Where to Invest Short Term Money

April 17, 2013

We recently got this question on our Facebook page: “I am looking for short term investment strategies, 4 to 7 year span for some inheritance money that would then be liquidated to pay for college.” It’s a common question. After all, with interest rates near record lows and the stock market as volatile as ever, it can be tough to figure out what to do with money you need in just a few years.

First, let’s look at what NOT to do. Continue reading “Where to Invest Short Term Money”

From Trash to Cash: Tips for a Successful Garage Sale

April 10, 2013

How do you know when spring has officially arrived? Is it the return of the song bird? Is it the lengthening of the day, the warm sunshine, or the fresh air? For me, it’s the emergence of “garage sale” signs that go up every weekend. Continue reading “From Trash to Cash: Tips for a Successful Garage Sale”

Why Disability Protection is So Important

April 03, 2013

Several weeks ago, my brother was working on some routine plumbing around the house when he bent over to pick something up. As he straightened up, he heard a “pop” and felt a sharp pain in his knee. Immediately, he knew something was wrong, and a quick trip to the emergency room confirmed what he had expected: he tore his meniscus. Within a few days, my brother had surgery performed to repair the damage and for the next six to eight weeks he will be unable to put any pressure on his leg. Continue reading “Why Disability Protection is So Important”

A Financial Yardstick for Everyone

March 27, 2013

One thing I’ve come to learn after being on the financial helpline for 6.5 years is that some employees simply want to know how they are doing relative to everyone else. No matter how I try to encourage them to consider themselves and their circumstances unique, human nature drives us to want to know if we are ahead, behind, or in line with our peers. We crave some type of yardstick to know if we are measuring up. Continue reading “A Financial Yardstick for Everyone”

A Phishing Trip No One Wants to Take

March 20, 2013

I received a rather interesting email from my mom this weekend. There were no words, just a hyperlink to a website promoting a weight-loss supplement called Raspberry Ultra Drops. Either my mom was trying to tell me something or her email had been compromised–again. Since there were no words in the email, which is very odd for her, and the hyperlink consisted of random nonsensical characters, I suspected the latter. As you can see from this fraud alert, http://www.onlinethreatalerts.com/article/2013/1/9/raspberry-ultra-drops-to-help-your-weight-drop-spam-email-and-fake-websites/, I was right. Continue reading “A Phishing Trip No One Wants to Take”

What We Can Learn From 2012

March 13, 2013

Last week we released our 2012 Year in Review research, and there were several troubling statistics that came out of the report. For starters, only 51% of employees reported having an emergency fund, which means there are 49% that are vulnerable to a financial setback should some unexpected expense come along. Another troubling statistic was an increase in the percentage of employees that reported taking money out of their 401(k) as either a loan or hardship withdrawal. Such early distributions can greatly impact if and when these employees will be able to retire. As a result of sending out our research, we received the following three questions from a reporter: Continue reading “What We Can Learn From 2012”

Is Better Gas Mileage Worth the Price?

March 06, 2013

Have you noticed your wallet getting a little bit lighter recently when you fill up at the gas tank? It seems the price of gas has gone up once again and depending on where you live, could be over $4 a gallon. It may cause some of you to consider purchasing a vehicle that gets better gas mileage but before you do, consider how many miles you may have to drive before you recoup the cost of buying that new vehicle. Continue reading “Is Better Gas Mileage Worth the Price?”

It’s Time to Rethink Automatic Payments

February 27, 2013

As the landscape of my financial picture continues to change, I must be willing to change with it. I have shared with you my recent discovery that I am not having enough federal income tax withheld from my paycheck, so as I decrease my withholding allowances, I can anticipate a decrease in take-home pay. Couple that with increases in expenditures such as groceries (I am thinking about adding a revolving door to my pantry now that my oldest son is about to become a teenager) and gas for the car and you start to see why I need to reevaluate my spending plan. Continue reading “It’s Time to Rethink Automatic Payments”

The Mistake That Turned My Refund Into a Tax Bill

February 20, 2013

This past weekend I decided to prepare my 2012 tax return. I typically like to do this early in the year so that I get my tax refund sooner rather than later, but something very strange happened to me this year: I ended up owing the IRS money! This is unusual for me. I’m usually getting money back, but call it a case of bad luck or just Murphy’s Law, after writing last week’s blog post on how to estimate the right number of allowances to claim on your W-4 so that you end up close to breaking even with the IRS, I ended up NOT breaking even with the IRS. WHAT WENT WRONG? Continue reading “The Mistake That Turned My Refund Into a Tax Bill”

