Your focus has shifted from supporting your family and building your career, and now you’re looking forward to retirement. However, as you get closer to the day you walk away from your career, you can’t help but feel a little bit nervous.
After all, you’ve spent a long time building a career you love! What will happen when you leave it behind for this new chapter?
The truth is, your definition of retirement may be different than what people commonly think of. The good news is that you have many options available to you. You can continue to work part-time, stop working altogether, enjoy financial independence, or pursue items on your bucket-list.
The Mainstreet team can help you to define your ideal retirement, and create a Money Roadmap to get you where you want to be. We’ll help you build a plan for creating income during retirement, and continuing to invest in a way that sustains your lifestyle.
You worked hard and you earned it! Now, with our Money Roadmap and Navigation Support services, you can ensure that you’re able to live the retirement you’ve always imagined.
Common concerns include:
Age 53/57 married, empty nesters, with two children launched (ages 31 & 27).
They are expecting their first grandchild to arrive in 6 months.
Bailey is a retired military officer who is now a defense consultant and TJ is a CFO for a small tech startup.
Their concerns:
Our Solution:
Bailey and TJ would benefit from a full comprehensive Money Roadmap to help them put all of the above-presented puzzles together, gain confidence, and feel empowered about their money as well as Navigation Support assistance to make sure their goals are met over time.
The Result: Bailey and TJ will have a clearer understanding of their income needs in retirement, their savings ability right now, and what other things they need to do from this point forward to assist their family while still meeting their retirement needs.
I recently met with a client who wanted to discuss how to prepare for the end of their lives. The estate planning documents may be done, but is there anything else to really feel comfortable that you’ve prepared all you could when you pass away?...
If your child is a sophomore in high school right now, this year is super important for your college funding plan! To be eligible for financial aid (grants & student loans) for college your child will need to submit your tax return as part of...
In an earlier post, I summarized many of the housing options people can consider in retirement. You can check out the article here. This post takes a deeper dive into CCRCs (Continuing Care Retirement Communities also known as Life Plan Communities) CCRCs are an all-in-one...
As April 15th approaches, taxpayers across the country are gearing up to fulfill their annual obligation – filing taxes. Whether you’ve already submitted your returns or are yet to tackle the paperwork, now is the perfect time for a tax check-up. Here are 5 areas...
“MainStreet Chalk Talk” The MainStreet Financial Planning Discussion Club When: Tuesday 3-19-24 at 7:30pm Eastern; 4:30pm Pacific ~30-45 minutes Recorded and able to retrieve for one week How: Zoom Meeting Free for current clients, $10 for guests Email us for the recording! Continuing Care Retirement...
As a little girl growing up in Eastern Europe, I admired the International Women’s Day holiday so much! All these beautiful women were celebrated on this special day. Taking care of themselves was the #1 priority in life. I couldn’t wait to grow up and...
February’s Chalk Talk on the State of the Insurance Industry included the subheading “Will My Insurance Company Cancel My Homeowners Policy” which was the real meat of our Chalk Talk and also what many attendees are concerned about when it comes to home insurance. We’ve...
With FAFSA delays college finances remain uncertain…work on a plan for your out-of-pocket expenses while you wait for clarity! FAFSA has announced more delays in relaying information to colleges, which means that financial aid packages could be delayed, and some colleges are already pushing decision...
Managing cash flow in retirement is a crucial aspect of financial planning that can feel daunting after decades of receiving regular paychecks. Here are some strategies to consider: 1. Comprehensive Income Assessment: Start by compiling a list of all potential sources of retirement income, including...
Learn more about our new member of the MainStreet Team, Katharina Ingle! When did you join the MS team? July 18, 2023 What are you most excited about working for MainStreet? I love the team. Everyone is super knowledgeable, helpful, and patient. I love the...
As I celebrate my birthday this month, I’ve chosen to forego the usual fanfare and instead take a moment to contemplate the year ahead. This year, my focus is on intertwining health with wealth and financial success, recognizing the profound connection between the two. Body:...
“MainStreet Chalk Talk” The MainStreet Financial Planning Discussion Club When: Tuesday 2-20-24 at 7:30pm Eastern; 4:30pm Pacific ~30-45 minutes Recorded and able to retrieve for one week How: Zoom Meeting Free for current clients, $10 for guests Email us for the recording! The State of...
During recent conversations, I’ve come across several people unfamiliar with the concept of fee-only financial planning, let alone considering it as a feasible choice. To shed light on this, I want to articulate the distinctive approach we use at MainStreet Financial Planning. At MainStreet Financial...
In the vast world of financial services, it’s crucial to distinguish between legitimate businesses and those seeking to exploit unsuspecting individuals. MainStreet Financial Planning, Inc. wants to address a recent issue that has come to our attention, confusing our valued clients and potential customers. Clearing...
The National Financial Educators Council developed an Advanced Financial Education test to evaluate financial literacy including questions on loan payments, inflation, risk-based pricing, FICO scoring, loan qualification, and investments. It was designed for high school students (as well as adults), but isn’t it tempting to...
All families with students who will be starting or continuing college in the 2024-2025 school year should complete the new FAFSA. It is designed to be shorter, more straightforward and unlock more aid for most students. Think of the FAFSA as the pathway to be...
“MainStreet Chalk Talk” The MainStreet Financial Planning Discussion Club When: Tuesday 1-16-24 at 7:30pm Eastern; 4:30pm Pacific ~30-45 minutes Recorded and able to retrieve for one week How: Zoom Meeting Free for current clients, $10 for guests Email us for Recording! Healthy Financial Habits for...
The IRS and Social Security Administration recently announced changes for 2024. Here are some highlights: The SSA has announced that benefit checks will rise 3.2% in 2024. Social Security and SSI beneficiaries are normally notified by mail starting in early December about their new benefit...
Review these 3 Financial Tips before December 31st . The end of the year is a time when many of us reevaluate our life, habits, and goals and do a “reset” for the new year. One area that often gets overlooked in the midst of...
It is amazing getting a new house! But after scraping together a down payment, there are bound to be other costs. While saving for your house, giving yourself a cash stash for these incidentals (and sometimes not so incidental) will help the transition go smoother...
There is so much talk these days about behavior change. It applies to almost everything we encounter in life. If we want to eat healthy, exercise more regularly, be more productive at work, have better relationships or even be better with our finances, we need...
With the exit of the Mint online budgeting app at the end of 2023, we have been asked by clients what other options are available. In this week’s newsletter, I want to share my experience using Tiller Money to track and manage my personal finances....
Many of our clients have used Mint and it has been a favorite of MainStreet Financial Planning for many years. With the recent news of Mint shutting down, we wanted to share a few helpful alternatives for budgeting tools to help you stay on track...
“MainStreet Chalk Talk” The MainStreet Financial Planning Discussion Club When: Tuesday 11-21-23 at 7:30pm Eastern; 4:30pm Pacific ~30-45 minutes Recorded and able to retrieve for one week How: Zoom Meeting Free for current clients, $10 for guests Email us for the recording! Mint.com is Shutting...
My real estate agent highly recommended getting a home warranty plan. It even had its own section on the Residential Purchase Agreement that could be negotiated in the home sale—who pays for the plan, the buyer or the seller. A home warranty plan is insurance...
Don’t miss your window of opportunity to take full advantage of your employee benefits. There may also be benefits that you want to un-enroll from because you don’t plan on using the benefit in the coming year (ex. Legal Plan). Taking the time to plan...
“MainStreet Chalk Talk” The MainStreet Financial Planning Discussion Club When: Tuesday 10-17-23 at 7:30pm Eastern; 4:30pm Pacific ~30-45 minutes Recorded and able to retrieve for one week How: Zoom Meeting Free for current clients, $10 for guests Email us for the recording! Real Estate Investing...
I have been a single mother most of my thirteen-year-old daughter’s life. I recently sat down with a reporter doing an article on single mothers. Here is what we discussed. When did you become a single mother, and how? I officially/legally became a single mother...
Pet insurance is not something you may think you need but let me tell you from personal experience why you should consider getting it. I have two golden retrievers – one 6-year-old female named Brinkley (on the left) and a two-year-old male named Brady (on...
Last month my father passed away. As a veteran of the Korean War, he was to be buried at Fort Snelling National Cemetery in Minnesota. We were in this exact same spot just 10 years ago burying my mother, but my dad receives military honors....
“MainStreet Chalk Talk” The MainStreet Financial Planning Discussion Club When: Tuesday 9-19-23 at 7:30pm Eastern; 4:30pm Pacific ~30-45 minutes Recorded and able to retrieve for one week How: Zoom Meeting Free for current clients, $10 for guests Email us for the video! Creating Your Solo...
You can’t control mortgage rates, but there is plenty you can control about your home purchase! Are you like me feeling like you missed the boat on buying a home when mortgage rates were lower? Well, here is a little history lesson on mortgage rates...
So I just dropped my son off at Kindergarten. After 5 and 2/3 years working with him by my side almost every day, now I am here in the quiet. It is surreal. Before his existence was known, I knew I wanted to avoid sending...
Condo insurance is designed to cover what your condo association’s master policy won’t. Here are 5 things to consider when buying insurance for your condo. 1. Find out what the Homeowner Association’s (HOA) policy covers. As a condo owner, your HOA collects monthly dues that...
Clients often ask us whether they should rent or buy their home, however, it is not a black-and-white answer and depends on everyone’s circumstances. Here are a few pros and cons to consider when deciding between renting or buying a home. Buying a home Pro...
“MainStreet Chalk Talk” The MainStreet Financial Planning Discussion Club When: Tuesday 8-15-23 at 7:30pm Eastern; 4:30pm Pacific ~30-45 minutes Recorded and able to retrieve for one week How: Zoom Meeting, Free to current clients; $10 for guests Email us for the recording! Renting vs. Buying...
Last March, I came out to Minnesota to visit my dad and see the completed suite my sister added to her house specifically for him when he moved in with her. We were all hanging out together when my dad suddenly sits up, says he...
Have you heard about the Saving on a Valuable Education (SAVE) Plan? It is the part of the Biden student loan relief package that was not eliminated by the Supreme Court. Although the official start date of the SAVE plan is July 1, 2024, there...
We are often asked by clients if they should keep or cancel their life insurance policies. Here are three things to consider as you explore this topic in your own family. First, ask yourself if you still need life insurance. Think about why you bought this...
Many of the Americans counting on student loan forgiveness as part of The Biden Administration’s forgiveness plan will need to begin repayments again. The Supreme Court announced its decision 6-3 on Friday, June 30, 2023, and ruled that the Education Department had no authority to...
“MainStreet Chalk Talk” The MainStreet Financial Planning Discussion Club When: Tuesday 7-18-23 at 7:30pm Eastern; 4:30pm Pacific ~30-45 minutes Recorded and able to retrieve for one week How: Zoom Meeting, Exclusive for Current Clients Email us for the recording! Build Your MoneyGuide Pro Financial Plan...
Social Security can be a confusing topic and everyone’s social security strategy is specific to their circumstances, life expectancy, financial situation, etc. The decision you make about when to file will impact the rest of your life and can make a difference worth thousands of...
There are a few specialized financial tools for individuals with disabilities. ABLE (Achieving a Better Life Experience) accounts are one of those options. ABLE accounts are specialized savings accounts designed to help individuals with disabilities and their families save and invest money for disability-related expenses....
Starting a family is a big moment and a wonderful life transition! Babies are adorable, but having a family will have an impact on…your relationships, your health & well-being, and your wealth. Taking the time to develop a plan will help you and your partner...
The financial statement is a great tool for listing all your property and accounts. As you’re looking down the list, ask yourself– is there anything missing? If you’ve had multiple jobs, moved residences or inherited property, it’s worth it to check if there’s some asset...
“MainStreet Chalk Talk” The MainStreet Financial Planning Discussion Club When: Tuesday 6-20-23 at 3:30pm Eastern; 12:30pm Pacific ~30-45 minutes Recorded and able to retrieve for one week How: Zoom Meeting, Free to current clients; $10 for guests Email us for a copy of the recording!...
With all of the exponential advancements we are seeing in technology, it is important to proactively protect your identity, and these are a few easy ways to do that and save yourself the time and headache of trying to untangle the mess it can...
We wanted to bring to your attention an important topic that has been making headlines recently: The Debt Ceiling and its potential impact on personal finances. We want to reassure you and provide some insights to help alleviate any concerns you may have. The...
Even certified financial planners (CFP’s®) are not immune to making money mistakes! In this enlightening video, join Vida Jatulis, a highly experienced and knowledgeable CFP®, as she candidly discusses a personal money misstep she made regarding private school expenses. With her expertise and dedication to...
We speak daily with clients who are contemplating where they might live in retirement. Now is the time to explore various retirement housing options and strategies for aging individuals. From aging in place to retirement communities, consider your individual preferences and needs when choosing the...
A few weeks ago, I had the pleasure of attending a gala fundraiser for one of my favorite nonprofit organizations, Junior Achievement. Junior Achievement’s mission is to inspire and prepare young people to succeed. They do this through programs that teach entrepreneurship, financial literacy, and...
“MainStreet Chalk Talk” The MainStreet Financial Planning Discussion Club When: Tuesday 5-16-23 at 7:30pm Eastern; 4:30pm Pacific ~30-45 minutes Recorded and able to retrieve for one week How: Zoom Meeting, Free to current clients; $10 for guests Email info@mainstreetplanning.com for the recording! Exploring Retirement Housing...
