Planning
Money & Marriage: Knowing Where You’re Going
Wednesday, September 1st, 2010
Last month we began a four-part series of articles on money and marriage, opening up with the importance of understanding where each person in the relationship is coming from with regard to money. This month, our focus is on knowing where you’re going financially. The most common financial topic couples have disagreements about is how ... [Read more]
A Financial Plan for Everyone
Monday, August 9th, 2010
Do you think that having a professional financial advisor develop a financial plan for you would be cost prohibitive? The Wall Street Journal recently focused on a possible solution: online financial planning. The article mentioned two companies, Veritat Advisors and People’s Financial Advisor, that offer relatively inexpensive plans along with meetings with an advisor either ... [Read more]
Lots of People in Danger of Running Out of Money
Tuesday, July 20th, 2010
Nearly one-half of the oldest Baby Boomers (those ages 56-62) are at risk of not having enough income to pay for basic needs and uninsured healthcare costs during retirement. That’s the central finding of a new Employee Benefit Research Institute report. The solutions are obvious and have been repeated many times before. First, run a ... [Read more]
Is Mint.com Safe?
Wednesday, July 7th, 2010
The online budget space is going through something of a shakeout. It wasn’t long ago that new players seemed to emerge every month, most with strange-sounding names like Wesabe, Yodlee, Geezeo (which now seems to be focusing on working with financial institutions rather than individuals), moneyStrands, and Mint. However, Intuit’s purchase of Mint seemed to ... [Read more]
The Recession That Won’t Go Away
Wednesday, July 7th, 2010
According to news reports, the recession is over. However, new research by the Pew Research Center says that only 3 percent of Americans buy that. A little over half (55 percent) say we’re still in the thick of it; 41 percent say we’re beginning to come out of it. The survey highlighted several ways we’ve ... [Read more]
Learning How to Save for College
Wednesday, July 7th, 2010
For anyone trying to figure out the best ways to save for a child’s future college costs, SavingForCollege.com used to be the go-to source of information. However, as reported by Mainstreet.com, Morningstar has become a valuable added source. I can’t say one site is better than the other; both have their advantages. Both offer helpful ... [Read more]
Building Walls of Protection
Thursday, July 1st, 2010
A fierce storm blew through our town recently. Because a tornado had been spotted nearby, we took shelter in the basement. News reports said the storm was moving quickly, so I figured we’d back upstairs soon enough. But then I heard a disturbing sound coming from our basement bathroom, the sound of water gurgling. It ... [Read more]
Trying to Catch Up in the Retirement Race
Wednesday, May 26th, 2010
Over half of all employed American adults feel “a little” or “far” behind in their financial preparations for retirement, according to a new survey from TD Ameritrade. The most common explanation? Respondents said they simply have no money left to save after meeting their regular expenses or they started saving too late. Many parents also ... [Read more]
Organizing Your Financial Life
Thursday, April 22nd, 2010
Many years before my parents passed away they gave me an envelope containing copies of their wills, living wills, power of attorney documents for healthcare and finances, and a map of my father’s office indicating what papers where in what file cabinets. It was an uncomfortable meeting, and it was a great gift. Losing a ... [Read more]
Double Checking Your Beneficiaries
Thursday, April 22nd, 2010
When was the last time you checked your beneficiary designations? If it’s been a while, take a few minutes to review your life insurance policies and investment accounts like workplace retirement plans and brokerage accounts. That’s one of the 38 financial fixes highlighted by Kiplinger’s Personal Finance magazine. When I double-checked our life insurance policies ... [Read more]
A Reverse Bailout
Tuesday, March 23rd, 2010
While Uncle Sam gets all the press for its various bailouts, every year millions of taxpayers give the U.S. governmenet something of a bailout in the form of income tax overpayments. Over 70 percent of taxpayers get refunds each year, and according to USA TODAY, this year’s refunds are averaging over $3,000. That’s up over ... [Read more]
For Richer, For Poorer
Wednesday, March 17th, 2010
There was a stunning story on WalletPop recently of a man who told his wife of 12 years that he had $68,000 of credit card debt. Throughout their marriage they had maintained separate credit cards and apparently didn’t talk about how they were each using their cards. Now the man wanted his wife to co-sign ... [Read more]
Retirement Realities Sinking In
Tuesday, March 9th, 2010
American workers are becoming more realistic about their prospects for retirement. The latest annual Retirement Confidence Survey from the Employee Benefit Research Institute (EBRI) found that nearly 25 percent of all of today’s workers expect to retire at age 70 or older, the highest number expecting such a late retirement since the EBRI started its ... [Read more]
A Mint.com Update
Monday, February 22nd, 2010
After putting several free online personal financial management (PFM) tools to the test last year, I became a regular user of Mint.com. I found that it provided the best package of features with the greatest ease of use. Recently I had a chance to talk with Mint founder Aaron Patzer to get an update on ... [Read more]
