Marriage is not easy. (Can I get an AMEN?) Marriage takes a lot of work, a lot of sacrifice, and a lot of compromise. Couples must find a way to bring two separate worlds together, and that means finding common ground on everything from having children, to where you spend Thanksgiving. Continue reading “How to Prepare for an Impending Divorce”
This week, I’ve been asked to write on my favorite financial resources that help me navigate the financial universe. There are literally thousands of resources dedicated to helping people manage their finances, but for me, it really boils down to just a few simple resources that have helped shape my views about money and have led me to a career teaching others how to manage theirs. I’ve broken them down into the categories of philosophy, curriculum, and tools & resources: Continue reading “Favorite Financial Resources That Help Me Manage My Money”
Longevity risk is the chance of living longer than expected, but what happens when we are expected to live shorter than planned? Most don’t see this as a risk simply because passing away with money on the table does not seem as dangerous as living beyond what’s there, but there may be some things you will want to consider if in fact you ARE expected to live shorter than planned. Continue reading “Don’t Overestimate Your Life Expectancy”
My father-in-law is as tough as nails. For as long as I’ve known him, he has never been afraid to get his hands dirty. Whether it’s working on a tractor, a truck, or just a home maintenance project, he likes to keep himself busy. To show for it, my father-in-law is pushing age 90, and if he keeps it up, he’ll likely live well into his 100’s. Continue reading “Don’t Underestimate Your Life Expectancy”
We all know it’s a good idea to check the smoke detectors once a month to make sure they are working properly, but let’s be honest; how many of us actually do? If you’re like me, you probably don’t even know the smoke detector is there until you burn the toast. It’s not that we don’t care about safety (although I do like to live on the edge). Most likely it’s simply because it’s out of sight and therefore out of mind. Continue reading “Check Your “Financial” Smoke Detector”
I guess it’s no mystery who is responsible for keeping track of where the money goes in my household. As a financial planner, you might call it an occupational hazard, but what frustrates me the most is that I’m not the one that is regularly spending the money. Susan is primarily responsible for clothes, groceries, and other household expenditures that are required to maintain a household of six. Continue reading “Do You Really Know How Much Is In Your Checking Account Right Now?”
Bedtime in the Ward household can be a trick or a treat, depending on how the kids feel that night. What always kills me is the look I get when I remind them that they have to brush their teeth before they go to sleep. Do I really have to explain to them night after night why brushing their teeth is so important? I guess so because I do. Either it’s because my children suffer from short-term memory loss, or more likely it’s because they suffer from “behavioral inertia.” Continue reading “How to Make Inertia Work For You”
This weekend, Susan and I purchased a bicycle. When we checked out at the register, they asked us if we would like to purchase the two year replacement policy. Now I’m not exactly sure what the two-year replacement policy covers, but the simple fact that it was being offered at the checkout stand at the prompting of a cash register tells me that I probably don’t need to know. Continue reading “Say “No Thanks” to the Extended Warranty”
When was the last time you thought about replacing your mattress? Last month? Last year? Never? Susan and I have been sleeping on the same mattress since we were married—over 17 years ago—and until recently I had never really given it much thought. We bought our mattress at a furniture store, and for me, like all furniture, unless it’s ripped, has a spring sticking out, or is genuinely falling apart, it must be fine. Continue reading “How NOT To Buy a Mattress (or Anything Else)”
From about the time my kids could walk, they have been involved in sports. Sports is a great way to give your kids exercise while teaching them valuable life lessons, but as Susan and I have found out over the years, when it comes to the cost of playing sports, not all sports are created equal. Here is a list of the sports our kids have played, along with the associated costs: Continue reading “Not All Sports Are Created Equal”
Susan and I have been married for seventeen years, and when we were first married, we decided to pool our financial resources and have one checking account. This made sense since at the time, we shared all of our expenses. In fact, for most of our married life we have maintained a joint checking account, but several years ago, I asked Susan to open her own checking account. With all of the different inflows and outflows of money, it was getting harder and harder to keep track of how much was available at any point in time, so I asked her to open a separate account as a way for us to keep better track of how much we could spend on food, clothing, and other expenses associated with running a household of four kids on a daily basis. Continue reading “Should Married Couples Have Separate Accounts?”