We all know that we need to live within our means and save for the future but with all the competing demands on our cash flow sometimes that can feel overwhelming. It is something that people at every income level struggle with. So being the...
For our April Chalk Talk, I invited my friend and Reverse Mortgage Specialist, Homa Rassouli from Mutual of Omaha. She has over 38 years of financial services and mortgage industry experience with the last 16 exclusively in the reverse mortgage business so I knew she...
“MainStreet Chalk Talk” The MainStreet Financial Planning Discussion Club When: Tuesday 4-18-23 at 7:30pm Eastern; 4:30pm Pacific ~30-45 minutes Recorded and able to retrieve for one week How: Zoom Meeting, Free to ongoing clients; $10 for guests Email us for the recording! Reverse Mortgages! Hosted...
You are building your emergency fund, saving for a car or home down payment, or getting ready to retire and want to know where to park your short-term cash. Here are five options for you to consider depending on your timeframe for accessing the funds....
Are you one of the few out there that might have saved too much for your child’s college into a tax-advantaged 529 savings plan? Not sure what to do with it now? I am sure you don’t want to take out the money for non-education...
You may have seen or heard about Socially Responsible Investing (SRI) or Environmental, Social, and Corporate Governance Investing (ESG) and wondered if it is something you should consider adding to your portfolio. I’ve had several clients ask about SRI and ESG investing over the past...
Many are worried about the security of their money following the collapse of Silicon Valley Bank (SVB) this last week. There are numerous approaches they can take to safeguard your cash deposits. Even though the federal government has rescued SVB and guaranteed all deposits over...
Sorry for this dose of reality! It is March…that means you have just about 5 weeks left to get organized and submit your tax return. The tax deadline is April 18, 2023 (some taxpayers in disaster areas in California, Georgia and Alabama have an extended...
“MainStreet Chalk Talk” The MainStreet Financial Planning Discussion Club When: Tuesday 3-21-23 at 7:30pm Eastern; 4:30pm Pacific ~30-45 minutes Recorded and able to retrieve for one week How: Zoom Meeting, Free to ongoing clients; $10 for guests Email info@mainstreetplanning.com for a copy of the recording. Cash Flow...
Last fall I fulfilled one of my bucket list items and became an Adjunct Professor at Golden Gate University teaching the Personal Investment Management course. I’ve been asked if there is a textbook we use, and as part of the required reading, we use a...
Meet Katherine Edwards, CFP®. Everyone’s journey with money is unique, and the insights we can gain by exploring our individual stories can be incredibly valuable. Understanding how past experiences have shaped us into who we are now – and why that affects our financial decisions...
I love learning about people’s money stories. It’s fun to hear how they talk about money, the experiences they have had with money, and what they want to do better with their money in the future. Today I’m connecting with my friend and colleague, Jennifer...
Talk about the debt ceiling is all over the news right now. Here is a summary of what it means, how it could affect our personal finances, and the importance of having a strong financial plan to handle such uncertainties. The debt ceiling (or debt...
Whether you’re moving across town or across states, moving can be stressful and expensive. Here are a few tips to help reduce stress, save on costs, and help make the transition as smooth as possible. Utilize online communities: There are a lot of expenses related...
My word for 2023 and ongoing is “wellness.” As this is such a big word and broad topic I wanted to summarize for you what it means and what it can look like in all threads of our lives. I am turning 40 this month…...
“MainStreet Chalk Talk” The MainStreet Financial Planning Discussion Club When: Tuesday 2-21-23 at 3:30pm Eastern; 12:30pm Pacific ~30-45 minutes Recorded and able to retrieve for one week How: Zoom Meeting, Free to ongoing clients; $10 for guests Email info@mainstreetplanning.com for a copy of the recording....
The Psychology of Money delves into the behavioral aspects of how individuals are with their money. The book is divided into 20 chapters which are written more like short stories. I found this short story concept refreshing because I could read a chapter and then...
We have all heard the flight attendant’s warnings…put your mask on before your child’s! Likewise, you want to make sure that you are saving for your future retirement before you start to save for your children’s future. I always like to point out that there...
Many of us have an employer retirement plan that has a company match. I am talking about a 401(k), 403(b), 457, or TSP plan to name the most popular flavors out there. If your company matches your plan contributions on a paycheck-by-paycheck basis and you...
“MainStreet Chalk Talk” The MainStreet Financial Planning Discussion Club When: Tuesday 1-17-23 at 7:30pm Eastern; 4:30pm Pacific ~30-45 minutes Recorded and able to retrieve for one week How: Zoom Meeting, Free to ongoing clients; $10 for guests Email: info@mainstreetplanning.com Hidden Insurance Limits Hosted by: Jennifer...
In 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act raised the age for taking Required Minimum Distributions (RMDs). Now, the Secure Act 2.0 of 2022, passed in December, raises the RMD age once again to age 73 for some and age 75...
The holidays are a special time to focus on giving not only to family and friends but to charities as well. Many of you will be giving to a charity this holiday season because you are supporting a cause which is meaningful to you, and...
The month of December can be busy. However, if more money in your pocket and less in the government’s coffers, is one of your goals then we need to focus on accomplishing some last-minute tasks that make take a few minutes. Maximizing your retirement contributions...
We would like to take this opportunity to remind you about your annual Required Minimum Distribution (RMD). As you may know, the Internal Revenue Service (IRS) requires that you take an annual distribution from your retirement accounts starting with the year in which you turn...
When I was younger, I used to have so much anxiety about holiday spending. Back then I was living paycheck to paycheck and didn’t have much savings. When the holidays came, I would overspend on Christmas presents for my friends and family and end up...
This is not your usual personal finance book! You will need to be OK with vulgar language, behavior analysis, storytelling, and hand-drawn illustrations of financial concepts if you decide to read this book. The book is not a guide on how to become rich, but...
Being healthy and fit is important to me. Each year instead of a New Year’s resolution, I make myself a fitness challenge. These are big challenges. I spend a good portion of the year on the fitness journey so I can successfully complete the challenge. ...
The IRS and Social Security Administration recently announced changes for 2023. Here are some highlights: The SSA has announced that benefit checks will rise 8.7% in 2023, the highest increase in 41 years. Social Security and SSI beneficiaries are normally notified by mail starting in...
November 4th, 2002, Jim Ludwick founded MainStreet Financial Planning, Inc. His desire to create a fee-only Financial planning firm accessible to people from all walks of life has now been around for 20 years. In that time, we have assisted over 2000+ individuals and families...
“MainStreet Chalk Talk” The MainStreet Financial Planning Discussion Club When: Tuesday 11-15-22 at 7pm Eastern; 4pm Pacific ~30-45 minutes Recorded and able to retrieve for one week How: Zoom Meeting, Free to ongoing clients; $10 for guests Email: info@mainstreetplanning.com for the recording! Roth IRAs: Conversions,...
Learn more about our new member to the MainStreet Team, Katherine Edwards! MainStreet Team: What has been your favorite project at MSFP, or what are you looking forward to? I am looking forward to helping clients feel confident in their ability to accomplish their goals...
Cynthia has embarked upon a bucket list item of hers and has become an Adjunct Professor at Golden Gate University! Here, she tells us a little about this new adventure in academia. Why did you want to be an adjunct professor? I went to Golden...
The 2022 holiday season is upon us, which means many of us will increase spending on entertainment, food, travel, and gifts over the next few months. All that spending can turn a joyful holiday experience into a stressful one. In this post, I share ways...
Last week the IRS issued IRS Notice 2022-53 related to Inherited IRA RMDs which I summarize below. Before we get into what the Notice says, let me provide a quick background on what they are clarifying. The SECURE Act was passed in late 2019 and...
I help my dad with his finances and pay his bills, but especially over the last couple of years, he has been increasingly forgetful and makes impulsive decisions that aren’t part of MY plan! Well, it used to be our plan, but he often doesn’t...
Inflation can be a silent budget killer. It causes everything to go up, from your groceries to your gas, as the purchasing power of money decreases. Try these tips to hold onto more of your money. Get organized and plan ahead – Meal planning is...
“MainStreet Chalk Talk” The MainStreet Financial Planning Discussion Club When: Tuesday 10-18-22 at 730pm Eastern; 430pm Pacific ~30-45 minutes Recorded and able to retrieve for one week How: Zoom Meeting, Free to ongoing clients; $10 for guests FOR ACCESS TO THE RECORDING, EMAIL info@mainstreetplanning.com Medicare...
There was big news earlier this month when the White House administration announced most student loan borrowers could qualify for $10k in forgiveness. While there are rules and stipulations for this one-time forgiveness, I will save that for another article, because I’d like to focus...
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Believe it or not, it’s nearing the end of the year. Getting closer to the end of the year anyway, and it makes me think– didn’t we all have some New Year’s resolutions where we purchased a subscription to Audible to force us to ‘read’...
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There are many steps in building an investment portfolio, in this article, I’ll discuss how asset allocation and risk tolerance are important considerations when investing. In simple terms, asset allocation is the mix of all the different types of investments you have in your portfolio....
“MainStreet Chalk Talk” The MainStreet Financial Planning Discussion Club When: Tuesday 8-16-22 at 730pm Eastern; 430pm Pacific ~30-45 minutes Recorded and able to retrieve for one week How: Zoom Meeting, Free to ongoing clients; $10 for guests For access to the recording, email info@mainstreetplanning.com Parenting...
This is a reminder to stay vigilant in protecting yourself against scams through the internet, by phone or email. We all need a reminder periodically to be aware of clicking on links that may turn out to be malware. Recently I saw what I thought...
For the past 28 months, student loan interest has been 0% and payments have been suspended. But the COVID-19 Relief for Student Loan Borrowers is set to expire on August 31, 2022. If you took advantage of the COVID forbearance, now is the time to...
A few years ago, my family decided to adopt two new kittens. We have always had cats in our family. They usually live relatively long lives, but ultimately, they seem to come down with either Thyroid issues, Diabetes or Cancer. Most of these can be...
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It’s graduation season and I’ve been thinking about the lack of personal finance education in the schools. Here are 4 things I think that every person graduating from high school needs to know by graduation. Banking – We should know how to interact with a...
“MainStreet Chalk Talk” The MainStreet Financial Planning Discussion Club When: Tuesday 7-19-22 at 730pm Eastern; 430pm Pacific ~30-45 minutes Recorded and able to retrieve for one week How: Zoom Meeting, Free to ongoing clients; $10 for guests Email: Info@mainstreetplanning to get a copy The latest...
If you have changed jobs or perhaps recently retired, chances are you were contributing toward your retirement in a 401K (or 403b) and have built up a balance in your account. What should you do with the balance in your account after you leave your...
I love learning about people’s money stories. It’s fun to hear how they talk about money, the experiences they have had with money, and what they want to do better with their money in the future. Today I’m connecting with my friend and colleague,...
With rising interest rates, that refi you did a couple years ago is looking pretty good now so does it make sense to pay down or pay off your mortgage early? We typically recommend our clients pay off their mortgage before retiring. This way, they...
Inflation, supply chain issues, labor shortages, and an uptick in natural disasters are all contributing to the rise in the cost of home construction and repairs. Without sufficient insurance coverage, a homeowner is at risk of having to pay out of pocket to rebuild their...
“MainStreet Chalk Talk” The MainStreet Financial Planning Discussion Club When: Tuesday 6-21-22 at 3pm Eastern; 12pm Pacific ~30-45 minutes Recorded and able to retrieve for one week How: Zoom Meeting, Free to ongoing clients; $10 for guests Email: Info@mainstreetplanning to get a copy Tax Planning:...
Many friends and clients are changing jobs these days as part of the Great Resignation which is making for a very competitive job market. In response, more and more U.S. companies are using equity compensation to attract and retain talent. The most common form of...
“Sandwich Generation,” you’ve heard this phrase before. In fact you might even be in it with your own family. I am certainly feeling like I am in the middle of that sandwich currently with my own. The big question is how do we balance our...
Last year, Jim Ludwick created a Money Tip on Buying an I Bond—the Series I Savings Bond. You can watch his recording here. At that time, the I bond was paying 7.12% which was phenomenal given the low interest rates at the time. Now, the...
It’s getting tough out there for first-time homebuyers. • Interest rates are ticking up. According to Freddie Mac, the 30-year average mortgage was just over 5% as of 4/28/22, up from the low of 2.65% in January 2021. • The annual inflation rate was 8.5%...
“MainStreet Chalk Talk” The MainStreet Financial Planning Discussion Club When: Tuesday 5-17-22 at 7:30pm Eastern; 4:30pm Pacific ~30-45 minutes Recorded and able to retrieve for one week How: Zoom Meeting, Free to ongoing clients; $10 for guests Email: Info@mainstreetplanning to get a copy Home Buying...
Learn more about our new member to the MainStreet Team, Vida Jatulis! When did you join the MS team? I joined MainStreet on February 15, 2022. What are you most excited about working for MainStreet? Meeting clients and helping them have a vibrant and healthy financial life...
Today on the Money Boss Podcast I am sharing a few free and low-cost ways that you can do to provide memories that your family will cherish for their lifetime after you are gone. Listen Here! Get Access to our “Chalk Talk – Estate Plan...
No matter what stage you are at in your life, taking steps to build wealth will ensure that one day you won’t have to work to pay for the things you need and want. Instead, you will use your savings and investments to generate a...
