Are You and Your Partner Financially Compatible?
Jo Lena Johnson
Are you financially sound? What about your significant other?
These are important questions to consider. If you are entering into a relationship with someone, it’s crucial to have a conversation—or several conversations—about how each of you deals with money and finances. More…
Save With Fuel Economy
I admit it. I used to drive a few miles out of my way to save a few cents a gallon. But now that gas is more than $3 a gallon, those pennies don’t seem to matter as much. Nonetheless, before you go hunting for cheap gas deals, consider these surefire ways to stop these common problems that can reduce your gas mileage by as much as 25 percent: More…
You Can’t Afford to Ignore the Basics of Estate Planning
What does your tattoo say?
Eighty-one-year-old Joy Tomkins of Great Britain recently had the words “Do Not Resuscitate” tattooed on her chest to advise doctors of her wish to not be revived in the event of a grave medical emergency. Additionally, she had “P.T.O” (Please Turn Over) and an arrow tattooed on her back in case paramedics should find her face down.
Britain’s General Medical Council says most doctors would ignore Tomkins’ “Do Not Resuscitate” tattoo. Instead, a spokesman said that individuals need to put their DNR wishes in writing and have them witnessed, or appoint a health attorney.
Whether you find this story amusing or not, Joy Tompkins’ “plan” is more robust than that of 50 percent of Americans. More…
Dave Says: Make Impulsive Son Earn Your Largesse
Dear Dave: I recently received a beneficiary IRA when my mother passed away. I also received a small part of her estate. I’d like to share some of this windfall with my 24-year-old son. He’s a good boy, but he’s pretty impulsive and not good with money. Do you have any suggestions? —Kimberly
Dear Kimberly: I’m sorry to hear about your loss. It’s tough enough losing your mom without having to worry about a grown son with money issues.
I’m sure he’s a good kid, but I don’t like the idea of just giving him money More…
Considering Bankruptcy? There May Be a Way Out
Filing for bankruptcy can trash your financial life in so many ways. Even if you are successful in the courts, your old debts still can resurface as “unpaid” on credit reports.
A better strategy is to pay off debt over time, using bankruptcy only as a last resort. In July 2011, about 1,217 businesses and individuals sought Chapter 11 protection, a 24.2 percent increase over June, according to data from Automated Access To Court Electronic Records (AACER).
“There’s no quality to debt. Years ago it was tax deductible, but it hasn’t been for decades,” says John F. Harrison, CFP with Aspire Financial Advisors in Newtown, Mass. “The interest added to items purchased on credit doubles, and even triples, their cost and creates emotional stress.”
Whatever the size of your debt load, there almost always is a way out without claiming bankruptcy.
Seeking Free Miles Via Airline Credit Card? Here’s a Better Deal
Before signing on the dotted line of an airline credit card application for a free flight, consider a generic travel-rewards credit card. Both offer the ability to redeem points for flights, but a generic travel-reward card also offers the option to claim a free travel ticket from any airline—as opposed to an airline credit card, which restricts travelers to the card’s issuing airline and its partners.
Examples of generic travel-reward credit cards include the Chase Travel Plus Platinum Visa Card, Capital One No Hassle Miles Card and the Discovery Miles Card.
Another advantage of the generic travel-reward credit card is that More…
Dave Says: Keep a Business Start-up Simple
Dear Dave: My husband is a landscaper who works for the state. He has his technical license and wants to start a business doing private work as well. What advice would you give to someone just starting out in this field? —Amy
Dear Amy: First, I’d check to see if there are any additional licenses required for doing that kind of work in your state and the cities in which you’ll be operating. You want to make sure you’re starting off on the right foot with any authorities or governing boards.
The next thing I’d advise is to keep it simple. There’s no reason to run out and incorporate or anything like that. More…
Being Rich–Can It Rub off if You Hang out With the Wealthy?
After graduating from the University of South Alabama in 1986, Steve Siebold moved into a small studio apartment in a wealthy South Florida neighborhood so he could study the rich.
At first supporting himself as a mental-toughness coach for athletes, the once-broke college student became an expert on the wealthy to the point that he now is a highly paid speaker and corporate consultant who owns two million-dollar homes.
“I could barely afford to live there but wanted to get next to them. As a result of living among the rich, I now think like a wealthy person and have become wealthy,” More…
Sudden Wealth: Opportunity and Burden
Living Richly: Seizing the Potential of Inherited Wealth (Legacy Press USA, 2010)
Book Review by Sara Sheckler
The title of Myra Salzer’s book holds double significance. The author stresses that it refers not just to enjoying the financial windfall of inherited wealth but also to using it to create a life that’s abundant in emotional fulfillment.
Living Richly is Salzer’s second book, following The Inheritor’s Sherpa: A Life-Summiting Guide for Inheritors published in 2005. Salzer, who founded The Wealth Conservancy Inc. in 1983, is a wealth coach and inheritor’s advocate. More…
Finding the Money to Invest
So you are ready to invest. You’ve done the research, understand the risks and the upside and, perhaps, have even picked out a fund or stock.
But you still don’t have quite the cash flow necessary to dive in. Lack of disposable income is one of the biggest barriers to investing. Most of us have plenty of money we could invest—if only we would do the proper personal inventory and find it.
Here are a few tips on how to find that “missing” money you can use to invest.
But first, a couple of caveats. More…