Tag - Financial Wellness

Defusing the Legal Documents Bomb

It’s time to get you’re A-team in action!There’s a family bomb out there and the procrastination fuse is burning. Almost every client we speak with says something to the effect of “Estate planning is on our to- do list. We really need to get it done”, or “My parents haven’t gotten any documents yet and they keep saying they’re going to and haven’t!” Our standard follow-up is, “Have you got yours done yet?” There are lots [...]

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What’s your child’s future and what are you doing to influence it?

Anybody who has a child has had at least a flashing thought about their future after high school.  It’s easy for it to flash through and then think…oh, but first I need to…STOP! First, you need to put a time on your calendar to start addressing this issue within the next 2 weeks. Set aside an hour this month to explore the topic and start discussions with your child.  Many years ago I was working on an education class, my [...]

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Downsizing Debt

The average household has $15,762 of credit card debt, according to the 2015 American Household Credit Card Debt Study. If you have student loans, the average is $48,172. If you carry car loans, the average is $27,141. In total, the average American household has $130,922 of debt and $2,630 is the average interest on credit card debt. That’s a really nice vacation or college savings! Another startling and disturbing fact is that consumers consistently and vastly underestimate how much [...]

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Retirement Surprises

Did you know… Part of our retirement class is to create a secure lifestyle that can withstand change.  Think about change for a minute. How much has changed in the last 20 years?  What more will change in the next 30?  Below are some thoughts and implications of possible changes on retirement planning. If you’re 40 now, you could easily live another 60 years or more. Carol, our managing partner, is 67, and one of the “death clocks” said she would [...]

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To Be or Not to Be…An Ostrich About Retirement

Maybe we should have a requirement? One that’s triggered right when you’re getting ready to look into buying home, where you get a projection that shows you how much income will be left over when you commit to this new purchase. This requirement would force you to look at what financial margin you’re left with AFTER matching your debt free date to your retirement. It would include: saving for retirement to fund 60% of your current lifestyle without a [...]

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Strength Training Your Go-To-Teammate: Emergency Funds

30 DAY CHALLENGE:   Pump Up Your Emergency Fund In Tackling Death and Disabling Disability, your first go-to-teammate is Emergency Funds.   We’ve shown you how to get quotes to check on the efficiency of your insurance, but this blog will focus on how to build up that critical teammate, Emergency Funds. Everybody knows we should have between 3 to 6 month’s reserves stashed somewhere for emergencies, but that amount can be daunting.  Since most of us are tapped out and living paycheck [...]

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Personal Protection: Tackling Death and Disabling Disability

You’ve just finished winning the semi-finals. You find out who you’re playing against next. They have some all-star players. They are REALLY tough!  You’re not only going to need great players, but you’ve got to have a game plan.  You can’t just wing it!  You’ve got to create some plays and run the drills until it is second nature. This month, in the financial planning game, we’re getting ready to deal with a couple of Life’s All Star players who can [...]

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Who to Let Go Of & Who to Hire!

The last blast was about supervising your working dollars, because they’re like teenagers and need supervision! You made a list of your “employees” and some of their characteristics such as asset class. Determining the percentage of your current portfolio in each asset class is the toughest part of the assignment and might have required some digging. Once you had the list, you were to enter the investments into an asset allocation software that would help you determine the [...]

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Checking up on those Working Money Employees: AKA – YOUR INVESTMENTS!

You might have noticed a recurring theme at Fiscal Fitness Clubs. Ignoring your money is costly!   That can be especially true of investments.  Investments are those future paychecks that are going to pay for your goals. They’re your employees, and can you imagine ignoring employees for oh, a couple of years?  HA!  Your investments (like kids or employees) need supervision on a regular basis.  Our Action Class this month is broken into two parts, because there is a lot [...]

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What’s Behind the Net Worth Door?

What can you learn from your Net Worth statement?  Net Worth statements provide a check for what is changing from year to year, but they also have some great hidden ratios that help you understand your patterns.  Here’s what to look for: What changed from year to year? If net worth went up in investments or reduction of debt, GOOD! If it went up due to new possessions (like a car or home), NOT GOOD! If net worth stayed the same, but debt went [...]

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