Choosing the Right Healthcare Power of Attorney

July 11, 2012

Choosing a person to make healthcare decisions for you when you are physically and/or mentally unable to make them for yourself is difficult, but it’s a choice that should be made with great care and diligence.  This person may be required to make decisions not only about the type of treatment you receive but also about which hospital you go to, where and what type of custodial care you receive, and when it may be time for hospice care.  You may be inclined to simply name a spouse or a child, but as my friend Joe found out, this might put them in a very difficult position.  Here is Joe’s story (and just for the record, all names have been changed to protect the privacy of those involved): Continue reading “Choosing the Right Healthcare Power of Attorney”

7 Steps to Your Financial Independence Day

July 04, 2012

This week America celebrates its 236th birthday.  To honor the occasion, why not declare your own personal “Financial” Independence Day.  To me, financial independence equates to not having to worry about money, so if you are worried about your finances, take these seven steps to economic freedom: Continue reading “7 Steps to Your Financial Independence Day”

The Worst Investment Decision I’ve Ever Made

June 20, 2012

I’ve been doing a lot of workshops and webcasts on investing recently, and with so much market volatility, and the less than spectacular Facebook IPO, participants have been asking me for my personal opinion on how to invest.  One thing I tell everyone is that when it comes to investing, I’m no different than many of you. I’ve had my share of winners and losers, and even though I’ve spent 18 years of my career in finance, that does not bestow upon me some secret gift when it comes to investing. What it has done is convinced me that there are sound, fundamental investment principles that we should all learn to stick with, but at the risk of self incrimination, here is the worst investment decision I’ve ever made: Continue reading “The Worst Investment Decision I’ve Ever Made”

The Importance of Being Financially Independent

June 13, 2012

I received a helpline call last week that reminded me of why it is so important for all of us to be financially independent. I’m not talking about having so much money that you can do whatever you want, but rather being in a position to manage your own financial affairs if and when the need should arise. Continue reading “The Importance of Being Financially Independent”

The Right Ingredients for Overcoming Debt

June 06, 2012

Although there are some that say the recession is behind us, there are still others that are continuing to deal with its effects. I recently had an opportunity to speak with a gentleman who finds himself behind the 8 ball when it comes to debt. This is not the first time I’ve received a call like this, nor will it be the last, but what makes this particular call stand out is the way this person has decided to approach the situation. His attitude and determination should be a lesson to us all. Here is his story: Continue reading “The Right Ingredients for Overcoming Debt”

When Does It Make Sense to Take a Pay Cut?

May 23, 2012

Last week I told you that Susan and I celebrated our seventeenth wedding anniversary, and to commemorate the occasion, I recalled some of the financial milestones we’ve accomplished along the way.  One might think that as a financial planner my financial road has always been straight, but as I reflected on some of the steps I’ve taken forward, it also occurred to me that at times I’ve had to take a step or two back. For example, there have been several times throughout my career where I’ve had to take a pay cut. Whether it is by chance or by choice, you may be faced with the same decision someday. Here are a few reasons why taking a pay cut may be the right decision at the right time: Continue reading “When Does It Make Sense to Take a Pay Cut?”

Financial Lessons From 17 Years of Marriage

May 16, 2012

On Sunday, I sat next to a guy on the plane who was heading to Las Vegas for his honeymoon. Now why I was sitting next to him and not his wife I’ll explain in a moment, but I love meeting young couples that have decided to tie the knot and embark on what I consider one of the greatest journeys known to man. I learned that he and his spouse had actually been married for a year, but this was the first time the two of them were able to get away. The fact that the trip was planned at the last minute because of their busy schedules explains the separation in seats, so I insisted on trading seats with his wife so that the two of them would be together (which landed me in the exit row – sweet!). As I sat back in 9C, I began thinking about how this would probably be one of a thousand challenges they would face together, both financially and non-financially, as a couple. Continue reading “Financial Lessons From 17 Years of Marriage”

Fishing, and Other (Almost) Free Activities for Kids

May 09, 2012

One of the things I enjoy most about this time of year is the chance to take my boys (and daughter, when she’s up to it) fishing at the local pond. What I love about fishing is being outside, away from the video games and television, listening to the birds chirp, the “ker-plunk” of the fishing lure when it hits the water, and the occasional “I got a fish!” when we actually manage to hook one. Truthfully, we can spend hours casting and reeling, but perhaps the best part is that, with the exception of the original purchase of the equipment, fishing costs next to nothing. Now that summer break is right around the corner, I thought it would be a good idea to prepare a list of other (almost) free activities for the kids: Continue reading “Fishing, and Other (Almost) Free Activities for Kids”

Raising Your Kids to be Financially Healthy

May 02, 2012

“Can we get a pack of Pokémon cards?” asks Ethan. “Yeah, can we?” adds Jacob. “Sorry, honey, not today” says mom. “Oh, that’s okay mom, I can get them” Rachel replies. “But do we really need them?” chimes David. Continue reading “Raising Your Kids to be Financially Healthy”

