If you watch Suze Orman’s TV programs you will hear her comment that people can be their own financial planner. Before I answer this question, I think I need to clarify what type of financial planner I believe Ms. Orman is referring to. There are several types of financial planners, but for simplicity I will … Read moreIs Suze Orman Right, Can You Be Your Own Financial Planner?
In How Much Money Do You Need to Retire?, I demonstrated a way to estimate how much money you need to save for retirement. When I discussed this with my wife, she asked, “what if we don’t save enough?” After giving it some thought, here are some ideas on how to retire with less money. … Read moreDidn’t Save Enough for Retirement? 10 Ideas to Retire on Less
In Using Simple Rules to Predict your Retirement Needs, I passively mentioned using 80% rule to calculate retirement needs. You may have heard this rule before; here is a variation of it: “You need 80% of your pre-retirement income during your retirement.” A Bit of Reality Now, that statement is just a rule of thumb … Read moreA Closer Look at the 80% Retirement Rule
Now that the benefits enrollment for my company is over, I can start thinking about things that I could do before the end of the year to make my money work harder for me. Here are 22 ideas that I want to share with you. Photo from morgueFile Boost 401k contribution — I think … Read more22 Money Maximizing Moves You Can Do Today
Recently I spoke to a friend about his retirement savings, and we ended up looking at his 401k portfolio. Although he isn’t able to contribute the maximum amount each year, he contributes enough to take full advantage of the company match. However, when I looked at his investment asset allocation, I was horrified. This was … Read moreWhat’s Wrong with this 401k Asset Allocation?
In the previous lesson with my wife, I taught her about various investment vehicles available at our disposal. This time we discussed choosing the right tool for the job; that is, choosing the best investment option available for various savings goals. Photo from morgueFile Common Savings Goals First, we reviewed some of the more common … Read moreChoosing the Right Account for Common Savings Goals
A few nights ago, it dawned on me that being the sole handler of our family finance is our biggest liability. That is a huge risk, if something ever happens to me. Even if I take out an insurance policy large enough to support my wife and our son, it will not help if she … Read moreMoney Lesson #1: Basic Finance, Cash Flow, and Risk Management
This will be a short post. What I wanted to do is to outline all the financial matters I need to take care of for the baby due this December. As I do more research, I hope to write additional posts and link to them from here. Hopefully, I will have a decent checklist with … Read moreNew Baby Financial Checklist
Before I started this blog, I did not really have a good financial goal. Actually, my financial goal was similar to 99.9% of other Americans…I wanted to be rich. But what is rich? In Are you wealthy? Here’s a test, I defined wealthy as: “…when income from my assets can cover all my family living expenses … Read more$1 Million by 2017. What’s Your Financial Goal?
To many people, wealthy means having an abundance of material possessions. Wealthy people are those that own big houses, luxury cars, yachts, expensive watches, etc. But is that really wealthy? For me, I would consider myself wealthy when income from my assets can cover all my family living expenses and a few luxuries. There is … Read moreAre You Wealthy? Here’s a Test