Disclosure-The investments or services suggested may not be suitable for all investors and is not to be considered investment advice or a recommendation. Consult your financial advisor before making any investment decisions While I definitely hope to make more money from my investments, I...
You want success at work, the perfect house, and of course, the perfect family and the money to afford this dream. Then reality hits and things don’t go according to plan. But imagine being a mom, that other moms are talking about, and asking, “How...
I was just quoted in GOBankingRates! The article by Heather Taylor discusses the pros and cons of automatic bill paying. Great article! I have all my bills set up for automatic payment and use the strategy I mentioned with the separate credit cards. Since I make...
April 2022 This month’s topic is Estate Plan Do’s & Don’ts Hosted by Anna Sergunina, CFP® and joining her as a guest commentator: Carmen Rosas, ESQ When you hear the words “Estate Planning” it may sound very sophisticated and only meant for the very wealthy,...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings Spring is here! New energy is flowing and many of us tend to want to get out more, maybe clean out our homes...
As I was doing some *very* belated spring cleaning this afternoon, I came across one of my favorite financial books: Rich Dad Poor Dad by Robert Kiyosaki. I first read this book in 2009 and looking back now it was one of the small steps...
Twenty years ago I was working for a very famous money manager but things weren’t going well. The market was down, and nobody wanted to sign up for money management. This was just after 9/11 and that had followed the dot com bubble bursting. I...
The topic of preparedness has come up three times in the last week—once from Liz Gillette, one of our advisors, once from my sister and once from a client. When you hear a common theme like this, it’s worth paying attention! Living in sunny California,...
The bad guys get better every year at being imposters. Years ago, they were a Nigerian prince. More recently they were about your car warranty. Lately, and especially around this time of year (March and April) it’s the IRS calling. So, how’s one to know...
Conventional wisdom tells us to put as much money as we can toward funding our future retirement. This is something I read all the time, disguised as solid financial advice for people in their 20s, 30s, and 40s. “Put as much money as you can...
MainStreet founder Jim Ludwick published two paperback and Kindle books in the last several months. The first, “Don’t Miss This Road: Financial Independence – Overcome Procrastination” was designed to have the reader think about the reasons they were not moving ahead and give them tools...
Starting January 1, 2022, the IRS will require third-party payment network providers to issue a Form 1099-K Payment Card and Third-Party Network Transactions for amounts received through them (apps like Venmo and PayPal) to report to the IRS. But does this mean that if your...
What percentage of bonds should be in your investment portfolio at retirement may change based up information from a recent study published in the Journal of Financial Planning (Jan. 2022). Author and university professor Stephen Larson, PhD., published extensive research looking at back tested withdrawal...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings In this week’s Money Date, Anna reviews tips for young adults. Create a budget & start an emergency reserve (Curveball Account) Live cheaply....
I’ve noticed a few trends in my 20– and 30-something clients and friends that are looking to get their financial footing. There are a series of steps to take and (arguably more important) pitfalls to avoid as you make the journey to becoming financially independent...
No matter what stage you are in in your life, it’s important to learn the basics of making smart financial decisions. Life can go by so fast so thinking about how to secure a financial future begins now. Think about the basics – how much...
Jim Ludwick exercises through his Money Tip as he explores the 6 different ways to communicate with the IRS this tax season and beyond.
July through December of 2021, eligible parents/caregivers of minor children received “Advanced Child Tax Credit” payments directly to their checking account. If you received these payments, now is the time to take action and identify whether you need to return some cash, or if perhaps you’re...
If you’re like me, you’ve seen lots of “to-do” financial checklists and articles to start the new year. How come nobody writes about the opposite, the “what not-to-do” list? Maybe it’s the fear of being negative or that they couldn’t come up with a list. Well,...
With every year, there is a new opportunity to make smart financial decisions. For this year, resolve to develop good financial habits with some 2022 financial planning resolutions! 1. Write down your goals. It is so much easier to make your goals a reality if...
If you purchased a home last year, your income tax return may look different this year. Here is an introduction to what you need to know as a new homeowner filing your income taxes for the first time after your purchase. Basics of itemized vs....
Now that the New Year holiday has passed many people start thinking about their tax returns, especially if they anticipate receiving a refund. For many families, the tax refund is one of the largest infusions of money they will receive in a year. There were...
If you have a 401k, 403b, or some other retirement plan account at work then you already are using this technique to invest in the stock and bond markets. Putting in money to your retirement account from each paycheck is the classic dollar-cost averaging tool....
President Biden announced on Wednesday, December 22nd that student loan forbearance will receive yet another extension. The new start date for loan payments will be May 1st, 2022. Ninety days beyond the previously agreed-up start date. The CARES Act forbearance has placed most federal student...
Rereading the article I wrote a year and a half ago, Looking Ahead to 2020 Hindsight, the one thing that became abundantly clear was that I had no idea this pandemic would last as long as it did! It seemed like common sense to band...
I am so excited for this December, not for Christmas, like you would expect but because my husband is turning 49. Come January, he will be eligible to start catch-up contributions into his qualified accounts. Catch-up contributions are in addition to the annual contribution limit....
As a single mom with a young child, I knew I needed to have a solid plan for handling my financial affairs, for the benefit of my daughter, if something were to happen to me. I talked with my family and friends and found that...
When did you join the MS team? Jennifer – I joined Mainstreet November 2, 2021 What are you excited about working for MainStreet? Jennifer – Mainstreet’s financial service offering fits right into my long standing belief that financial planning should be available to all people,...
It’s almost the end of the year. Holidays are approaching or are already here. There are three issues to consider before year-end when you contemplate the conversion of Traditional IRA funds to a Roth IRA account. First and foremost is the tax consequence. Your income...
“No one ever lost money on Santa Barbara (CA) real estate.” That’s what I had heard repeatedly over the years. Santa Barbara is sometimes called the “American Riviera.” It’s beautiful and lots of people visit and come back to live there. That’s the start of...
There are many financial habits to work on over your lifetime. One financial habit you can commit to changing now is to hit pause when making a significant purchase in the hopes to change a behavior. Have you ever bought gym equipment only to have...
Open Enrollment means a lot of different things depending on your status in life. If you’re someone who will be looking for health insurance under the Affordable Care Act (ACA) Marketplace and you are looking for a subsidy then pay attention to this. It’s not...
I Bond is paying 7% interest over the next 6 months. How do you open an account and buy an I Bond? What are the rules when you open an account? In this Money Tip, Jim Ludwick shares how to buy an I Bond.
To close out 2021 Financial Planning Month I want to ask you to shift your focus and the bigger picture. First… Review your current financial goals – don’t wait until New Year’s resolutions in January to do that. How have you done this year so...
Continuing our discussion about how you can improve your finances… Let’s talk investment portfolio. When was the last time you reviewed how your accounts are doing? I personally review every investment account and track balance changes every month. It’s really good for me to see the...
You might be surprised to learn that October is National Financial Planning Month and it’s a great reminder to take a few small steps to help improve your financial health and make better money management decisions. With the holiday season quickly approaching and all the...
Like many folks, I have been working at home with my son. Unlike many folks, I specifically chose this. When I first came to MainStreet, I was trying to have a baby. The ability to work from home was a huge draw for me. The...
Hi there! Many of you have been following along in my home purchase saga that began a few years ago. I’m writing today (10/22) to say that as of Wednesday, October 20th we found out the short sale will be approved and we close on...
My husband and I purchased a house in 2015 when he retired from the Army. It was built in 1973, and while a few rooms had received some minor facelifts, most of its 70’s glory was still intact. But we were excited anyway, to finally...
Most of the time we think about investments at end of the year. However, throughout the year, there may be volatility in the market which presents a perfect opportunity to take a peek at your portfolio for any tax losses to harvest! Look at your...
At one of my prior jobs, a partner’s wife had already written the obituary for her husband long before he passed away. It seemed unusual because before then I had always thought of obituaries being written with all the general factoids of a person’s life...
In this Money Tip, Jim Ludwick provides some insight into the best ways to budget your money. He describes how understanding your spending habits is important to focus on when thinking about how you will budget. What are you going to choose to spend your...
“The Times They Are a-Changin’” Bob Dylan’s 1964 song is the headline for this discussion of why you need to keep updating your financial plan. What’s changing you ask? The rules and your situation. Two significant forces at work. The US Congress, state legislatures, and...
Being a first-time home buyer can feel scary and exhilarating all at the same time. It’s important you approach this major life decision with a plan (and a back-up plan). Here are 10 tips to guide you through being a first-time homebuyer. Think about why...
You want to buy a house, but how much house can you really afford? When the question is how much in housing costs is actually doable, Cynthia Flannigan, CFP recommends to ‘practice’ paying for your new home (because practice makes perfect!). Watch this Money Tip...
Why can’t you save for a house down payment? In today’s market, lots of people want to buy a house with historic low-interest rates. Jim Ludwick explains several reasons preventing people from purchasing a home.
Tis the season – for home improvements! Liz Gillette discusses 5 high-impact changes you make to your home (or apartment) that won’t break your budget. Most of the changes are renter-friendly and she included two bonus ideas you will love. Here’s a link to the vent covers...
In the hot housing market that we are experiencing now in most parts of the country, we are hearing lots of comments about not having enough for a down payment for what is called a 20% down payment conventional loan. Home prices are moving up...
It comes as a shock when the Social Security folks won’t honor your durable power of attorney. You need to know their rules and plan ahead. In this Money Tip, Jim Ludwick talks about how he found out the hard way.
“My 401(k) provider wants to know if I’m aggressive, moderate, or conservative? How do I know, and what are they getting at?” While every financial institution has a desire to “get to know you better” so they can market products more effectively to you, this...
It’s not unusual for clients, prospects, and friends to ask me if they should stop investing for a while and just save money for a car or some other future expense so they can pay cash. This is a more common question when markets are...
Your investments typically earn dividends, but do you know if these dividends are reinvested and does that align with your objectives? Cynthia Flannigan discusses when you may want to reinvest dividends and capital gains, and points out where you might find your reinvestment elections on...
Managing financial decisions may seem overwhelming, particularly after you’ve lost a loved one. Here’s an introduction to what you need to know as a beneficiary inheriting a parent’s pre-tax 401(k) account. First, you’ll need to complete the paperwork necessary to transfer ownership. This is also...
In today’s Money Tip, Anna Sergunina is going over how to track progress in your investment portfolio. If you’ve ever wondered whether or not your investments are successful, or you aren’t sure whether you’re hitting your targets, this video is for you!
Most of the time we’d think about investments at end of the year. However, throughout the year, there may be volatility in the market which presents a perfect opportunity to take a peek at your portfolio for any tax losses to harvest! Look at your...
“In an efficient market, at any point in time, the actual price of a security will be a good estimate of its intrinsic value.” – Eugene Fama, the “father of modern finance” Efficient Market Hypothesis is the belief that all information relevant to stock prices...
If equity compensation (i.e. RSUs, ISOs, NSOs, ESPP) is a part of your employer benefits package, you’ve inherited a stock that’s skyrocketed, or you made a lucky bet on a company’s IPO, chances are your portfolio may develop a concentrated stock position. “A concentrated position...
MainStreet Team: When did you join the MS team? July, 2021 MainStreet Team: What has been your favorite project at MSFP, or what are you looking forward to? Looking forward to being part of a team that helps clients achieve their financial goals without the...
Lots of “bells & whistles”, aka Features and Benefits when it comes to selecting a savings account for your child. What should you choose?
For parents who want to teach their kids about money and financial literacy, one of the best things to do is to help their child open a savings account. But before you jump to opening one up, let’s talk about YOUR reasons for doing this.
There are typically two types of accounts you can open for your child: savings account for a minor or a custodial account, and the difference is important. Let’s discuss!
The decision to split an investment portfolio into two distinct asset allocations is not a piece of cake, but we can call it a two-layer cake. This cake solves the problem of how to manage for the current generation which may have a fixed income...
Old-timers might recall that I once labeled myself as the Andy Rooney of financial blogging. I’ve sort of revised this article and maintained that particular style. I’m uncomfortable with a number of issues that affect financial consumers. Here’s some and here’s why. Target Date funds...
A Roth IRA is an excellent savings vehicle to take advantage of thanks to its tax treatment. Contributions are made with after-tax dollars, grow tax-free, and the growth can be withdrawn tax-free! Also, your contributions can be withdrawn at any time without tax consequences. How...
“It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” – Robert Kivosaki Financial literacy leads to financial independence – the freedom to work when, where, and how...
In this Money Tip, Jim Ludwick answers the commonly asked question, “should I put money in one lump sum or over time?”
An UTMA, Uniform Transfers to Minors Act, (or UGMA, Uniform Gifts to Minors Act) is a way of transferring wealth to your child. Since minors can’t hold assets, you act as the custodian of the assets. You’ll continue to manage the account until your kid...
By the time a child is three years old, they can start to understand the concept of money according to several university studies. Does that mean it’s time to start an allowance? Doing research on the topic led to me numerous reports, blogs, and videos...
How do you teach young children about money? In this Money Tip, Jim Ludwick talks about the 3 jars of money: spending, saving, and sharing.
What information do you need as parents to raise confident, emotionally healthy, and resilient children? What is emotional intelligence and why is it important for parents to teach this to their children? In this episode, “Emotional Intelligence for Children,” Anna Sergunina chats with Dr. Steven...
