When in Doubt, Balance it Out

October 05, 2011

As more and more of the onus of saving for retirement falls on employees, more and more employers will look for ways to enhance their retirement savings plans.  One of the emerging plan features that many employers are adopting is the addition of a Roth option in their 401(k) plan.  If and when an employer adds this option, it seems inevitable that employees will immediately ask “which option should I use?”  To help shed some light on this basic question, here are some things to consider: Continue reading “When in Doubt, Balance it Out”

How Far are You Willing to Go to Find Work?

September 21, 2011

One of the byproducts of our slumping economy is an unacceptably high unemployment rate.  There are literally millions of men and women who are perfectly capable of working, but can’t find employment in their area.  In response to this lingering problem, President Obama unveiled his plans for helping reduce the number of Americans that are out of work, known as The American Jobs Act.  This is an important first step, but the reality is that regardless of what might come out of Washington to address the issue, it will take years before any real progress is made.  In the meantime, families will continue to struggle with making ends meet. Continue reading “How Far are You Willing to Go to Find Work?”

I’m Ready to Make a Decision, I Think

September 14, 2011

It’s human nature to second guess our decisions, but somehow this must go double when it comes to financial decisions.  No matter how much we research, contemplate, and then ultimately decide on a financial decision, almost immediately we question it.  (Obviously I’m not talking about impulsive financial decisions, as the problem with those probably speak for themselves.)  There are a couple of things you have to remember when it comes to making a financial decision: Continue reading “I’m Ready to Make a Decision, I Think”

Life After Bankruptcy

September 07, 2011

The worst of the recent economic recession may be behind us, but the ripple effect of its devastation lingers.  Whether it’s repossessions, foreclosures, or bankruptcy, good, hard working Americans are still struggling to dig out of the mess, and recent and future unexpected events (such as Hurricane Irene) will only pour salt on the financial wound. Continue reading “Life After Bankruptcy”

Life Lessons from a Broken Dream

August 24, 2011

Recently I read an article in the local newspaper written by Kathy Gosnell Seiler, a copy editor for the Los Angeles Times.  She, like many homebuyers in the last six years, bought a home with mostly borrowed money hoping to experience the dream of owning her own home.  She, like many homeowners, refinanced her mortgage several years later to help pay for improvements.  She, like many borrowers, found herself trapped in a variable rate loan when she couldn’t refinance because her house was underwater.  And she, like many ex-homeowners, lost her home because she could no longer afford to make the payments.  Sadly, her story is not unique, but what really sets her story apart is what she says toward the end of her article: Continue reading “Life Lessons from a Broken Dream”

Do You Know Your Retirement Number?

August 10, 2011

There is a series of humorous commercials that show men and women holding a long, seven-figure number under their arm.  This number is supposed to represent “their” number; the amount they will need to save in order to enjoy the retirement they are looking forward to.  It seems silly, but the truth is, very few people actually know how much they will need to save in order to retire comfortably.  Even our own research suggests that only about one in three employees has used a retirement calculator.  With so few crunching the numbers, it’s any wonder retirement confidence is at record lows, but the good news is that this number doesn’t have to be a mystery.  Let’s look at six (relatively) easy steps to finding yours: Continue reading “Do You Know Your Retirement Number?”

Ways to Save a Little Here and There

August 03, 2011

If I were to ask you how much energy you consumed today, chances are you haven’t thought a whole lot about it.  The truth is, most of us have no idea how much energy we use each day, but whether you use gas, electric, or both, finding ways to use less, translates into more money in your pocket. Continue reading “Ways to Save a Little Here and There”

Ways to Save a Little Here and There

July 27, 2011

According to the Consumer Expenditure Survey of 2009, American households spent an average of $3,753 on food at home.  This equates to a little over $300 a month, and between you and me, that sounds a little low.  Regardless, some have suggested that we waste as much as 40% of our food in the U.S., and that’s a lot of dough (pardon the pun).  We obviously need to eat, and for many this is one of the largest expenses (behind rent or mortgage) in the budget.  We know couponing is one way to cut down on the food bill, and if you would like to know more about how to save money in groceries using this strategy, check out these blogs written by my colleagues. Continue reading “Ways to Save a Little Here and There”

