Ready to give your finances a swift kick? It’s easy for overwhelm and the busy-ness of life to get in the way, but allowing your finances to “just happen” is a recipe for disaster. Your financial life doesn’t need to be complicated. The small steps you take over time can lead to big changes, but it all starts with taking constructive action. To help you with this, I’m launching a FREE 30 DAY MONEY … Read More
If you’re having trouble making your financial goals stick or feel a disconnect between your money and life, I have a suggestion: Stop focusing on the goals as a “to do” list and start focusing on your purpose and what you value most in life. Once you know what makes you tick, setting and prioritizing goals that support the life you want becomes much easier to achieve. Money is a tool that can help us live the … Read More
When it comes to budgeting or a spending plan, I am of the belief that keeping it simple is the best approach for most folks. I like the idea of paying yourself first and then prioritizing what is left over to first cover your core living needs and then discretionary items. My recommendation is to track expenses as they happen into either a core living expense or discretionary item allowance. I don’t think it’s useful for most … Read More
In a speech at AARP on Monday, my business mentor and the founder of the Garrett Planning Network, Sheryl Garrett CFP®, AIF® was recognized and quoted by President Obama for her commitment to championing fiduciary standards in the financial advisory arena. The above video clip from CSpan captures the moment. I’m so happy she received recognition for her fight on behalf of consumers and I’m honored that I have been able to be a part of this mission … Read More
There are many financial rules we’ve all heard over and over again. But some of these rules aren’t perfect or don’t apply well to individual situations. Instead of blindly following general financial rules that someone else made, consider how they impact you with these counter perspectives: 1. Cutting expenses is the key to long-term financial success. Most of the well-known personal finance gurus focus on cutting expenses and saving money. While there’s no reason … Read More
Do you often wonder where all your money went at the end of a pay period? No matter how much you earn, are you living from paycheck to paycheck? Do you feel like your spending is out of control? If you answered “yes” to any of these questions, a financial detox might be just what you need to improve your financial health. Stick with me while I explain why. My green-smoothie-detox story In the … Read More
I just returned from another great conference (actually we call it a Retreat) with my fellow financial planners in the Garrett Planning Network. Each year I get a lot of inspiration by re-connecting with long time members and meeting new planners that are just getting started. One of the first presentations of the retreat discussed the need for people to believe that they have a purpose in life and how important this is not only for personal well being but for … Read More
Question: Any ideas on how we should use an inheritance? My husband and I recently inherited $50,000 and we can’t seem to agree on whether we should invest all of it or pay off debt of about $18,000 and invest the rest. Answer: On the surface, it seems the answer to your question should be straight forward, so here is my short answer: In general, if your costs to borrow money are higher than what you can safely earn on the same amount, … Read More
I was recently interviewed for the WGN TV Chicago Cover Story: Making a Pension Back Up Plan, discussing Illinois pension reform issues and the actions some teachers are taking to prepare for the uncertainty . A special thank you to the producer, Pam Grimes, for highlighting this important topic and including me in the story. The segment aired last night but if you missed it, you can watch the replay here and find additional resources on their website. “Image courtesy of Stuart … Read More
One of the first steps I help clients focus on is building or maintaining an emergency fund. As basic as it is, it can be a hard thing for some folks to commit to. I often feel like I’m being Debbie Downer when I have to focus on negative “what if” scenarios in life, but that’s part of helping people be financially prepared. I think the difficulty that comes in committing to an emergency fund boils down to a few key … Read More