Don’t Wait For Next Year’s Tax Refund

February 13, 2013

For the next several months, U.S. taxpayers will begin filing their 2012 tax return, and that means many will be getting a tax refund. In his article titled A Tax Refund Isn’t Always Something To Feel Guilty About, Associated Press personal finance writer Dave Carpenter states, “About 75 percent of individual taxpayers get a refund every year and the average amount is about $3,000.” Some taxpayers like the idea of a tax refund because they see it as a simple, forced way to save, often treating it as “found” money they use to pay off debt, go on vacation, or fund some other financial goal. Others, like me, see it as an unnecessary way of giving the IRS an interest-free loan. Regardless of which camp you fall into, you may be able to control the size of your tax refund by adjusting the number of allowances you claim on your W-4. Continue reading “Don’t Wait For Next Year’s Tax Refund”

The Tax Implications of Non-Child Dependents Can Be Tricky

February 06, 2013

When tax season rolls around, invariably I get inundated by tax questions. Every once in a while, a tax question comes along that offers a unique perspective on a common tax issue. Recently, I had two such questions come into my email box. Here is a summary of the situation, along with a couple of specific questions asked by this employee. Continue reading “The Tax Implications of Non-Child Dependents Can Be Tricky”

Another Reason to Cut Up Your Credit Card

January 30, 2013

As though we needed a new reason not to use credit cards, this week a recent settlement between retailers and banks may end up costing consumers at the checkout counter. That’s because as of last Sunday, January 27^th, merchants are allowed to charge up to an additional 4% on purchases when consumers use a credit card at the time of purchase. Continue reading “Another Reason to Cut Up Your Credit Card”

When It Comes to Investing, Don’t Just Follow the Money

January 16, 2013

This week, USA Today came out with an article on how more money poured into stock mutual funds in the last week than any other week in the last eleven years. Now at first glance that may come as good news as investor confidence seems to be returning in the wake of a resolution to the fiscal cliff dilemma, but before you jump on the stock market bandwagon, remember the words of renowned investor Warren Buffett. When asked about his philosophy on investing, he is known to have said he is greedy when others are fearful, and fearful when others are greedy. In other words, Warren Buffett, one of the greatest investors of all time, has a tendency to go against the flow when it comes to investment decisions. Continue reading “When It Comes to Investing, Don’t Just Follow the Money”

If I Won the Lottery

January 09, 2013

Recently, my 10-year old son Ethan asked me what I would do if I ever won the lottery. What a great question. How we answer this question says a lot about how we feel about money and what we value most. After pondering the question for a moment, here is what I would do. Continue reading “If I Won the Lottery”

Preparing For the Next “Fiscal Cliff”

January 02, 2013

The fiscal cliff may be resolved but the deal only makes our “national debt cliff” even bigger. While we all hope our politicians can find a way to implement the necessary changes to reduce our national deficit AND national debt, we all must be prepared for how these changes will affect our lives. It’s been said that if we don’t learn from history, then we are destined to repeat it. We should not let the valuable lessons of our most recent recession and now current financial pickle go unlearned. These are some steps I encourage you to consider taking as a way to prepare for what lies ahead, no matter how things unfold: Continue reading “Preparing For the Next “Fiscal Cliff””

A New Year, A New Attitude About Electronic Games

December 26, 2012

This Christmas has been a little rough on the Ward family. On the one hand, you love to give your children everything they want for Christmas, but on the other hand, you know that giving your child everything they want is a surefire way to spoil them. My wife even commented on how she has not had quite the same level of joy this year shopping for the kids as she has in previous years, and when you look around our house and see all the forgotten toys and gifts from Christmas past, who can blame her? You want to give your kids what they want, but you also want the gifts to be appreciated and to be edifying in some way. Continue reading “A New Year, A New Attitude About Electronic Games”

Give From the Heart, Not (Necessarily) From the Wallet

December 19, 2012

Christmas is supposed to be a time of goodwill and cheer as families and friends gather to celebrate the holiday. Unfortunately for some, this will also be a time of nerve-racking stress as they compete with other shoppers to find the best deals on gifts in an attempt to check off every item on their list. In the end, many will have little more to show for it other than an upset stomach and a large credit card bill. This year, rather than succumb to the pressure advertisers put on us to buy, buy, buy, let us instead choose to give, give, give. Continue reading “Give From the Heart, Not (Necessarily) From the Wallet”

Don’t Let Your Focus on Today Keep You From Planning for Tomorrow

December 12, 2012

What a great weekend. As a family, we drove to Bethlehem (North Carolina) on Saturday night to see a live nativity, but what made this trip even more noteworthy was something that happened on the ride home. As we were driving home, I took a detour to check on the status of my boat at the repair shop. (Basically, I just wanted to make sure it was still there.) After putting my mind at ease, we turned around, and I was about to make a left turn back toward the main road when something caught our eye. Continue reading “Don’t Let Your Focus on Today Keep You From Planning for Tomorrow”

How to Qualify For a Mortgage

December 05, 2012

Susan and I purchased our first home back in 1996. Like many newlyweds, our first home is what you might call a starter home. It was a modest, two-story, single family home on a small piece of property at the end of a cul-de-sac. After seven years (and three kids), we were ready to move on, and so we did. Continue reading “How to Qualify For a Mortgage”