Ways to Save a Little Here and There

July 20, 2011

If there is anything good that has come out of the recession, it’s that Americans seem to be more self conscious of their spending habits.  I hear from people everyday who espouse the virtues of living below their means, but despite the increase in desire to live a financially fit lifestyle, there are still households that are living paycheck to paycheck, and even after cutting out entertainment, dining out, and other non-essential expenses, are finding it hard to make ends meet.  Unusually high unemployment and expected increases in the cost of food, gas, and healthcare will only exacerbate the problem these households face.  For many, their lifestyles are about as frugal as they can possibly be, so what we need to do is think outside the proverbial box.  Here are some less popular, but potentially valuable, money saving tips you might want to consider: Continue reading “Ways to Save a Little Here and There”

Save Money by Teaching Your Kids Home Economics

July 13, 2011

Whatever happened to Home Economics?  I remember taking this class in the seventh grade, and I don’t even think it was an elective—we all had to take it.  I remember learning how to measure ingredients and follow cooking instructions so we could bake cookies, cakes, and bread.  I remember learning how to load a washing machine, and how to iron clothes when they came out of the dryer.  I remember learning how to thread a sewing machine so we could sew holes in our jeans, make clothes, and create stuffed animals to play with.  (I made a stuffed frog out of camouflage and named him Camo-frog.)  I enjoyed that class very much.  Not only did it teach me things I would need to know in the real world, but it also taught me how to follow instructions, how to respect my work space and keep it clean, and how to work with others—you never bake alone.  What I didn’t realize is how much money it would save me over the course of my life. Continue reading “Save Money by Teaching Your Kids Home Economics”

Summer Jobs for Your Kids

July 06, 2011

It’s July!  Cookouts and the dog days of summer right around the corner.  For the first three weeks of summer vacation, my kids have been busy with baseball, golf clinics, summer camp and VBS.  But now that all of that’s behind us, my kids are faced with another two months of nothing to do *sigh*. Continue reading “Summer Jobs for Your Kids”

You’re Fired: The (Financial Advisor) Apprentice

June 22, 2011

I’m not a big fan of reality TV shows, but I have to admit that I enjoy watching The Apprentice.  What I think I enjoy most about the show is the no-nonsense way Donald Trump approaches the decision of who to fire.  He doesn’t look at how hard they try, how smart they are, how they dress, or what school they went to.  In the end, it simply boils down to getting the job done. Continue reading “You’re Fired: The (Financial Advisor) Apprentice”

Investment Secrets Revealed

June 15, 2011

Several weeks ago I was in Chicago giving a workshop on investing.  Every time I give this workshop, I almost always get asked the same thing, “Greg, what is the best thing to invest in right now?”

First of all, if I really knew what the absolute best things to invest in at any time was, do you really think I’d be writing this blog?  I get the sense that people think financial professionals have some sort of secret knowledge when it comes to investing.  They think we can read the tea leaves and know where to invest, and where not to invest.  I can’t blame them, though.  I think the industry has done this to them on purpose.  For years financial institutions have spent countless dollars trying to convince you that they have an edge, a better way to research, a better strategy for picking winners, etc. Continue reading “Investment Secrets Revealed”

Priceless vs. Pricey

June 01, 2011

You’ve probably seen the commercial. A father and son enter the ballpark as the voiceover says:

Two tickets = $46

Two hot dogs, two sodas, two popcorns = $27

One autographed baseball = $50

Real conversation with eleven-year-old son = Priceless Continue reading “Priceless vs. Pricey”

Recipe for a “Priceless” Moment

May 25, 2011

For those of you that have read some of my previous blogs (and I think that’s about 4 of you), you may recall my plans to take my wife Susan on a surprise trip to Aruba.  Well, I’m happy to report that she was surprised, and it was a wonderful vacation.  I made sure to book a nice, adult-only resort situated on one of the top ten beaches in the world.  I booked the “Romantic” package, which included a sunset sail, a welcome basket with champagne and chocolates, and dinner for two on the beach.  It was perhaps one of the most memorable vacations I have ever taken. Continue reading “Recipe for a “Priceless” Moment”