MainStreet Team: When did you join the MS team? Anna: I joined the MainStreet Financial planning team in July of 2006. 15 years ago! Since I was very new to the industry, I started working as an administrative assistant/para-planner. I convinced Jim Ludwick, that he...
Saving for financial goals involves two phases: accumulation and withdrawal. These phases form the basis of a strategy to allocate savings and securities into different forms based on the time when the money might be needed. One of the biggest concerns we hear about as...
In this Money Tip, Jim Ludwick talks about how much cash do you need on hand, in your checking account and for common emergencies. Be prepared and think ahead with these helpful money tips.
Navigating the home buying process can be stressful, and in these unprecedented times, it can be downright scary. It’s important to give yourself the best possible tools to succeed in securing your dream home. Here are some simple tips to put yourself ahead of the...
In this Money Tip, Jim Ludwick talks about several considerations when thinking about refinancing your home.
The tricky thing about home improvement is maximizing your return on your investment. You want to spend money that will yield a return when you sell your home, but not overspend way beyond what a buyer would be willing to pay you. So how...
In today’s Money Tip, your host, Liz Gillette, is talking about building a “life organizer.” This organizer is a go-to place to store any bills, vendors, and financial resources you and your family members may need. Want the free life organizer template? Email Kassy@mainstreetplanning.com and we’ll send...
I’ve been fortunate enough to have learned, connected, and interacted with a lot of people in my professional career as a financial planner who helped to shape my understanding of money and finances…but it didn’t just start there. I had to fall down and make...
Stay patient with yourself and others as we get reacclimated to this new reality When looking for ways to cut cost, remember this: fail to plan = plan to fail. Avoid high ticket items like airport food and poorly planned pitstops Read the fine print....
One of our advisors, Jim Ludwick shares his tips to keep you safe when traveling.
Mental toughness. A phrase tossed around frequently in athletics. Which athletes can handle the late game fatigue, the pressure, the mind game that sports require? Who’s the clutch, go-to player that rises to the occasion and is ready to carry the weight of the team...
In this Money Tip, one of our financial advisors, Rachel Clawson answers these questions she gets a lot from clients, “How do I tell if I’m on track with my finances?” Are the things I’m implementing towards meeting my goal worth it? It’s easy to...
In this Money Tip, “How to Evaluate and Cash in Savings Bonds” Jim Ludwick shows you how to take your EE savings bond and digitize them by putting them online. He discusses the elements you need to recognize on your EE savings bond. Click on the link...
Employment changes will happen to every one of us and more than once in our lifetimes. Working for one employer or keeping one career is not viable any more. The era of lifelong employment with just one employer is long gone.
Spring is my favorite time of the year. We become more active with outside activities, start to travel and of course our expenditures increase. The month of May also means graduations and new beginnings for many young adults. I want to share with you the financial advice I wish I had received when I was in my 20s, but I didn’t. I had to learn the hard way! I became a certified financial planner. You don’t have to!
Strong demand + low rates + low inventory = happy sellers, exasperated buyers. Resale supply is at a 10+ year low. Down 52% since March 2020. Meanwhile, resale demand is up 14% compared to March 2020. Resale median days on market is less than 7...
In this week’s Money Tip, Liz Gillette talks about what your financial planners should be reviewing when looking at your estate planning documents. Even the most basic things, like formalities, timeline of events, and important definitions to know are crucial to include. Liz talks about...
When it comes to investing, getting data to support your views comes in all sizes, shapes, and colors. Morningstar, the mutual fund and stock research firm, does a good job of sorting the performance of individual funds versus a specified benchmark and a fellow group...
We get this question asked by our clients all the time: “How do I create a framework for my money? I don’t where to start!” Our financial advisor, Rachel Clawson discusses a simple concept of the 3 Buckets of money. First, it’s important to determine...
Why do we do what we do? Listen to this message from one of our clients that highlights why we are here to help people achieve their financial goals and make smart financial decisions. Your victories are our victories. We love to hear about your...
I’ve often joked that the conversations that happen in my family may be a little different than in other families. With a financial planner in the house, it’s no joke, really. I have a tendency to bring up conversations about what happens when someone dies—what...
With tax returns being filed right now, it’s time to sit back and take a look at what you might do differently for next year’s filing. Here’s a list of nine opportunities you might want to take advantage of this year. It’s time to look...
Welcome back! If you missed part one of the 10 Money Milestones to Hit Before 30, check it out here. If you already have, let’s dive into part two! Simple Estate Plan documents. Everyone needs a Last Will and Testament, Financial Power of Attorney, and...
Meet our employee spotlight of the month: Cynthia Flannigan! Cynthia is part of the financial planning team here at Mainstreet, and we’re so lucky to have her! See her full bio here A few fun facts about Cynthia: Favorite book or movie? I love...
According to the IRS, more than 23 million people received unemployment benefits in 2020. Typically, unemployment benefits are fully taxable by the IRS and must be reported on your federal tax return. One of the features included in President Biden’s American Rescue Plan Act of...
I hate to generalize and say if you’re reading this, you need to accomplish each one of these milestones before you turn 30 or you’re doomed. Because I’m not in the business of fearmongering. However, as a financial coach I will be the one to...
In today’s Money Tip, Liz Gillette, CFP® discusses ways to manage your cash flow and budget without manually tracking it. Watch the short video to learn how to set yourself up for financial success with these tips. Get current on all bills and establish an...
While you can collect your Social Security as early as age 62, you don’t have to take it then. I know a lot of people do, and perhaps some are unaware that they can wait. If you are still working, you are eligible to collect benefits, but...
In this Money Tip, Jim Ludiwck CFP® discussed the delay in state tax filing deadlines and quarterly paymnets.
I’ve been very lucky in my professional life to have had a mentor who not only helped me get started in my financial planning career but continues to support me and other women in this amazing profession 15 years later! Jim Ludwick, CFP® is...
In today’s Money Tip, Jim Ludwick discusses The American Rescue Plan Act and why Adjusted Gross Income is important.
If there’s one thing we’ve learned from 2020, it’s that change happens whether we like it or not. Changes in family, love, location, job; we’re ever-evolving. Take your job for instance. Seemingly overnight, it could become either obsolete or bloom into something the world can’t...
Liz Gillette, CFP® is a financial planner at MainStreet Financial Planning, Inc. Liz enjoys working with clients in their early- to mid-career, and hoping to find a solution to the competing priorities that they’re facing, such as enjoying life in the now vs. saving for...
Jim Ludwick, CFP® founded MainStreet Financial Planning, Inc. (MSFP) in 2002. A retired U.S. Air Force officer, Jim’s career experience includes working as a hospital administrator, commercial real estate broker, life insurance agent, vice president of two different bank trust departments and a regional vice president...
Do you ever wonder why women treat their money differently than men? Well, first money is a very personal matter for each and every one of us. Dr. Mary Bell Carlson is a financial behavior expert and has worked in both the military and...
A 54-page research study published in 2015 in Contemporary Accounting detailed the distraction of millions of investors from watching the securities markets and earnings news to watching college hoops*. Really? Are you ready to make moves while others are asleep at the switch? As I...
In today’s money tip, Jim Ludwick, CFP® discussed finding lost money or property and how to find out if you are owed anything.
Meet Rachel Clawson, CFP®, a fee-only, fiduciary financial planner at MainStreet Financial Planning, who shares her own Money Story of how she found a parallel between how well you take care of your own physical body is no different from how well you take...
In today’s Money Bo$$ podcast, we meet Cynthia Flannigan, CFP®, a fee-only, fiduciary financial planner at MainStreet Financial Planning, who shares her own Money Story of how she embarked onto a journey, not only in her professional but personal life to find a rewarding career...
Whether you’re in a new relationship, planning your wedding or celebrating your 50th anniversary, money enters the conversation. We all carry our own beliefs and emotions regarding finances that stem from our unique experiences. It’s natural to experience relational strain when trying to blend your...
Did you know that your D.R.E.A.M.s are totally real and possible to materialize?! No matter how big or small. There just needs to be a little bit of structure in place around your finances, spending, and budgeting in particular. In this 2 part of the...
In this Money Tip, Jim Ludwick talks about the importance of saving the box for your purchases and what you might go through if you do not!
Six years ago, I wrote this article and I’ve gone back and revisited it to see how my thinking might have changed. Here’s what I originally said: Watching PBS’s National Business Report recently, I saw an interview with Warren Buffet. Now that kind of interview...
Kassy Hunt joined the MainStreet Financial Planning team in April of 2016. Kassy brings over 20 years of client service experience. She began waiting tables at 16, and has been helping people in one form or another ever since. Kassy has managed both music and...
The collective nature of a giving circle allows your money to make a bigger impact. It connects you to like-minded individuals in your area that share similar values and ideals. It takes the guess work out of choosing non-profits to donate to, and can keep...
It’s my birthday week. I am turning 38. I was thinking about what I want this next year to look like. It’s funny how when I was in my twenties I always wanted to look and be older. For some reason, I thought people would...
Get organized for the new year! Watch to hear how Cynthia organizes her own credit card and store card files.
Financially Independent Retire Early (FIRE) is an acronym and concept that seems to have come from a book published in 1992, Your Money or Your Life by Vicki Robin and Joe Dominguez. The book and later editions focused on expenses and time working versus the...
In today’s Money Tip, our founder, Jim Ludwick discusses financial stresses and how to overcome them.
A new year is a great opportunity to get organized! Below is a list of some things that you should be doing every year. Planning to do them at the beginning of the year is a great way to set a date and get this...
In this second interview with Emily Martinez, time hacking expert, we go about discussing her favorite time hacks you can apply in all areas of your life: family, household, relationships & business. Learn true and tried tips & tricks and best practices to feel more...
They say to write what you know. What I know is my family has been on a home search for a year and a half. We narrowed down our desired home first by location, then by features. We identified a specific neighborhood early last year....
Today we share an interview with a time hacking expert Emily Martinez. This is a topic we all need to revisit, not just once a year, but every day! Who doesn’t want more time in their day? Life? We are talking in this episode about...
It’s a new year and all the investment results are in. We at MainStreet keep seeing 15+ percentage point increases for several asset classes and mutual funds for the year just past. You probably do too. Now everyone is wondering why their accounts didn’t go...
Reaching your goals is fantastic. You’ve worked so hard to get there and now you can celebrate. There’s always a high that comes with reaching your aspirations, but then comes the dreaded low. It’s our natural tendency to want to take a break after a...
COVID-19 has upended the universe. What we thought was important to us in February isn’t nearly as important now. Family and friends are what we miss most, and as the holidays are near, I wanted to share my best gift ideas that can bring you...
Everyone has a bad day. You could wake up, have a great morning, and then wham, bad day hits. It can derail your afternoon, your evening, and your week or maybe even your year. But have the confidence in yourself to know that you are...
This is a reminder to stay vigilant in protecting yourself against scams, especially around the winter holidays. If someone calls you, remember not to give out your Social Security number, credit card number, or any other personal information. If they’re asking for personal information and...
With interest rates so low in high-yield savings accounts, it doesn’t always seem like that’s the best place to put too much cash these days. Still, having sub-accounts in a high-yield savings account is still a good idea for saving for these short-term goals. Your...
Most of us learned what we know about money from sitting around the dining room table, hearing our parents talk, or maybe even argue about money. That’s our first memory, good or bad. It was our first exposure to financial management. Money isn’t just a...
Living your best financial life means learning from the best and implementing their ideas. You don’t have to reinvent the wheel or have grand and new thoughts to revolutionize the world. You just need to know that’s it’s all been done before. The situation you’re...
Some moments in life will stop you dead in your tracks. A job loss or illness can derail your goals and your future. The unexpected is scary and sometimes out of our control, but there is one thing we do have power over, and that...
We’ve been getting many variations of this question: “What should I do to prepare for Biden’s tax reform?”. Let’s start by recapping what President-elect Joe Biden has laid out for his overall tax plan. Raise the top individual Income tax rate back to 39.6%. President...
All you bargain hunters listen up. Don’t forget to check competitor ads for price match guarantees. Read the fine print. Your eagle eyes can save you money! Save your receipts and ads and you can save yourself $$$.
It’s not unusual for clients, prospects, and friends to ask me if they should stop investing for a while and just save money for a car or some other future expense so they can pay cash. This is a more common question when markets are...
What can a godparent, aunt/uncle, close family friend do to give a special child in their life a leg up? Idea #1: Help them invest for various financial goals (non-education, non-retirement) Consider setting money aside for them in a brokerage account. Lots of flexibility. You...
Right around this time as we approach the end of the year, we get questions related to taxes. How can I be more tax-efficient? What tax deductions are available? We also get the question: are financial planning fees are tax-deductible? No, they’re not. End of...
My grandchildren are rapidly approaching adulthood. Now that’s scary since this means grandpa (and their parents) will have less influence as their peers and society at large becomes more impactful on their daily lives. In addition, this week as I write this, I’m counseling the...
In this money tip, video Jim reviews a diagram to help give you some wisdom and guidance through the crazy world we currently live in.
October 15th has come and gone. If that wasn’t an important date for you this year – congratulations. Your lack of focus on October 15th probably means your 2019 taxes were not filed at the last-minute deadline this year. But lookout. Next year could be different. That wonderfully misnamed “SECURE” and...
