Getting Help From an Unlikely Source

September 04, 2013

When was the last time you looked forward to dealing with the IRS? Most of us only interact with the IRS when it’s time to file our income taxes or respond to a filing inquiry (i.e. an audit). We probably all know someone who has had challenges with the IRS, and hopefully we never fall into that category, but believe it or not, there are several helpful tools and resources this often belittled agency makes available to taxpayers to help them manage their taxes better. Here is an overview of what I consider some of the more useful resources that may be just a click or phone call away: Continue reading “Getting Help From an Unlikely Source”

Investment Options For the Soon-to-Be-Retired

August 21, 2013

As the early and late baby boomers get closer and closer to retirement (and in some cases are already there), we receive more and more inquiries about retirement planning, and in particular, distribution planning.  Just recently, I spoke with a gentleman who is within a few years of his retirement date, and he’s done a pretty good job of saving for retirement, but what he is most concerned with now is how to make sure he invests properly throughout retirement so that he generates the cash flow he is expecting to get from his nest egg. There are a number of investment options that may achieve the goal, and each one comes with its own pros and cons.  Here is a look at several different investment options that may be suitable for a retirement investment portfolio: Continue reading “Investment Options For the Soon-to-Be-Retired”

Do Your Own Credit Check Before You Rent

August 14, 2013

I knew I needed to have pretty good credit before I rented my home, but I never thought I’d have to check the credit of my landlord.  This was a lesson I learned several years ago after losing my security deposit to a landlord that eventually filed for bankruptcy. It all started six years ago when my wife and I moved to North Carolina. We were looking to purchase a home, but with so many on the market, we didn’t want to rush to buy, so we decided to rent for a few months. Continue reading “Do Your Own Credit Check Before You Rent”

The Rewards of a Road Warrior

August 07, 2013

I started my career 19 years ago as a 401(k) enroller covering the Midwest from North Dakota to Missouri to Western Pennsylvania. Having such a large territory to cover, it became clear that my primary mode of travel would be an airplane. As such, one of the first things I did in my new job was to enroll in the frequent flyer programs offered by most major airlines. Continue reading “The Rewards of a Road Warrior”

Don’t Let a Loss of Income Be a Loss of Hope

July 31, 2013

Every once in a while, we receive a phone call from a person that is in real dire straits when it comes to their financial circumstances. Recently, I experienced just such a call. Frank is a plumber that is temporarily out of work because of injury, and the loss of income was proving to be too much for his household.  The bills were beginning to pile up, and it wouldn’t be long before services would be lost and creditors would start calling. Continue reading “Don’t Let a Loss of Income Be a Loss of Hope”

Do Your Own Credit Check Before You Rent

July 24, 2013

I knew I needed to have pretty good credit before I rented my home, but I never thought I’d have to check the credit of my landlord.  This was a lesson I learned several years ago after losing my security deposit to a landlord that eventually filed for bankruptcy. It all started six years ago when my wife and I moved to North Carolina.  We were looking to purchase a home, but with so many on the market, we didn’t want to rush to buy, so we decided to rent for a few months.  Continue reading “Do Your Own Credit Check Before You Rent”

What’s On Your “Dream Board”?

July 17, 2013

Several weeks ago, I had the pleasure of meeting a young man who emigrated to the U.S. from Africa, and he wanted to know if he was saving enough for retirement.  As I proceeded to ask him the usual questions—when would you like to retire, what kind of lifestyle would you like to have, how much have you already saved — I began to realize that this individual was quite different from most of the ones I talked to.  It turns out that he is already saving 25% of his pay but was able to save more and wanted to discuss his options. Continue reading “What’s On Your “Dream Board”?”

The Good, the Bad, and the Ugly: The Best & Worst Investment Decisions I’ve Ever Made

July 10, 2013

With some of the recent stock market volatility, a common question seems to be emerging from the employees I speak to in workshops, webcasts, and consultations: where is the best place to invest these days? Believe it or not, even as a financial professional who has been in the industry for nearly 19 years, I still don’t know the answer to that question. The truth is, like many of you, I’ve had my share of good investment decisions and bad ones.  What I can tell you is that we learn from experience so allow me to share my experiences with you in the hope that you don’t repeat my bad decisions and perhaps follow in my good ones instead. Continue reading “The Good, the Bad, and the Ugly: The Best & Worst Investment Decisions I’ve Ever Made”

