her purse so she could see when she was running low. I remember many times that we couldn’t buy this or that …View Article

Saving for Retirement – How Much Do You Need?

How much should I be saving for retirement? That seems like a straightforward question for your financial advisor. Wouldn’t it be nice if you could get a straightforward answer? Everyone wants to boil down financial planning to simple rules like “Always save 10% of your pay.” Saving a percentage of your income is one of …View Article

Health Savings Accounts (HSA)

This week, one of my clients asked me to write about Health Savings Accounts (HSAs), so here’s the scoop. HSAs help people reduce their health insurance costs and save money on taxes. So far, so good, right? However, you can only open an HSA if you also have a high deductible health insurance plan (HDHP). …View Article

Automobile Expenses – Better to Buy or Lease?

This past week, one of my clients asked if I thought she should buy or lease her next vehicle. Here are my thoughts on the topic: Automobile purchases are an important area of financial decision making because the average American family spends 13-17% of their household income on transportation (mostly on automobile expenses). This is …View Article