Most people know when they sell their primary residence they have the ability to take a home sale exclusion, $250,000 for an individual, and $500,000 for a married couple, assuming specific criteria have been met. This home sale exclusion reduces the amount of capital gains...
As the Federal Reserve lowers rates, the odds of finding a high yield on liquid investments are very low. Watch our tips on how to research and invest your emergency fund at the best rate available for CDs and bank savings accounts.
Your estate plan is the map of your intentions, and keeping it up to date is essential. Are your POAs in order? Are your IRA beneficiaries correct? It’s all in the details. Learn about the 6 most frequent planning mistakes.
Paying for your child’s education begins with completing the FAFSA. The form takes a picture of your entire financial life the previous 2 years, with some data even captured on the day of submission. Learn our tips and tricks to maximize your chances of receiving...
I learned through a frequent flyer online discussion group awhile back to “Hang Up and Call Again” (HUCA) when the airline agent on the phone didn’t understand the problem or wouldn’t adjust a reservation even though it was allowed. Or they wouldn’t book a flight...
On August 8th 2020, President Trump issued an executive memorandum offering companies payroll tax deferral in an effort to provide relief to workers amidst stalled coronavirus relief legislation. Employees are typically required to pay 6.2% of their salary (up to $137,700 income) toward the Social...
The correction is coming, the correction is coming. Do I sound like Paul Revere announcing the British? Well, yes, that’s my intention. I wrote a similar missive six years ago. I’m still saying the same thing: – Stay diversified – Have enough cash on hand...
In today’s Money Tip Jim Ludwick identifies 7 tips to help you save while you are in retirement.
In today’s very low-interest-rate environment, seniors who are retired are looking for ways to save on their expenses so they can conserve their cash and investments. We looked over the many ways to save as espoused by the blog The Simple Dollar, and other publications...
How do you find a Home Inventory App? What are the benefits of utilizing one? In this video Certified Financial Planner Cynthia Flannigan answers all your questions around using a Home Inventory App to help manage your finances.
Our lives are busy, and it can be tough to find time to focus on your finances! But we all know that what we focus on in our lives is what ends up taking priority. Money is no different! The good news is that you...
We know you love your kids and want the best for them. Paying for their college education may be high on your list of goals. Most of the time I hear parents wanting to make sure their child isn’t saddled with tremendous student loan debt,...
In today’s Money Date, your host, Liz Gillette, CFP®, reviews 529 plans and how you can start saving for your little ones.
Too often as financial planners, we see people who have made or are about to make one of four significant social security claiming mistakes based upon misunderstanding or poor advice. These choices could end of costing thousands of dollars in benefits should they or their...
In today’s Money Tip, your host, Anna Sergunina, CFP®, helps you understand the importance of saving for both retirement and college funding.
Earlier this year I wrote an article about how I was readjusting my budget to afford an unintentional splurge–tickets to see Rick Springfield. This was before the coronavirus happened, and not surprisingly, the concert has been postponed to next year. I later found out that...
Jim talks about how to determine whether buying gold is an option you should explore. Let’s watch!
Jim talks about how to determine whether refinancing is right for you. Lets watch!
In today’s Money Date, your host, Anna Sergunina, CFP®, is going over how to track progress in saving for retirement, and ways you can use “benchmarks” to streamline your financial strategy.
In today’s Money Tip, your host, Anna Sergunina, CFP®, is going over how you can research and find an online bank that’s right for you.
My Aunt Doris passed away recently and I’m her executor. The executor is the person designated to handle affairs after the death of a person. She and I had planned ahead to make her legal and financial affairs relatively easy for me to handle even...
In today’s money tip Jim Ludwick talks about how much money you need to retire. Want to figure out your number? Let’s watch!
Last updated July 2, 2020 The current climate is both heartbreaking and at the same time, inspiring. MainStreet stands in solidarity with those trying to make the world a more fair and just place. But stating our support isn’t enough. During these trying times, it’s...
Jim talks about returning your RMD for this year if you have already taken it. Lets watch!
Older Americans who have been laid off or furloughed recently are facing a new reality. They are experiencing the fear of not being employed again and facing early retirement including applying for social security because they need funds to survive. That fear of no more...
PLACES TO DONATE NAACP ACLU BLM Black Youth Project AACP Legal Defense and Educational Fund, Inc. My Brothers Keeper The Trevor Project ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ ARTICLES & OTHER RESOURCES ON HOW TO HELP, BECOME AN ALLY, OR EDUCATE Berkeleyside: 5 Things You Can Do to...
Mental toughness. A phrase tossed around frequently in athletics. Which athletes can handle the late game fatigue, the pressure, the mind game that sports require? Who’s the clutch, go-to player that rises to the occasion and is ready to carry the weight of the team...
In today’s Money Tip, your host, Jim Ludwick, is reviewing how to put together your Medicare strategy. Ready? Let’s dive in!
Our cities are starting to reopen but it will still take a while to get back to some sort of normalcy. With the last couple of month’s struggles still fresh in our minds, if you could go back in time, what would you do differently...
In today’s Money Tip, your host, Jim Ludwick, is reviewing how to build a retirement withdrawal plan using this custom cash flow worksheet. Ready? Let’s dive in!
In today’s Money Tip, your host, Liz Gillette, is talking about how you can make an impact during these challenging times. From volunteer work, to financial donations, there’s a way you can lend a helping hand to people who have been impacted by the COVID-19...
Do seniors have a problem when it comes to Roth IRA conversions? In 2005 the congress removed a strict limit on conversion of traditional IRAs, SEP-IRAs and Simple IRAs into a Roth IRA. Roth IRAs had entered the retirement planning landscape in 1997. The process...
This post was updated on May 1, 2020. Retiring or furloughed before age 65 is a long-term goal or a dire situation for many older workers who find themselves in the middle class these days. With the exception of many government workers and military retirees,...
In today’s Money Tip, your host, Anna Sergunina, is going over her best tips and tricks for working from home! As Mainstreet Financial Planning is a virtual, nationwide team – they’ve had many years to practice virtual work. Anna is sharing how to create a...
In today’s Money Tip, your host, Cynthia Flannigan, is covering the top tips to protect yourself against IRS fraud and identity theft.
In today’s Money Tip, your host, Jim Ludwick, is going over updated recommendations for how to leverage your “bucket one” retirement savings.
In today’s Money Date, your host, Anna Sergunina, CFP®, is going over how you can protect your finances during these unprecedented times.
Dealing with a very unexpected worldwide event that has catastrophic consequences such as death is bone chilling when you realize it could affect you and your family. How are you dealing with it? Is this just a financial question or a much larger and diverse...
EDUCATIONAL WEBINARS A general overview of the stimulus package, and what you can expect: During these uncertain times, it seems like the nation’s financial situation is changing day by day. On Friday, March 27, the CARES Act went into effect. This coronavirus economic stimulus...
In today’s Money Date, your host, Anna Sergunina, CFP®, is going over what resources are available to small business owners to help them survive the coronavirus outbreak. Coronavirus Relief Options Important Dates to Remember Paycheck Protection Program Application Opens April 3, 2020 for...
This past Friday Congress passed the CARES Act which includes a number of individual, family and small business provisions. We are evaluating the legislation, so we can provide timely advice to our clients. The CARES Act includes over $350B of benefits to small business and...
This past Friday Congress passed the CARES Act which includes a number of individual, family and small business provisions. We are evaluating the legislation, so we can provide timely advice to our clients. The CARES Act includes over $350B of benefits to small business and...
This past Friday Congress passed the CARES Act which includes a number of individual, family and small business provisions. We are evaluating the legislation, so we can provide timely advice to our clients. The CARES Act includes over $350M of benefits to small business and...
This past Friday Congress passed the CARES Act which includes a number of individual, family and small business provisions. We are evaluating the legislation, so we can provide timely advice to our clients. The CARES Act includes over $350B of benefits to small business and...
Congress’ $2 trillion-dollar stimulus package is expanding the relief on student loan payments, for some. Borrowers struggling to make payments as COVID-19 cripples parts of the U.S. economy have received an extension on their forbearance. Under the new stimulus package that passed through the House today,...
With interest rates being cut, many people are wondering whether or not they should refinance their mortgage to a lower rate. In today’s Money Date, your host, Anna Sergunina, CFP®, is going over how to determine whether or not you should refinance your mortgage!
Last Updated May 24, 2021. During these trying times, it’s important to remember that we’re all in this together! Our team at MainStreet Financial Planning has rounded up a list of resources to help you get through this season. We’ve broken our resources into categories...
The Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law by President Trump on December 20, 2019. It is intended to improve our country’s retirement savings crisis. As most of us are aware, one-in-five Americans have no retirement savings at all...
It was just about 12 years ago that I sent out an email to our clients, “IMPORTANT MESSAGE FROM JIM LUDWICK” on the subject line. It was the depths of the last market slide into 50% loss of stock market value. What was my message?...
In today’s Money Tip, Cynthia Flannigan is going over how to prioritize your financial goals. Prioritizing goals and creating a plan accordingly is one of the hardest things people do in their financial lives. This video will help you get started!
In today’s Money Tip, Liz Gillette talks about how to budget for a new baby. She’s covering the top steps to take when you find out you’re expecting, and how to start preparing financially for your new bundle of joy!
You don’t want to miss this episode! In today’s Money Date, your host, Anna Sergunina, CFP®, is going over how to increase your money flow.
In today’s Money Tip, Anna Sergunina is going over how to track progress in your investment portfolio. If you’ve ever wondered whether or not your investments are successful, or you aren’t sure whether you’re hitting your targets, this video is for you!
We’re launching our new video series – Money Tips! In today’s Money Tip, Jim Ludwick is going over the 7 habits of savvy savers. If you’re ready to boost your savings and start better habits, this video is for you!
In February’s Live With MainStreet, Anna and Jim are going over how you can start building strong financial habits today. They’re covering saving, planning for retirement, insurance, and more! Are you ready to tune in? Let’s go!
This whole thing started with a text from my friend. She told me that Rick Springfield is playing at the Concord Pavilion this summer, and isn’t he one of my bucket list artists? I have been a fan of him for such a long time,...
Not a day goes by that I don’t ponder my own retirement and lifestyle. Like many other baby boomers, the light at the end of the tunnel is in sight and it’s a little scary. So how does one person or a couple prepare for...
In January’s Live With MainStreet, Anna and Jim are going over how you can get organized as we kick off a new year – and a new decade! They’re covering saving, spending, budgeting, and so much more. Are you ready to tune in? Let’s go!
Ready to knock a few financial “to do’s” off your list before 12-31? You don’t want to miss this episode! In today’s Money Date, your host, Anna Sergunina, CFP®, is going over a few year-end money moves that you can make today!
In December’s Live With MainStreet, Liz and Cynthia is going over all of the top-performing content that MainStreet Financial Planning team has produced in 2019! They’re covering MainStreet shows, LIVE Facebook videos, media spotlights, blogs, and more! Are you ready to tune in? Let’s go!
Does the holiday season have you feeling overwhelmed? In today’s Money Date, your host, Anna Sergunina, CFP®, is running through how to reduce the financial and non-financial stress that bubbles up during this time of year.
November 14, 2019, 12:00 PM ET/ 9am PT Ready to learn about charitable giving? You don’t want to miss the replay of Jim Ludwick’s webinar on tax-efficient charitable giving. Tune in to find out everything you need to know about organizing your giving strategy in...
Want to get a jump-start on 2020? Tackle your end-of-year finances with this easy, last-minute checklist. In today’s Money Date, your host, Anna Sergunina, CFP®, is going over the things you can add to your financial “to do” list as we approach the end of...
This month I was able to check off my number one goal. I paid off my mortgage early! I have been diligently making extra principal contributions to target a payoff date, and joyously watched the balance decrease over time. I knew that at some point...
In November’s Live With MainStreet, Anna is tackling how to tackle your year-end financial planning. She’ll be going over: Maximizing retirement benefits Reducing your taxable income Tax loss harvesting And more! Are you ready to tune in? Let’s go!
Are you ready for open enrollment? In today’s Money Date, your host, Anna Sergunina, CFP®, is going over the three key things to consider during open enrollment.
Retirement for many Americans can be a stressful time when it comes to finances. Not enough savings, illness and housing challenges are several big issues that can thwart a comfortable golden age. Expenses seem to increase quicker than income. Social security is only partially indexed...
A 2015 study of potential retirees funded by Fidelity Investments found that they were retiring four years before they planned. Most of them had not qualified for Medicare because of age. A study by the Kaiser Foundation reported fewer government and fewer private employers provide...
We’re getting close to Open Enrollment time! This is a great opportunity to take a look at the benefits your company provides that perhaps you haven’t been using. You might have bypassed these useful benefits as you were skimming through the Employee Benefits booklet looking...
In October’s Live With MainStreet, our team is tackling everything you need to know about open enrollment! Anna and Cynthia are covering different ways you can maximize your employee benefits, boost your coverage, and more. Are you ready to tune in? Let’s go!
Two of the most spectacular personal finance gurus are from the south and remain there today. Dave Ramsey is from Tennessee and Clark Howard from Georgia. Both are predominately on syndicated radio shows directed at consumers to live free debt free. They have similar, but...
You might be surprised to know that over the last seven years I’ve drastically reduced the amount of shopping that I’ve done on clothing, however, I manage to always have a new wardrobe. How does this happen? Well, twice a year for the last seven...