Just When You Thought It Was Safe to Use the Computer…

April 25, 2012

Has this ever happened to you? You’re sitting at your computer when all of a sudden a window pops up telling you that a virus has been detected and that if you don’t take immediate action, your computer will be harmed. I remember one such instance where a message popped up on my home computer telling me that I had a virus and needed to buy this software to remove the virus, and no matter what I clicked the message would remain. Even after I turned the computer off, when I turned it back on the message reappeared. In other words, my computer was being held ransom, and unless I paid the ransom (i.e. bought the software), I would not be able to access my computer. Continue reading “Just When You Thought It Was Safe to Use the Computer…”

A Tale of Two “Potential” Vacations

April 18, 2012

Last week, Susan and I took the kids on a family vacation to Amelia Island, FL for spring break. The kids work hard in school so it’s nice to be able to take them some place fun when they get time off. While a trip like this can be emotionally and physically welcoming, without a little preparation, it can be financially draining. Here is how we made this trip a memorable experience without breaking the bank.

Continue reading “A Tale of Two “Potential” Vacations”

The Curious Similarities Between Golf and Managing Personal Finances

April 11, 2012

Greg is on vacation this week so this blog contribution is provided by Scott M. Spann, CFP®, EA, one of our Resident Financial Planners at Financial Finesse.

Living in the coastal region of South Carolina (affectionately referred to as the “low country”) provides residents like me and our frequent visitors with an abundance of recreational, entertainment and cultural opportunities. I guess that is why our coastal communities like Hilton Head, Charleston, and Myrtle Beach remain popular retirement and vacation destinations for those seeking changes in “latitude” later in life. Walks on the beach, arts festivals, historic tours, boating, kayaking, fishing, and reading a book while lying in a hammock are just a few of the leisure options that I try to take advantage of as much as possible whenever there is downtime.  But when the azaleas and dogwood trees start to bloom and the sports world shifts its attention just up the road to Augusta, Georgia for the Masters Tournament like it did last week – golf occupies a significant portion of the leisure section of my brain. Continue reading “The Curious Similarities Between Golf and Managing Personal Finances”

April Showers

April 04, 2012

As the saying goes, April showers bring May flowers and if you live in the Southeast like me, you’ve certainly had your share of showers this spring.  As I stare out the window at the falling rain, I’m reminded of the fact that in every financial lifetime, some rain must fall so the bigger question is this: how do I prepare for my financial “rainy day?”  Here is a list of five steps you may want to consider taking this spring so that when, not if, the financial rain comes, you’ll be better prepared. Continue reading “April Showers”

Your Advisor Told You What?

March 28, 2012

I told you last week about a caller who was still unsure about her financial capacity to retire despite having $1.5 million in her nest egg. The purpose of her call was to get a second opinion on how her retirement nest egg should be invested. A financial advisor wanted her to roll the money over to an IRA and invest it in a moderate balanced portfolio so that she would not run out of money but she wasn’t sure if that was the right thing to do.  I’m glad she called because we discovered a few interesting facts during our conversation: Continue reading “Your Advisor Told You What?”

Are You Sure You’re Ready to Retire?

March 21, 2012

Last week I received a call from Ann who could not decide if she was ready to retire. Based on the lifestyle she’d like to have in retirement, she needs about $70,000 a year in income. If she retires right now, she will receive $52,000 in pension benefits, $11,000 in Social Security benefits, 80% of her retiree health benefits paid by the company, and have $1,500,000 in savings. Hmm…sounds pretty good, so why on earth is Ann so torn over making this decision? The truth is there are a lot more things to consider than just finances when it comes to retirement. Continue reading “Are You Sure You’re Ready to Retire?”

When Do You Know It’s Time to Retire?

March 14, 2012

With spring right around the corner, it seems employees start to ask themselves if this work stuff is really worth it.  This week alone I have seen an uptick in the number of employees that are contemplating whether or not it is time to take this next step.  Here is just a smattering of the questions we have received via phone calls and emails this week alone: Continue reading “When Do You Know It’s Time to Retire?”

When Enough is Enough

March 07, 2012

After my stepfather passed away, my mom started working with a local bank to manage her investments.  At the time, I was living in California and it was difficult for me to help her with investment decisions.  Plus, I had always warned my clients that allowing family members to get involved in your investments was a bad idea because you could always fire a stranger but you can never fire a member of the family.  It was with this in mind that I allowed her to continue this relationship despite my occupation as a financial planner. Continue reading “When Enough is Enough”

How to Earn Income From Home

February 29, 2012

My wife made a comment the other day about how much food our household is going through lately.  As some of you may know, we have four children, including three boys, the oldest of which is turning 12 in April.  Like all growing families, as the children get bigger, so do their appetites and this has caused my wife to question whether or not she should take on work as a way of bringing in a little extra income to help support the increases in the grocery bill.  Continue reading “How to Earn Income From Home”