Be Prepared
Tuesday, January 26th, 2010
Think an earthquake can’t happen where you live? Check this list of states that are at risk of experiencing an earthquake. I was somewhat surprised to see that Illinois, where I live, is listed as “high risk.” Even if you live in an area not at risk for earthquakes, there are many other disasters you ... [Read more]
Keeping Your Economic Engine Tuned
Thursday, January 7th, 2010
USNews.com recently shared 10 career resolutions for the New Year. All were worthwhile ideas, but three really stood out. First, look for something new to learn every day. The “every day” part might be a bit lofty, but I agree with the importance of continuing to learn. Most large employers offer some form of tuition ... [Read more]
May It Be
Wednesday, December 30th, 2009
I love the start of a new year. It’s a chance to begin again, to set fresh goals and make new plans for the months ahead. As we make plans for 2010, whether financial or other types, let’s make sure that our plans are God’s plans. We can do so only by listening for his ... [Read more]
Resolving to Get the Money Thing Right
Monday, December 21st, 2009
Financial goals are usually among the top resolutions people make for the New Year, but this time around even more people have finances on their minds. In a story summarizing the findings of numerous New Year’s resolution surveys, CNBC noted that one-third of people who make resolutions usually have a financial goal on their list. ... [Read more]
“Go” Toward a Better Financial Life in 2010
Wednesday, December 16th, 2009
Have you ever noticed how often personal finance advice is about what not to do? Many are the stories about our lack of savings, high debt loads, and short-term thinking. We are constantly warned that we shouldn’t spend so much, shouldn’t take on so much debt, and shouldn’t focus on today with no regard for ... [Read more]
Extreme Makeover: Budget Edition
Friday, December 11th, 2009
Can you think of any financial tool that is more universally disdained than a budget? Just mention the word and people conjure up images of a ball and chain. They talk about it as something one goes on like a diet. “Poor John and Sue; they’re on a budget.” Budgets even seem to be a ... [Read more]
Disability Insurance Disconnect
Wednesday, December 9th, 2009
Your ability to earn income is among your most valuable assets, and yet very few people have disability insurance. According to a recent survey by Northwestern Mutual, less than half of all adults age 21 or older have disability insurance. The non-profit Life and Health Insurance Foundation for Education provides helpful information about disability insurance, ... [Read more]
Rethinking the Net Worth Statement
Wednesday, December 2nd, 2009
“Be sure you know the condition of your flocks, give careful attention to your herds.” – Proverbs 27:23 I’m going to go way out on a limb and guess that you may not have any sheep or cattle to look after. But you probably do have investments, a home, a car, and other stuff. All ... [Read more]
Rethinking Retirement
Tuesday, November 24th, 2009
According to Businessweek, the Age of Retirement is “over.” The magazine summed up its stark “vision” of our later years in four words: “Forget retirement. Keep working.” For many older workers there is simply no other choice than to continue working in their later years. According to the Employee Benefit Research Institute (EBRI), half of ... [Read more]
What I Believe
Wednesday, November 18th, 2009
I am very excited about the launch of this new web site and blog. Switching from the eNewsletters I’ve been writing for the past three years to a blog will allow for more of a two-way dialogue with readers and will free me to write about more money-related topics. Since this marks the beginning of ... [Read more]
The Fragile State of Our Finances
Friday, November 13th, 2009
If you faced an unexpected $2,000 expense, how confident are you that you’d be able to come up with the money? According to a recent survey from the market research firm TNS, less than half of us believe we could find the funds. Of those who said they could, about half said they would tap ... [Read more]
Three Documents You Can’t Do Without
Thursday, July 23rd, 2009
MSN’s Liz Pulliam Weston makes a strong case that everyone should have a durable power of attorney for health care, a durable power of attorney for finances, and a living will. Should you become incapacitated, these documents will name someone to make decisions about your medical care and finances (you don’t need to choose the ... [Read more]
Budget Software Going the Way of the Dinosaur
Monday, June 22nd, 2009
Microsoft Money, a longtime player in the budget software space, will no longer be available for sale after this month. In a news release, Microsoft cited the “range of options for managing personal finances” now available–from free online tools like Mint.com to those offered by banks. The makers of Quicken, the other main budget software ... [Read more]
Online Tool Reviews
Tuesday, June 9th, 2009
The Internet is making personal money management easier. I recently wrote a guest post for U.S. News & World Report, looking at the pros and cons of various online budget tools. I’m using Mint.com and enjoying it for the most part, but I plan to switch to Yodlee next year because it offers a few ... [Read more]
Who’s On Your Board of Directors?