I’ve had my mortgage for just over ten years now. I remember when I got my house. It was such a happy day! That down payment was the biggest check I ever wrote, and I was sure that I’d be eating Ramen noodles for years...
How can you start to create better money habits? In today’s Money Date, your host, Anna Sergunina, CFP®, is going over how to create better money habits to level up your finances!
In September’s Live With MainStreet, our team is tackling everything you need to know about debt! Jim is covering different ways you can approach your debt, and start taking back your finances! Are you ready to tune in? Let’s go!
How can you start to minimize debt? In today’s Money Date, your host, Anna Sergunina, CFP®, is going over how to create a debt payoff plan, and take back control of your finances!
Have you heard of a money road map? In today’s Money Date, your host, Anna Sergunina, CFP®, is going over what a money roadmap is, and how it can help you achieve your financial goals!
Do you have multiple financial goals? Sometimes it can be tough to prioritize when your goals conflict – and that can spell financial disaster! In today’s Money Date, your host, Anna Sergunina, CFP®, is going over how to balance your financial goals successfully. Let’s tune...
By now you’ve heard everyone encouraging you to save for your own retirement. Max out your contributions. Put money into a Traditional IRA or a Roth IRA and let the interest, dividends and gains compound over time and you’ll end up with a bunch of...
Early in my career as a fee-only financial planner, my mentor Sheryl Garrett, founder of the hourly planner Garrett Planning Network, told me of a new way for parents, or grandparents to fund college while motivating the student to work hard and get good grades....
When I meet clients for the wrap up meeting after completing their initial financial plan, I remind them that the three things they need to keep in mind are 1) focus on their goals, 2) create or maintain habits to save, and eliminate/preclude debt and...
I was doing my annual review of my credit reports last weekend, and I came up with a helpful idea I wanted to share with our readers… Have you ever considered creating a credit report cheat sheet? As I was reviewing my three reports I...
In August’s Live With MainStreet, our team is tackling everything you need to know about education and funding! Cynthia and Anna are covering different types of education costs, and how you can start setting your kids up for financial success! Are you ready to tune...
As investors, we should be looking at the performance of our holdings from a total return point of view. Total return means not only the increase (or decrease) of the security itself, but also the income you receive in the form of dividends or interest....
One of the most frequent questions we answer for pending retirees is “Where do I take my money from to supplement my other cash flow?” Our usual response is “Bucket 1”. The Bucket approach to retirement income organization was pioneered by financial planner Harold Evensky...
Making the leap from saving to investing can be a bit daunting. Historically, that’s particularly been the case for women. Afraid to make the wrong move. Not sure whether we have enough knowledge to get the ball rolling. And often feeling overwhelmed by the excessive...
Baby Boomer retirees and near retirees are worried. They fear another dramatic downturn in the market just as they retire. They ask us what they can do to avoid what we call “sequence risk” or having the market head down dramatically just as they retire....
Does your Money 💴 have a flow? Let’s talk about my money flow system, and how you can start getting your finances in order!
The answer is: probably. Now, there is no cookie-cutter, or right answer of an asset allocation by age that everyone should have. That said, as you near retirement, your goals may be shifting. Your time horizon is shifting. It’s worth it to check in on...
In July’s Live With MainStreet, our team is tackling everything you need to know about recession-proofing your finances! Cynthia and Jim are covering different types of strategies you can leverage to protect yourself against a recession. They’re going over diversifying investments, focusing on asset allocation...
What do you do if financial emergency strikes? In this video, Anna Sergunina will be going over how to create an emergency plan for your money.
Pull up your homeowner’s insurance policy and follow along! In addition to replacing your dwelling in Section 1 Part A, your policy covers your personal property in Section 1 Part C. This includes coverage for your furniture, clothes, and electronics in the event of a...
While certain types of insurance coverage are generally accepted as necessary, and sometimes even mandatory, there are two less-understood coverages that could potentially provide a lot of value. Let’s talk about the first one: renter’s insurance. We often hear the objection that renter’s coverage is...
Are you making time for your finances? In today’s Money Date, your host, Anna Sergunina, CFP®, is going over three easy tips to start making your finances a priority. Let’s tune in!
In June’s Live With MainStreet, our team is tackling everything you need to know about insurance! Liz and Anna are covering different types of insurance, and how you know both what you need – and how much coverage is right for you and your family!...
Are you participating in self care in your life? In today’s Money Date, your host, Anna Sergunina, CFP®, is discussing why self care is important, and how to incorporate it into your spending plan. Ready to dive in? Let’s watch together!
Mistakes or failure to do certain things in retirement can lead to financial distress, mental anguish and lack of enjoyment. Here are several important things to avoid, if possible: Mistakes or failure to do certain things in retirement can lead to financial distress, mental anguish...
As you get older you may eventually need assistance getting around or help with daily activities. You may want to stay in your own home as long as you can, but you might need help preparing food, remembering to take medications, completing basic housekeeping and/or...
I recently read an article about clever ways to stash money around the home using sneaky locations to trick burglars so they can’t find your cash. While these recommendations to roll up bills inside a flashlight or tuck cash inside an old children’s toy may...
It’s not news that money-related issues not only impact what happens at home but also the attitude and productivity that your employees bring to work. It’s a ripple effect that has an impact on employers from a variety of angles: employee absenteeism, job performance and...
Did you know that many people make the same retirement mistakes? In today’s Money Date, your host, Anna Sergunina, CFP®, is going over the most common retirement mistakes that she and her financial planning see being made. Whether retirement is in the distant future for...
Retirement is not only a life altering event, but it comes with high stakes. None of us want to cut the cord too early to later discover that we have to return to a less-than-ideal work environment in our golden years. So naturally there is...
May 31, 2019, 12:00 PM ET/ 9am PT Are you getting ready to retire? You won’t want to miss this webinar with Anna Sergunina and Cynthia Flannigan on the five most common retirement mistakes that people make! They’ll be covering everything from retirement spending, to...
Long-term care costs are expensive. You might not know exactly what kind of care you’ll eventually need, but you can get a sense of how much it would cost. One of the resources I look at to estimate costs is the Genworth Cost of Care...
As a former life insurance agent, I was trained to sell some forms of life insurance as an investment. Whole Life and Universal Life (with some derivatives) were the two forms most popular for selling as an investment. By the way, the commission dollars are...
I love a good tool in my financial toolbelt. I’m open to all kinds of well-researched tips and tricks that will help my clients better understand a particular financial concept, or perhaps remember the parameters separating a Roth IRA from a Roth 401(k). Therefore, I’ve...
May 29, 2019, 12:00 PM ET/ 9am PT If you run your own business or are an executive, you may not know the impact financial stress has on your employees, and by extension your organization: 80% of employees live paycheck-to-paycheck (PwC Employee Financial Wellness Survey)...
In this episode of Swim with Jim, MainStreet Founder Jim Ludwick discusses all things Social Security.
These days, “Gray Divorce” has become a popular topic among Baby Boomers who ponder their third or fourth phase of life. In case you think this title is too personal, well you’re right. It could be called “clickbait” too since my wife was not party...
You don’t want to miss our webinar featuring Liz Gillette, CFP®! Liz tackles what you need to know about insurance as a young family. She goes over what type of insurance you should consider, how to know what amount of coverage is right for your...
In May’s Live With MainStreet, our team is tackling two very important topics: Retirement planning. Long-term care insurance. Are you ready to tune in? Let’s go!
For all the young and/or growing families out there, one of the biggest causes of financial stress is the cost of paid childcare. There are a myriad of options available: in-home daycare, daycare facility, hiring an au pair, hiring a nanny (includes a nanny share),...
Today we’re talking about the non-financial side of retirement. The truth is that your retirement planning isn’t always about the dollars and cents of your financial plan! Many people look at retirement and think to themselves: I can’t wait to retire – I’ll play golf...
The kids have moved out and you finally have the house to yourself! While your first instinct may be to turn the kid’s bedroom into a gym or crafting room or do some renovation to make the house bigger, you may want to think of...
Transitioning careers, or starting a business, are both big life changes. Some of us prepare for these changes better than others! If you’re thinking about making a big career transition, or starting your own business, there are a few things you should consider before taking...
You can never prepare enough for this amazing life event – emotionally, physically, or mentally. However, there are steps you can take to prepare financially. You all know Yuri and I just welcomed our baby boy Liam into our family 15 weeks ago. What a...
Your kid may have graduated from college and is out in the world now for his or her own life transition, but don’t forget, this is a new time for you as a parent as well. Keep these tips in mind when interacting with your...
Should You Fire Your Financial Advisor? Do you already have a financial planner? Are you shopping for one? What should your planner be doing for you? Firing your financial advisor is a big deal not undertaken lightly. Jim Ludwick, founder of MainStreet Financial Planning, Inc....
In the April 2019 episode of Live with MainStreet Cynthia, Liz, and Jim cover life transitions and big expenses and how to prepare for them. Some of the topics include: How can I prepare for retirement in 3-4 years How to help grown children achieve...
I’ve noticed a few trends in my 20– and 30-something clients and friends that are looking to get their financial footing. There are a series of steps to take and (arguably more important) pitfalls to avoid as you make the journey to becoming financially independent...
Rules of Thumb can be painful. No, we’re not writing about arthritis here, but planning for retirement, or as we like to say, “Financial Independence (FI)”. For most of the time I’ve been an independent financial planner, 17 plus years, I’ve sung the song, “Save...
How did Yuri and I get going on our Money Dates? It started when I was having trouble getting our finances in order and us being on the same page with our finances. We both felt frustrated by not knowing how much was available to...
Why I Pay for Identity Theft Insurance This month, your MainStreet team is covering the topic of (drum roll, please…) protection. I wrote a detailed article in December expressing the importance of considering a credit freeze with all three bureaus. Major changes were put into...
Most of us have been through this before: you set up a new account online, create a login ID and password and forget to write the password down! Later you have to go through the whole rigmarole to change the password. But even if you...
What is Money Date? With the busy lives we have, it’s hard to stay on track. Remember, that you get what you focus on. And you only have so much time in a day. Remember my power list? I hope by now you have identified...
What is the Money Date? A weekly time to check in. Is variable income killing your finances? Variable income presents an opportunity, don’t be scared of it! I made a huge change and moved to CA and my husband left his steady paycheck job to...
Understanding FDIC insurance Historically, banks have been safe and stable places to store your money. But we’ve been around the block enough times to know these institutions aren’t too big to fail. So, what happens in the event that the bank where you keep your...
Digital Legacy Planning As more and more of us interact online, we create a digital footprint. Every picture, every post creates a record of our lives. Your digital legacy is everything you have left behind for your family and friends to remember you by and...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings Happy International Women’s Day! Money is a means to an end. Money is a tool to get what you need. You can always...
What is Money Date? Money Date, to me, has always been a weekly time to check in. During this time, we review and update: 1. Spending 2. Earning 3. Savings How was Money Date born? I do these every week, but what is the story...
My Account Was Hacked, Now What? The bad guys are out in full force and they’re very clever these days. It’s not if you get hacked, but when. It’s considered good cyber hygiene is to change your password and security questions often, use a Virtual...
Retirement Savings vs. College Savings It’s a continuing dilemma and sometimes a continuing drama: Save for retirement or college or both, and in what sequence? Parents these days are conflicted. College is expensive and so is retirement. Saving for college could mean amassing $200,000 or...
Digital Legacy Planning As more and more of us interact online, we create a digital footprint. Every picture, every post creates a record of our lives and is how we will be remembered by future generations. Join Cynthia Flannigan CFP® for a discussion of what...
In the March 2019 episode of Live with MainStreet Cynthia and Jim cover protection of finances and answer client questions about keeping your finances safe. Some of the questions include: How can I protect myself from the latest scams? What do you do if you...
State Withholdings- Can You Change Them? This tax season, there’s a renewed focus on “Withholding”. Have you noticed? The IRS, and then employers, reduced withholding schedules because of the Tax Cut and Jobs Act of 2017. Federal withholding went down. Employees got a bigger paycheck....
Some Maryland taxpayers are better off itemizing their deductions for 2018 even if their itemized deductions fall short of the federal standard deduction. Since Congress passed the TCJA in 2017 there was (and continues to be) lots of talk of the $10,000 limit placed on...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings There is no need to wait to get your taxes done. How can you organize your self for tax season 2019? Have 1...
Will Vanguard Advisors ever recommend a Fidelity Fund? A nice email from Vanguard Personal Advisor Services popped into my personal email box recently. They (Vanguard Advisors) wanted to tell me how much they “love” me. Hmm… I’m immediately suspicious. The last email that said they...
Tax season is in full swing now and since the Tax Cuts and Jobs Act changed the tax rates, it is worth it to take a look at how many withholding allowances you are claiming. Review your tax withholdings especially if you have itemized in...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings Expecting a tax refund this year? What should you do with it? Debt – What debts do you have month to month? What are...
The 35-day government shutdown ended just in time for tax season. Or did it? January 28th was the official start of tax season. That’s the date the IRS began processing tax returns. Fun fact: if you had completed your 2018 return prior to that date...
Doing Your Own Taxes: Pros and Cons It’s a decision you have to make every year: should I do my own taxes or not? Should I hire someone? Purchase a software program for help? Or do I do it the old-fashioned way? Any choice you...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings Large expenses, expected or unexpected, is going to happen. So, why not just put some time into planning now? I want you to...