Last week we took our daughter, Rachel, to the dentist for her bi-annual cleaning. Originally, she was scheduled to go in last April, but Rachel had a conflict with a soccer game so her mom decided to cancel it. Rachel’s name was added to the cancellation list, and for the last five months, the dentist’s office has been calling whenever there has been a cancellation to try and get her in. Normally, we would try to get Rachel in as soon as possible, but each time they called to schedule the appointment they would give us a time during school hours, and Susan and I saw no reason to remove her from class just to have her teeth cleaned. Continue reading “Get Them In Before They Age Them Out”
Every once in a while, Susan and I will receive something in the mail telling us that there has been an automotive recall and that we need to take our vehicle to the nearest dealership so that they can correct a problem. We received just such a notice recently telling us of a defect in the airbag system that was causing some airbags to deploy when they were otherwise not supposed to. Naturally, this caused great concern, so we immediately called the local car dealership to schedule a time to drop off our vehicle in order to have the problem corrected. Continue reading “Why I Avoid Car Dealerships”
Yes, it’s true. I’ve finally come over to the dark side and purchased an iPad. One of the reasons it has taken me so long is because of how expensive they are. That said, I think I have discovered a way to justify the expense. One of the biggest hang ups I have about blogging is the amount of time I spend writing them. I’m a little slow at typing, so it usually takes me several hours a week to push one out, but with the help of my new iPad, I’ve figured out a way to do the same amount of work in about half the time. Here’s how it works. Continue reading “Why My Employer Should Pay For My iPad”
I was proud of my wife the other day for the way she handled an issue that arose with the children’s school bus. You see, our high schooler, Rachel, and our middle schooler, David, ride the bus to school together. They have to walk several blocks down the street to get to their stop. Granted, it’s not the two mile walk I had to make when I was their age, but my wife took issue with them walking so far when there is a stop right on our corner for the elementary school children, who are picked up earlier in the morning. Rachel and David walk right past it on the way to their stop. There are four other middle school children who ride with them and do the same thing. There used to be children who lived further down the street and got the bus at the corner further down the road, but those children have grown up and moved away so it is just the six kids from our street who are picked up there now. Well, after watching this for a week and a half and griping about how ridiculous it was for them to walk so far, Susan decided to call the school and ask if they could get the stop changed to our corner. Continue reading “When It Comes To Your Money, Be Assertive.”
Today’s blog post is the last in a series of posts sharing the results of interviews I’ve conducted with my four children on the topic of money. As you may recall, my oldest, Rachel (14), is a saver, and looks at money as something to be used for necessities. David (12) is my value hunter, and prefers to buy things that have a lasting quality. Ethan (9) is more of a spender, willing to use any money he has to buy things he wants right now. Bringing up the rear is Jacob. Continue reading “Financial Lessons From a Six Year Old”
So far I’ve learned a lot about my two oldest children in the last couple of weeks. I’ve learned that Rachel is a spendthrift and sees money as a means to necessities. David, on the other hand, is a value hunter and wants to know that whatever he spends his money on is going to last. Continue reading “A 9 Year Old’s Perspective on Money”
Last week, I wrote about how we as parents can learn about our own financial behaviors by observing our children. To demonstrate this, I asked my daughter Rachel a series of questions to help me gauge where she is and what she has learned about finances, presumably from her mother and I. Continue reading “A Twelve Year Old’s Perspective on Money”
As the father of four, I’m often asked about how to teach children about money. I’m sure there are a lot of books and blogs about the subject, but for me, I look at children as just people – only smaller and with less life experience. I guess what I’m trying to say is that each child, like each of us, is unique, and therefore the way we teach them about money should be just as unique as they are. Continue reading “What Our Children Can Teach Us About Ourselves”
Last week I shared with you the story of Joe who, as a named healthcare power of attorney for his aunt and uncle, found himself in the difficult position of having to make healthcare decisions for both of them under less than hospitable circumstances. As though that were not enough, Joe was also named the successor trustee for his aunt and uncle’s trust, which meant that at the same time he was making difficult healthcare decisions, he would also have to make important financial decisions. Now, at first glance you might think it makes sense to name the same person in both capacities. After all, one of the decisions Joe had to make was whether his aunt and uncle should receive care in their home or in a facility, and that would certainly depend on what they could afford. But there are a number of reasons why it may have been better to name someone else as the successor trustee. Continue reading “Why Naming a Successor Trustee Is So Important”