Monday, June 1st, 2009
“Plans fail for lack of counsel, but with many advisers they succeed.” – Proverbs 15:22 My friend, Brad, calls it their annual “Dixie Fraley talk.” Once a year, he and his wife, Nancy, meet with their personal board of directors, which includes their CPA, attorney, and financial planner. Brad and Nancy reveal their balance sheet, ... [Read more]
Moving Forward by Backing Up
Tuesday, May 26th, 2009
How’s this for a subtle reminder of the importance of backing up the data on our computers? “You have a 100% chance of the data on your hard drive becoming corrupting, degrading, or disappearing.” That wake up call comes courtesy of the Suburban Dollar blog. I bought an external hard drive a couple of years ... [Read more]
Your Own Financial Stress Test
Tuesday, May 12th, 2009
With the nation’s banks now having to submit to stress tests to determine their financial health, CNNand Money magazine decided to create a free online personal financial stress test. By working through a handful of mostly easy-to-answer questions, you can get a quick read on the strength of your household’s finances. While I like the ... [Read more]
Home Improvement
Friday, May 1st, 2009
“I delight in your decrees; I will not neglect your word.” – Psalm 119:16 In the mid 1990s, Kevin Bauman began photographing abandoned houses in his hometown of Detroit. It was a creative outlet, a way to express his amazement and concern that “a once great city could find itself in such great distress.” Viewing ... [Read more]
New Retirement Realities
Thursday, April 23rd, 2009
Our economy has left very few people feeling confident about retirement. Just 13 percent of current workers say they are “very confident” about having enough money to live comfortably throughout their retirement years, according to the latest annual retirement study from the Employee Benefit Research Institute (EBRI). That’s the lowest level since the organization began ... [Read more]
Be Prepared
Thursday, April 9th, 2009
News of the devastating earthquake in Italy prompted Consumer Reports to remind readers about the importance of having and safeguarding certain financial documents. It put together a helpful list showing where to keep various documents. A comprehensive, easily accessible list of emergency phone numbers should be part of every household’s emergency preparedness plan as well. ... [Read more]
Online Budget Tools Put to the Test
Tuesday, January 27th, 2009
Last month I mentioned that I was planning to switch from a traditional version of Quicken to one of the newer free online “financial aggregators.” The traditional software version ties you to one computer, whereas the online tools provide access via any computer. While I’m not done with my evaluation, here are a few things ... [Read more]
Calculate Your Financial Comeback
Monday, January 12th, 2009
If you’re like most people, your investment accounts took a beating in 2008. Wondering when you might recover from those losses? The New York Times has a free online calculator that’ll help you estimate an answer to that question. Of course, no one knows what future market returns will be. And a wise person once ... [Read more]
What’s On Your “To-Be” List?