In this episode of Swim with Jim, MainStreet Founder Jim Ludwick talks to Mary Brooks from Brooks Financial Planning about having “The Talk” with elderly parents.
In the February 2019 episode of Live with MainStreet covering Tax Season, Jim, Liz and Cynthia answer client questions on how the upcoming tax season. Some of the highlights: How the government shutdowns that may impact our taxes What small business owners need to know...
I’m a big fan of electronic delivery of statements and bills for saving trees and reducing clutter. Even so, I maintain hard copy files as well. As part of my own new year’s organizational projects, I’ve updated my files recently. Below are some of my...
Winter is always the time to ponder who should do your taxes. You probably have four or five options: A CPA An Enrolled Agent Someone at H&R Block, Jackson-Hewitt or Liberty Tax, among others A friend or relative that’s good at doing taxes Yourself ...
Money scripts are the thoughts, beliefs, and attitudes that we hold about money. They’re typically developed in childhood and are often reinforced by your life experiences. Dr. Bradley Klontz, a financial psychologist/associate research professor/Certified Financial Planner (CFP®) coined the term, then completed additional research to...
January is almost over. Time flies when you are having fun. Welcome to Liam Sergunin! Let’s talk about goals and priorities 2019. I am in the mixer myself right now, with becoming a new mom, but still, life happens and we need to stay the...
If you’re like me, you’ve seen lots of “to-do” financial checklists and articles to start the new year. Including our own in webinar form: 2019 Financial To-Do List. How come nobody writes about the opposite, the “what not-to-do” list? Maybe it’s the fear of being...
With every year, there is a new opportunity to make smart financial decisions. Why not make this new year exceptional by resolving to take steps to master just a few of the more common financial planning mistakes people make? Resolve to develop good financial habits...
In this episode of Swim with Jim, MainStreet Founder Jim Ludwick talks to Liz Gillette from MainStreet about her definition of financial freedom and her personal story of getting out of debt.
As financial planners, one of our top priorities is to encourage our clients to have a funded emergency account. So far, after 22 days of the government shutdown, we’ve not had a single communication from federal worker clients affected by the current shutdown. And that’s...
It’s referred to as the miracle hour around my house. A block of time full of possibility and potential. A time to set my intentions for the day and build up stamina for the demanding day ahead. It wasn’t always like this. I had quite...
In the January 2019 episode of Live with MainStreet covering a 2019 To-Do List, Jim, Liz and Cynthia answer client questions on how to start the year off the right way. Some of the highlights: Find out if its too late to make retirement contributions...
2019 Financial To-Do List It’s 2019! A chance to start anew. While some of your New Year’s Resolutions may have to do with hitting the gym, eating healthier or taking up a new hobby, it’s also a great time to make sure your financial life...
Some of my peers will be in agony upon reading the title of this article. So be it. This is for the middle class of savers and investors who rely upon “professionals” to guide them on the way to achieving their financial and life goals....
Let’s get started for 2019 with a five-finger checkup. Financial planning isn’t all that complex. Sometimes it’s just changing habits and sticking to them. Whether you live paycheck to paycheck or have considerable wealth, it comes down to planning ahead to avoid the financial ruin...
Do you want to learn more about our Continuous Service programs? Watch our 2019 promo video below to find out more about the offering. One thing that we found being in this business for over 15 years is that our clients who achieve the best...
Thursday January 10, 2019 12 pm ET/ 9 am PT It usually starts with a phone call. A neighbor or friend of your parent calls to tell you they think something is wrong. There are different symptoms they often report. Not coming outside. Not answering...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings What’s on your Christmas Wish List? No matter how many material things you get, it’s never enough. So where do you get this...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings In this episode of the Money Date, Anna talks about fellow Financial Planner Liz Gillette CFP® about Credit Checks and Credit Freezes. Liz...
It’s nearly the end of the year. We’re all ramping up for the holidays with family and there is volatility in the market. What a perfect opportunity to take one last peek at your portfolio! Just like there’s still time to figure out how you’ll...
It usually starts with a phone call. A neighbor or friend of your parent calls to tell you they think something is wrong. There are different symptoms they often report. Not coming outside. Not answering the door. Not knowing what day it is. That they...
Happy holidays! While I may not have every item on your wish list, I do come bearing good news. As of September 21, 2018, there have been some positive changes to the laws surrounding credit reports and specifically credit freezes. A credit freeze is now...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings In this episode of the Money Date, Anna talks about financial habits to change for next year. With 2018 coming to end, it’s...
My first appointment with a financial planner was back in 2012. My wife and I were recently married and she wanted to get us on the same page financially. Joining finances is not easy. In fact, money is often cited as one of the primary...
The year 2010 saw high income earners gain access to depositing money into Roth Individual Retirement Accounts (IRA), a vehicle that allows for compounding growth and tax avoidance upon withdrawal once they pass age 59 ½. In 2018, for example, someone who makes more than...
The retirement account known as the Roth Individual Retirement Account (IRA) was passed by Congress in 1997. It was named after Delaware Senator William Roth who championed the idea of putting after tax money into a retirement account and not paying tax on the gain...
In the November 2018 episode of Live with MainStreet, Anna, Jim, Liz and Cynthia cover End of Year Planning ideas. You’ll get last minute tips and tricks to make sure your close out the year in the right way. Some of the highlights: Check in...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings In this episode of the Money Date, Anna talks about financial stress over the holiday season how to cope with it. Let’s begin...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings In this episode of Money Date, Anna talks about planning for your holiday travel and spending. In short, be prepared! Decide well in...
For most people, health insurance open enrollment or re-enrollment is an annual adventure. What happens if you miss the deadline? Deadlines have been narrowed. This year it’s December 7th, 2018. You have been on an Affordable Care Act (ACA) health plan, but you blew it....
It’s the most wonderful time of the year … open enrollment season! Here are eight benefit selection tips to get you on the path for a smart, financially savvy 2019. Sticking with your current plan? Pay close attention to the coverage details summarized in the...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings 2 months left in 2018. Think back to what you said you are going to do at the beginning of the year. Here’s...
The last few weeks of the stock market have been a doozy. Down, up, down, really down. By the time you read this, it could be worse or a non-event. Market volatility is a big deal these days because it’s a 24/7 world that reports...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings In this episode of the Money Date, Anna reviews money rules: rules she suggests clients need to follow in order to have a...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings In this episode of the Money Date, Anna reviews Open Enrollment Season and how to make good choices for the year ahead. She’ll...
Open Enrollment Mistakes Tuesday, Oct 30, 2018 12:00 PM ET/9:00 am PT Have you had any life changes in the last year? Are you saving enough for retirement? Do you have any new health concerns that have you thinking about your coverage options? Have any...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings This month our focus is on various employee benefits available to you. Today I want to talk about Life Insurance, that many do...
In this episode of Swim with Jim, MainStreet Founder Jim Ludwick talks to David McPherson of Four Ponds Financial Planning in Boston and Cape Cod, MA about lifestyle creep.
In this episode of Swim with Jim, MainStreet Founder Jim Ludwick talks to Al and Anne Ortiz about their search for and experience with medical sharing arrangements.
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings In this week’s Money Date, we examine the three most common Open Enrollment mistakes. Not enrolled in retirement plan Missed opportunity to save...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings At the annual XY Planning Network Conference in St. Louis, one of the keynotes was by Michael Gerber, author of the Book called...
In the October 2018 episode of Live with MainStreet, Anna, Jim and Liz answer client questions on open enrollment. They’ll discuss: The list of choices you have to make during open enrollment season, including insurance options and a review of your retirement contributions The health...
In the September 2018 episode of Live with MainStreet, Anna, Jim, and Liz answer client questions on managing debt.
In this episode of Swim with Jim, Jim interviews our newest financial planner Liz Gillette on getting out of debt. Liz shares her story from George Washington University and beyond. You’ll hear about how she determined to get out of $175K in debt and why....
In this episode of Swim with Jim, Jim interviews Attorney and Financial Planner Shawn Koch of Koch Financial Partners of Portland, Oregon. Jim and Shawn explore the reasons behind why people get into debt and some different strategies for paying off debt.
In the space of fee-only advising, advisors should have an arsenal of resources to be able to advise their clients properly. Insurance advice is one of the key areas where we help clients: its critical to managing your risk and taking care of your family....
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings In previous episodes, we talked about establishing an emergency fund, or what I call a curveball account. And how important that is to...
Strategies for Getting Out of Debt Whether talking about credits cards, student loans, car payments, or even a mortgage … the average American carries a lot of debt. Its normal to have some debt and in some cases, it’s a good and even necessary part...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings You’ve got an extra cash or disposable income in your budget and want to pay off some of your debts off. Breaking up...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning s 3. Savings Don’t make money your goal. Instead pursue the things you love doing and then do them so well that people can’t take their...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings Getting financial freedom is hard to do. But not impossible. However, it’s even more difficult if you let your fears get in the...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings I just finished a VIP day with a mentor of mine, Danelle Delgado. and I got thinking that there is a very direct...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings So, your kids are ready to go to college and you need to figure out how to pay for it. If you haven’t...
As 2009 neared a finish, I thought that interest rates, which had been dramatically suppressed by the Federal Reserve, would start to rise sometime in 2011. Boy, was I wrong. Being in the majority of professional opinion at that time didn’t matter either. Now it...
Saving for financial goals involves two phases: accumulation and withdrawal. These phases form the basis of a strategy to allocate savings and securities into different forms based on the time when the money might be needed. Running out of money in retirement was the biggest...
Three Buckets for Savings & Investments Managing your money can be a full-time job. It’s one of many reasons so many people hire financial advisors in the first place (whether fee-only financial planners at MainStreet or others): to help them manage their short- and long-term...
Jim interviews Mark Maurer, President of Low Load Insurance Services (LLIS). LLIS is an insurance broker for life insurance, disability insurance, and long-term care insurance. The firm works only with fee-only advisors like MainStreet. In this episode of Swim with Jim, they discuss why it...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings Review of all 529 plan options Top plans Your state vs other plans? Fees vs Performance Best Low Fees: Utah (My529) –...
In the August 2018 episode of Live with MainStreet, Anna and Liz answer client questions on funding education. They’ll discuss: 529 plans: the best plans out there, including a review of fee structures and investment options What’s an appropriate amount to save depending on college...
How is your financial health? Take the quiz below and find out!
“My 401(k) provider wants to know if I’m aggressive, moderate, or conservative? How do I know, and what are they getting at?” While every financial institution has a desire to “get to know you better” so they can market products more effectively to you, this...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings After Tax or Taxable Accounts You earn money, you pay taxes and you save that money in an account. It can be a...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings Expectant parents have a million things on their mind, including baby names, nursery décor, and childcare arrangements. But how many are thinking about...
Webinar: Medicare Enrollment If you’re getting ready to turn 65 or preparing to retire, you’ll need to make several important decisions about your health coverage. For the 3.6 million Americans turning 65 each year, Medicare enrollment can be confusing and scary. In fact, just one...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings Watch this episode of Money Date as Anna talks about the three buckets concept. This recording and video aligns with last week’s blog...
Is this the greatest fear of pre-retirees? Maybe. But what are some of the competing fears for those about to leave the full-time workforce and enter the next life phase? What will I do with my time? Can I afford all the travel I want?...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings A lot of clients ask me: How much of my portfolio should be allocated in various types of Investments? Stocks. Bonds. Real estate....
In the July 2018 episode of Live with MainStreet, Jim, Anna, and Liz answer client questions related to investments. How should people react to a stock market downturn? Is there a way to balance my investments to protect against stock market volatility? How can I...
Here at MainStreet, we have been using this concept for a while. It helps to set a specific purpose to track what your goals are and what financial resources (income, savings & investments) help you get there. 3 Buckets Matrix Revised 7.6.18 Let’s talk about...
A few years back I was watching PBS’s National Business Report when I saw an interview with Warren Buffet. Now that kind of interview always gets my attention. I stopped multi-tasking to pay rapt attention to what he had to say. Mr. Buffett, the most...
Back in late-2009, I thought that interest rates, which had been dramatically reduced and then suppressed by the Federal Reserve, would start to rise sometime in 2011. Boy was I wrong. Being in the majority of those with a professional opinion at that time didn’t...
As I was doing some *very* belated spring cleaning this afternoon, I came across one of my favorite financial books: Rich Dad Poor Dad by Robert Kiyosaki. I first read this book in 2009 and looking back now it was one of the small steps...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings Using credit cards is a way of life for many of us. Yet so many folks still struggle with the best way to use them....
Watch the latest Swim with Jim where MainStreet Founder Jim Ludwick gets together with Jim Blankenship from Blankenship Financial Planning. In this episode, the two Jims talk about the big mistakes people make when it comes to Social Security.
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings Adding a child to your family can bring joy, excitement – and a boatload of bills. Did you know that a middle-income couple...
Watch the latest Swim with Jim where Jim talks to 65 Incorporated’s Melinda Caughill. As Co-Founder and CMO at 65 Incorporated, Melinda helps today’s Baby Boomers who struggle to understand the complexities of Medicare. Through her role, she’s working to build consumer awareness of the company’s truly unique brand...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings A professor once told me his trick to happiness: treat your hobby like a career, but more important. Hobbies are one of the...
Confession is good for the soul the bible says in Psalm 32. I’m hoping this works and maybe saves the reader some real money. 1. Don’t leave your laptop (or other expensive and useful electronic device) on the plane. Yes, I know the flight attendant...
