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
Category: Personal Finance
Personal Finance
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
Financial Advisor: When and How to Hire The Right One
It may seem self-serving to write an article on when and how to hire a financial advisor. However, three things compelled me to write about this topic today. First, I realized that three of the last four clients who hired my firm already had multiple financial advisors (an average of three advisors each). All these …View Article
Rewards Cards: Which One Is Best?
My good friend Mike Albano recently asked me which credit card rewards program was the best. I didn’t have a good answer…and perhaps that’s because there isn’t one. Nevertheless, I challenged him to do some homework and report back. His clear and insightful analysis on the best rewards cards follows below…with minor editing from the …View Article
Never Argue About Money: 7 Tips
Money is a hot button issue in many relationships. It’s common for spouses to have different spending and savings priorities. This often leads to conflict since these financial decisions affect so many aspects of a couple’s lives. Usually, one spouse is more focused on the present and places a higher priority on using money to …View Article
Car Purchase: New or Used?
Automobiles are among the biggest ticket items you’ll ever purchase. In fact, the average person buys 13 cars over a lifetime. The average cost of a new car in 2018 is approximately $35,000 according to Kelley Blue Book. Therefore, it’s really important to make good financial decisions when buying cars. The biggest decision is whether …View Article
Dog Ownership: Health Benefits & Financial Costs
This week I set out to answer two questions that have been on my mind: Do pet owners really live longer? And how much does it cost to own a pet? Several studies have shown compelling rewards to sharing your life with a furry friend. I am partial to dogs, so I asked our superstar …View Article