Usain Bolt Won Olympic Gold Because Someone Was Chasing Him – Who is Chasing You to Meet Your Goals?

August 13, 2012

If you saw the Olympic 100 meter sprint final in men’s track, the “world’s fastest man” race, you saw two Jamaican runners cross the finish line one right after the other.  When I watched from my TV at home, I saw their bodies holding steady and their feet in a blur like the roadrunner cartoon.  They were running so fast, my eyes couldn’t keep up with the pace and those neon yellow green tennis shoes just looked like big glowing circles to me.  Usain Bolt defended his title in the race with 9.63 seconds and won gold but he was followed closely by his team mate Yohan Blake at 9.75 seconds said, “When you are sleeping, I’m working. I’m toiling through the night.” Continue reading “Usain Bolt Won Olympic Gold Because Someone Was Chasing Him – Who is Chasing You to Meet Your Goals?”

Financial Lessons from Olympic Volleyball Gold Medalist Kerri Walsh Jennings

August 06, 2012

“We can do better” was the phrase I heard in an athlete’s interview. Surprisingly, the words came out of the mouth of three time Olympic volleyball player and two time gold medalist, Kerri Walsh Jennings.   Kerri and her partner, Misty May-Treanor, have never even lost one set in two Olympics games – Athens in 2004 and Bejing in 2008 – and they are working toward their third in London.  So when I heard the phrase from Kerri, I wondered, how can you do better than never losing a match?  How can you do better than gold? How can you do better than being the best in the world? Continue reading “Financial Lessons from Olympic Volleyball Gold Medalist Kerri Walsh Jennings”

Cosigning For a Credit Card Doesn’t Equal Love

August 01, 2012

The process of building (or rebuilding) credit can seem like a catch-22. In order to be approved for a prime credit card, you first need to have an established and respected credit history. But how do you attain that history, if they won’t approve you in the first place?! Is co-signing your only choice? Continue reading “Cosigning For a Credit Card Doesn’t Equal Love”

A Twelve Year Old’s Perspective on Money

August 01, 2012

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”

Why I Don’t (Always) Hate Debt

July 26, 2012

In his blog post last week titled “Why I Hate Credit Scores,” my colleague Michael Smith wrote about his aversion to debt and why he wants to get to a point where he doesn’t care about his credit score. I generally agree. Debt can really get people (as well as businesses and governments) into a lot of trouble. We see that all the time in the people we help. That being said, I don’t think all debt is bad debt. Instead, I would argue that there are circumstances where debt can be a good thing. Continue reading “Why I Don’t (Always) Hate Debt”

Where Real Money Can be Found

July 25, 2012

Everyone loves a good bargain, and it seems that summer is high season for great sales.  Starting with Memorial Day all the way through the 4th of July, Back to School, and Labor Day, the deals are everywhere.  In fact, if advertisements and promotions are to be believed, we can save so much money at the big box stores that our retirement accounts and college savings plans should be fully funded by early October. Continue reading “Where Real Money Can be Found”

5 Financial Planning Moves for Women in Their 20’s

July 16, 2012

Whoever said, “Life is short” did a disservice to thousands of people.  Life is not short.  Life is long.  Research on longevity shows that in married couples that live to age 65, life expectancy for at least one of them is age 94.  When you think about it, 94 years is a very very long time. Someone who is 94 years old this year would have been born in 1918 – does anyone know what was going on in 1918? We were in the middle of World War I, Mississippi was the first state in the Union to ratify prohibition, and Woodrow Wilson was the President of the United States.   In the 1910s, only 14% of homes had a bathtub, only 8% had a telephone and the speed limit in most cities was 10 miles per hour. Continue reading “5 Financial Planning Moves for Women in Their 20’s”

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”

Why Disability Insurance is More Important Than You Think

June 13, 2012

In my last guest blog post for Financial Finesse “Why Your Employer’s Disability Insurance May Not Be Enough”, we reviewed the concept of group long term disability insurance. In this post, we’re taking a more in-depth look at why you would even want disability income insurance. The answer is quite simple. If you have an income that you are dependent upon, then you have a need for disability insurance and the question is what programs are out there.  Continue reading “Why Disability Insurance is More Important Than You Think”

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”

A Tale of Two Choices Part 2: Which is Right?

June 01, 2012

Last week I wrote about 2 young men who are living very different lifestyles.  One is frugal now and is saving substantial sums of money and the other is living for the day with the assumption that when he gets married and settles down, there will be plenty of time for saving later.  As I was writing it, I was reminded of the epic tortoise v. hare race.  In the blog post, I raised some questions about the lifestyles and choices that these men are making.  Some of those questions are at the very heart of the field of behavioral finance and some of the questions could lead some of us to “judge” the choices that they are making.  This is where understanding each guy and how they are “hardwired” regarding financial decisions can be helpful.  Continue reading “A Tale of Two Choices Part 2: Which is Right?”

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?”

Getting Smart About College Costs: Part 3

May 02, 2012

By May, the “long wait” is over for most high school seniors. They’ve heard from the colleges or universities they applied to and have made their final choice. With a September destination locked in, there’s not a whole lot of learning going on in those last weeks of high school. Usually it’s a time for just showing up, having fun and saying goodbye to teachers and friends. Let Senior Week begin! Continue reading “Getting Smart About College Costs: Part 3”

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”

Stay-At-Home Parents: Watch Out For These Two Things

April 16, 2012

With the twitter-sphere going crazy last week with the question as to whether a stay-at-home mom works or not, my thoughts naturally gravitated to the financial planning aspects of the situation. Stay-at-home parents may have it made when it comes to spending quality time with the children and not having to panic when the kids are sick since they are at home.  However, there are some unique challenges for the family that made the decision to have one parent choose the career of “parenthood.”  Continue reading “Stay-At-Home Parents: Watch Out For These Two Things”

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”

Powerball: How to Cash in When You Don’t Win

April 09, 2012

My son reminded me that if you don’t buy a ticket, the odds of winning the Powerball lottery were zero.  He also said, “Someone has to win you know.”  He does have a point and that line of thinking is shared by many people who are in a frenzy buying lottery tickets even though the odds of winning a mega-jackpot are 175.7 million to one. I didn’t play the Powerball but I have to admit that I did buy into the California lottery pool with a bunch of my co-workers only because if they DID win, I wouldn’t want to be left behind. Continue reading “Powerball: How to Cash in When You Don’t Win”

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”