When It’s Time to Bring in the Professionals

July 03, 2013

Summertime is a great time to finally get to all those DIY projects you said you’d get done after New Years.  The problem I have is once a project gets started, it’s not always easy to know when to quit. After months of trying to figure out how to get an ice maker to work, I finally got it done. Some projects, like replacing an automatic ice maker, are as simple as unplugging the old unit and plugging in the new one, but when it comes to more elaborate projects, like replacing the front porch stairs, I like to take a step back and count the costs before I begin.  Here is a breakdown of the steps I like to take before tackling a project myself. Continue reading “When It’s Time to Bring in the Professionals”

9 Tips to Stay Safe on Public Wi-Fi

June 26, 2013

Whether you like it or not, we live in an information age, and you can get up-to-the-moment information on everything from news headlines to sports scores to financial accounts at your fingertips.  But before you whip out that smartphone or wireless device to look up your checking account balance or stock portfolio, remember that you may not be the only one that sees what you see.  Hackers and identity thieves live among us, and unbeknownst to you, they may be using your device to perpetuate unwanted activity or worse yet, stealing your personal information.  Continue reading “9 Tips to Stay Safe on Public Wi-Fi”

Teaching a Work Ethic to an iPod Generation

June 19, 2013

I’ve lived in my current home for six years. From the day we moved in, the water dispenser built in to the refrigerator door has not worked very well—the water just kind of trickles out—so unless you like standing in front of the refrigerator for two minutes waiting for a glass of water, it doesn’t get used. On top of that, the ice maker recently stopped making ice. That was the straw that broke the camel’s back.  I went online and looked into the problem to see if it would be an easy fix. Continue reading “Teaching a Work Ethic to an iPod Generation”

Seven Tips for Avoiding Rental Car Traps

June 12, 2013

“Good morning, Mr. Ward.  How are you today?” sincerely asked the polite young gentleman behind the rental car counter. I smiled and acknowledged his cordiality. “I see you have a prepaid vehicle with us today.  How does a Ford Taurus sound?” Continue reading “Seven Tips for Avoiding Rental Car Traps”

Confessions of a Former Financial Advisor

June 05, 2013

I began my career as a financial educator 18 years ago, only they didn’t call me an educator. I was a 401(k) enroller and my job was to educate employees on the benefits of participating in their employer-sponsored retirement plan. I very much enjoyed speaking to the many different groups of people that made up the workforce but I wasn’t a big fan of the travel — and neither was my young, new bride. Continue reading “Confessions of a Former Financial Advisor”

Even a 14-Year Old Can Understand Dollars and Sense

May 29, 2013

This week’s blog post comes from a very special author: my 14-year old daughter.  As a parent, you always wonder if your children are listening and as my pediatrician would always reassure my wife and I, they hear us just fine.  Proof of this can sometimes come in the most unexpected of ways.  Continue reading “Even a 14-Year Old Can Understand Dollars and Sense”

How Is Your Retirement Income Taxed?

May 15, 2013

Last month I took a phone call from a gentleman who is in the process of preparing for retirement. He has done a good job saving and now that he is getting ready to take distributions from his retirement accounts, he is concerned about taxes. We are often lead to believe that taxes will be less in retirement and for many taxpayers, that will be true not because of a change in the way things are taxed but rather because many retirees will be able to enjoy retirement on less income.  Income sources are taxed no differently in retirement than they are while we are working.  Sure, we receive an additional deduction once we turn 65, but the primary difference between our working and retired years is not how our sources of income are taxed, but the “sources” of income themselves. Continue reading “How Is Your Retirement Income Taxed?”

Just When You Thought It Was Safe to Rent a Snorkel…

May 08, 2013

My wife and I just returned from a beach vacation. One thing we enjoy doing when at the beach is snorkeling, so we went down to the local surf shop to rent snorkel equipment. As we were about to pay the young man for our equipment, he pulls out a one hundred dollar bill and slams it on the counter in front of us. He then asks us “how would you like to get paid while on vacation? Continue reading “Just When You Thought It Was Safe to Rent a Snorkel…”

Don’t Wait for “Just the Right Moment”

May 01, 2013

As I prepared my bath this Sunday, I noticed a brand new package of epsom salt on the edge of the tub. My daughter and I like to pour it into the tub to help relax aching muscles, but as I stared at the unopened package, the thought occurred to me that if I opened this package I would no longer have a brand new bag of salt.  For some reason the thought of not having a brand new bag of salt was holding me back from actually opening and using the salt. Continue reading “Don’t Wait for “Just the Right Moment””

Tax Planning for 2013 Begins Now

April 24, 2013

Just because tax season is over doesn’t mean your tax planning is done.  Whether you owed the IRS money or got money back, tax planning is something you can do all year.  Consider these tax tips: Continue reading “Tax Planning for 2013 Begins Now”