Monday, January 5th, 2009
“My son, keep my words and store up my commands within you. Keep my commands and you will live; guard my teachings as the apple of your eye. Bind them on your fingers; write them on the tablet of your heart.” – Proverbs 7:1-3 The start of a new year always gets me thinking of ... [Read more]
A Fresh Start
Monday, December 22nd, 2008
Money matters usually rank among people’s top New Year’s resolutions and this year is no different. MarketWatch reported on one of the many resolution surveys in which “Get out of debt or save money” came in as the number one New Year’s commitment. In fact, 90 percent of survey respondents had a money-related goal on ... [Read more]
The Gift of a Debt-Free Holiday
Wednesday, November 12th, 2008
An estimated 12 million people are still paying off debts they racked up buying holiday gifts last year. That’s among the more sobering findings from a new holiday survey conducted by Consumer Reports. The lingering debts may be one reason why nearly 60 percent of people plan to use a gift budget this year–a much ... [Read more]
Spending Smart
Wednesday, October 8th, 2008
While we can’t control what’s happening in the stock market we can control what’s happening in our homes, and now is an especially good time to look for ways to spend smarter. U.S. News & World Report offers a great collection of ideas for saving on the cost of food, clothing, healthcare, and more. Such ... [Read more]
Anchors in the Storm
Wednesday, October 1st, 2008
“The grass withers and the flowers fall, but the word of our God stands forever.” – Isaiah 40:7 (Note: I was going to conclude our five-part series on getting out of debt this month. However, with the current state of the economy I thought we could all use a refresher on the timeless biblical principles ... [Read more]
Calming The Anxiety
Wednesday, September 24th, 2008
Not surprisingly, a growing number of people are feeling some economic anxiety. According to Yakelovich, a market research firm, the percentage of Americans feeling high or severe financial anxiety has jumped from 33 percent in January of this year to 61 percent in June. Of course, that 61 percent figure was tallied well before the ... [Read more]
Building On a Solid Foundation
Wednesday, September 24th, 2008
Much of the financial crisis gripping our country can be blamed on bad mortgages. Some say the mortgage mess is due to a lack of regulation or corporate oversight. Others say borrowers simply bit off more than they could chew. While the blame game intensifies, the Associated Press just reported on new Census Bureau data ... [Read more]
When Not to Reduce Spending
Monday, August 18th, 2008
High gasoline and food prices have people tightening their belts in one place where frugality is not likely to pay off: their healthcare. MarketWatch reported on a survey by the National Association of Insurance Commissioners, in which about one in five (22 percent) Americans said they have reduced their visits to the doctor in order ... [Read more]
Diet Is Not a Four-Letter Word
Tuesday, July 22nd, 2008
A new weight loss study shows the power of tracking what we do – a lesson applicable for anyone wanting to use money more effectively as well. The research, conducted by the Kaiser Permanente Center for Health Research and described in a U.S. News & World Report article, followed nearly 1,700 overweight people as they ... [Read more]
Paying More With Plastic
Tuesday, May 20th, 2008
Do you pay your credit card balances in full every month? Have you been using credit cards for more of your purchases, like groceries, figuring you’re ahead of the game because of the rebates, miles, or other perks? According to researchers quoted in a Washington Post article, you’re overspending. Professors from MIT, Harvard, and Britain’s ... [Read more]
How to Save for College
Thursday, May 8th, 2008
The go-to source for information about saving for college has been the aptly named Savingforcollege.com web site. But Morningstar is giving that site a run for its money with a new analysis of the best and worst 529 plans, along with a comprehensive set of articles about the pros and cons of such plans and ... [Read more]
Your Number
Wednesday, March 26th, 2008
Financial services company ING is heavily promoting a new interactive web site designed to help you figure out “your number” – that is, how much money you’ll need to have saved by the time you retire. I took it for a test ride, and while it gets high marks for user friendliness, it doesn’t help ... [Read more]
May It Be
Tuesday, January 1st, 2008
“For nothing is impossible with God.” – Luke 1:37 I love the start of a new year. It’s a chance to begin again, to set fresh goals and make new plans for the months ahead. As we make plans for 2008, whether financial or other types, let’s make sure that our plans are God’s plans. ... [Read more]
Make No Little Plans
Wednesday, January 3rd, 2007
“No eye has seen, no ear has heard, no mind has conceived what God has prepared for those who love him.”
- 1 Corinthians 2:9 As a Chicagoan, I’ve long been drawn to a quote attributed to Daniel Burnham, the visionary city planner who designed Chicago’s beautiful lakefront in the early 1900’s. He said, “Make ... [Read more]