Watch the latest Swim with Jim where Jim interviews legendary Rick Ferri, CFA. Rick is the author of several books on investing. In this episode, Jim and Rick share insights into creating income without too much risk.
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings Change is awesome. Change is exciting. Gone are the days when people are stuck doing one particular job for all their lives. Embrace...
In the June 2018 episode of Live with MainStreet, Jim and Anna answer client questions related to travel. When should you purchase travel insurance? Under what conditions, if any, should you NOT purchase travel insurance? Since most of my travel now is for medical treatment, is...
The Top 6 Financial Planning Mistakes Working with clients for over 15 years has given us a view of all the things people do well when it comes to their personal finances. It also gives us a view into the all the things they do...
Withdrawal Plans: Where Does Money Come from in Retirement? You’ve worked hard your whole life. And you’ve done the job of saving for retirement so you can actually retire. And now you’ve arrived! Or maybe you’re at least close to your final destination. Congratulations! You...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings Watch the latest Money Date where Anna talks about the FPA NorCal Conference and some of her key takeaways, including finding ways to...
The travel season has begun and this month our firm is focused on saving you money. Here are my best tips including the last one which is never stop researching. Research free days and free visits. Do as many free things as possible. Ask for...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings Student loans account for over $1 trillion in debt in America. If you’re part of that figure, you’re not alone. If you’re part...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings Some less expensive trip ideas for the upcoming summer season: Be a local tourist. I’ve lived most of my life on the...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings Quote: “You know you’re in love when you can’t fall asleep because reality is finally better than your dreams.” Dr. Seuss Start a...
A few years ago, I wrote a blog entitled, “Did I Make Your Asset Allocation too complex?” That was after Warren Buffet wrote he believed a 90% Vanguard S&P 500 index and a 10% T-bill allocation would take care of his widow after he was...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings In this week’s Money Date, Anna reviews tips for young adults. Create a budget & start an emergency reserve (Curveball Account) Live cheaply....
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings For this week’s Money Date, we’ll talk to Linda Fullman, an insurance agent. Anna and Linda talk about insurance policies with an emphasis...
Retirement, birth of a child, death of a loved one, weddings, graduations, moving, job changes … they can all impact your finances! Watch Jim and Anna’s latest recording of Live with Mainstreet answering actual questions from our clients!
It’s that time of year for high school and college graduates – a new phase awaits. Congratulations! It’s called a job. (I’m not discounting taking a year off, but don’t tell your parents I said that.) Transition to the workplace is one of the most...
As a former Life Insurance Agent, I was trained to sell some forms of life insurance as an investment. Whole Life and Universal Life (with some derivatives) were the two forms most popular for selling as an investment. By the way, the commission dollars are...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings In this week’s episode, Anna talks about 3 common misconceptions people still have about why they need renter’s insurance. It’s too expensive: unlike car insurance...
Many of our clients are federal employees. Work-related publications like Federal Times and Government Executive, plus federal union publications all tout the need for professional liability insurance. Of course, the providers of such coverage tend to write the most articles extolling the benefits of this...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings For this week’s Money Date, we’ll talk to Shannon Stiles, an insurance agent. Anna and Shannon talk about insurance policies with an emphasis...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings Let’s switch gears a talk about additional liability coverage that many of us should have, but don’t. It’s called Umbrella Insurance. It’s really...
Welcome to the Daily Juice Show, where we discuss just one “ingredient” of the complex money topics you face. In this episode of Daily Juice, I’d like to spend some time going over risk management for your home. What type of protection you should think...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings In this episode of Money Date, Anna shares ideas for how to use a year-end or quarterly bonus payment. She’ll cover ways to...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings Spring is here! New energy is flowing and many of us tend to want to get out more, maybe clean out our homes...
Insurance Coverage Jim and Anna answer client questions on insurance coverage. This month’s questions include: Isn’t it better to be debt free and save the money destined for premiums so you have two years’ worth of needs in your emergency fund? Would you be better...
For almost every financial plan we produce, we do a calculation on the need for life insurance. Why? Because most clients have someone depending on them for support. It’s also a question that the majority of our clients ask about the first time we’re engaged...
Welcome to the Daily Juice Show, where we discuss just one “ingredient” of the complex money topics you face. Buying a home is an exciting life milestone, but it can also be intimidating. Your home will probably be the most expensive purchase you’ll ever make,...
Welcome to the Daily Juice Show, where we discuss just one “ingredient” of the complex money topics you face. Watch Anna’s discussion of how increasing interest rates have an impact on our savings and our debts. She’ll cover some things to look out for and...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings The big decision: buy vs rent. There are a lot of factors that go into it. Watch Anna’s latest episode of Money Date...
Welcome to the Daily Juice Show, where we discuss just one “ingredient” of the complex money topics you face. Alright … not the best position to be in, but you’re not alone! You might not want to hear it, but it’s actually a good problem...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings “The avoidance of taxes is the only intellectual pursuit that carries any reward.” –John Maynard Keynes In this week’s Money Date, we’ll examine...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings Let’s get organized. We all know that IRS demands certain information from all us and it can be frustrating and overwhelming. But it...
In this month’s episode of Swim with Jim, Jim is speaking with Steven Berger, an estate planning attorney in Severna Park, Maryland, which is near Annapolis and Baltimore. Watch Jim and Steve as they talk about the Tax Cuts and Jobs Act of 2017 and...
Welcome to the Daily Juice Show, where we discuss just one “ingredient” of the complex money topics you face. This is a question I get all the time from clients. The answer depends on your situation! And it depends on a few different factors. How...
Welcome to the Daily Juice Show, where we discuss just one “ingredient” of the complex money topics you face. Should you have a safety deposit box? In this episode of Daily Juice, we’ll examine the pros and cons, including other factors and decisions you’ll need...
Tax Season Jim and Anna answer client questions on taxes. This month’s questions include: Should I do my own taxes with the help of a software program like TurboTax or Credit Karma or should I hire a professional? If I owe money on this year’s...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings “For every minute spent organizing, an hour is earned.” – Benjamin Franklin Spring is around the corner and it always brings out the...
Welcome to the Daily Juice Show, where we discuss just one “ingredient” of the complex money topics you face. You’ve got things that you’ve been accumulating over the course of your life: I am referring to art, collectables, jewelry, electronics, comic book collection, bikes, music...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings Watch this Money Date to learn more about how a credit score is computed and why keeping track of your score is so...
I live in a dangerous city according to some. It’s on the news day and night. Robberies, shootings, collisions, mass murders, violent domestic disputes, and more blood and guts. TV and Twitter broadcast these events to set the undertone for advertising. Advertising? Where are you...
Welcome to the Daily Juice Show, where we discuss just one “ingredient” of the complex money topics you face. We all heard about keeping an eye on credit reports, checking it often to know what our score is, but have you wondered why to do...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings “All you need is love. But a little chocolate now and then doesn’t hurt” – Charles M. Schultz It is often said that...
Welcome to the Daily Juice Show, where we discuss just one “ingredient” of the complex money topics you face. We are all familiar with outsourcing risk that we can’t pay for to insurance companies: home, auto, life, disability, health, etc. One important reason to buy...
Watch Jim talk to Liane Warcup CFP®, a fee-only financial advisor and founder of Clarus Financial Planning. Today’s topic is Protection and we’ll be asking Liane about identity theft and password protection, including how she managed her own identity theft problem.
What is the Money Date? A weekly time to check in. 3 things we review and update: Spending Earning Savings “I don’t need to worry about identity theft because no one wants to be me.” — Jay London Identity (ID) theft is a crime...
Welcome to the Daily Juice Show, where we discuss just one “ingredient” of the complex money topics you face. Check out the latest Daily Juice to learn about Anna’s best practices for passwords for your financial accounts and other applications. You’ll hear about some popular...
Welcome to the Daily Juice Show, where we discuss just one “ingredient” of the complex money topics you face. I just met Tim Grover, who trained Michael Jordan, and Roddy Chong, a violinist who played with Celine Dion and Shania Twain. The message I heard...
Protection Jim and Anna answer client questions on Social Security, insurance, and identity theft protection. This month’s questions include: Given that the Social Security System is going to be paying more than it receives by 2022 and according to estimates it will run out of...
Welcome to the Daily Juice Show, where we discuss just one “ingredient” of the complex money topics you face. Very frequently I get a question from my clients about how many accounts they need to have? Checking, Savings, Online Savings, Money Market, Credit cards, etc....
Welcome to the Daily Juice Show, where we discuss just one “ingredient” of the complex money topics you face. In previous episodes, we talked about establishing an emergency fund, or what I call a Curveball account. Its critical to your overall financial success. I was...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings Only about 18% of couples keep their finances separately, according to 2016 data research from LearnVest. What I want to point out is...
Welcome to the Daily Juice Show, where we discuss just one “ingredient” of the complex money topics you face. Everyone’s favorite topic. Or maybe not. But we still have to face it. Let’s lay it all out and figure out what to start paying off...
Welcome to the Daily Juice Show, where we discuss just one “ingredient” of the complex money topics you face. This simple, yet very powerful concept of “Paying Yourself First” is something you need to drill into your head! There is no other way to succeed....
What is the Money Date? A weekly time to check in. 3 things we review and update: Spending Earning Savings Let’s face it, big expected and unexpected expenses happen. Put some time into planning now. I want you to be more proactive, that way...
Welcome to the Daily Juice Show, where we discuss just one “ingredient” of the complex money topics you face. We now have our Spending Mapped Out. If you haven’t done it yet, go back and watch the previous episode. Now, in order for you to...
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings Quote: “Cheers to the new year and another chance to get it right!”- Oprah Winfrey The end of the year is a...
Welcome to the Daily Juice Show, where we discuss just one “ingredient” of the complex money topics you face. Quote: Be aware of little expenses. A small leak will leak will sink a great ship. – Benjamin Franklin Today we are talking about mapping out...
Welcome to the Daily Juice Show, where we discuss just one “ingredient” of the complex money topics you face. The last Daily Juice, we talked about setting goals and establishing priorities. If you still haven’t worked on it, spend some time today and go thru...
Welcome to the Daily Juice Show, where we discuss just one “ingredient” of the complex money topics you face. 2018 is officially here and we are all ready to start fresh. Today’s video talks about setting priorities and goals. Here is the formula Anna used...
It’s 2018. Happy New Year! So where does the market go from here? What market? The stock and bond markets? Foreign and domestic? The real estate market too – up or down? I’ve read lots of articles recently predicting this and that for 2018. Know...
2018 Financial To-Do List Jim and Anna answer client questions to start the year. This month’s questions include: 1. What are your predictions for the stock market in 2018? 2. Do you have any savings account recommendations? 3. When should we consider rebalancing our portfolio?...
Elizabeth Potts Weinstein is a small business attorney. We’ll be asking her about business owners planning for 2018. Full disclosure: Elizabeth is our firm’s attorney. 1. At the time we’re recording this the tax bill isn’t signed, but pretty much complete. How will it affect...
Elizabeth Potts Weinstein is a small business attorney. We’ll be asking her about business owners planning for 2018. Full disclosure: Elizabeth is our firm’s attorney.
With the pending tax bill undergoing final deliberations, it’s important to most middle-class taxpayers and above to do detailed end of year financial planning. What planning should you be prepared to undertake? Tax planning for sure. You will have to decide how the new law...
Financial Reset for 2018 Questions include: Is there anything we need to do right now about the tax bill and our taxes for 2017? Protecting inheritance from failed marriages. Any recommendations for portfolio rebalancing? What are your recommendations for Cash holdings? When should I start...
We’re coming up on the end of 2017 and there’s still plenty to do. Long before we hit 2018 and create our list of New Year’s resolutions (financial or otherwise), we want to finish out the year strong. Regardless of what that means for you,...
Planning for Disasters. Today we interview a Florida financial planner, Buz Livingston, on what he advises his clients on how to plan for disasters. Questions include: What kinds of potential disasters await your clients and what do you tell them? Do you have a personal...
End of Year Planning Todays’s topic: Retirement Savings Plans for people who are Self Employed 1. SEP, Simplified Employee Pension 2. Simple IRA 3. Solo 401K
Today’ we’re talking about End of Year Planning. Topics covered 1. Check your credit report 2. Do you have a spending plan? Are you on track? 3. Simplify financial records 4. Look at your investments for rebalancing 5. Check your RMD’s 6. Is your estate...
Emergency preparedness can mean many things. I was born and raised in Southern California. We were earthquake prepared with water, food, clothes, and tools. Having lived in many places in the United States and overseas, both as a military person and as a civilian, my...
As the end of the year approaches now is a good time to look ahead and get ready for the next year and focus on how you need to change to make things happen. It might be weight loss, more family time, or even better...
1. Where are you going and how? 2. Kayak is good for setting price alerts 3. Fly on the holiday or off standard hours 4. Do you need to fly? What about renting a car or a train?
It is Open Enrollment season. We will be discussing different options you may have. Today’s topic: Work/Life Balance 1. October is work/family month 2. How can your benefits help achieve this? 3. Take care of yourself physically 4. Schedule time for family 5. Put your...
Many people at open enrollment time just maintain last year’s decisions as an easy choice. It could be a painful mistake as benefits, especially health benefits, make changes. Recently I reminded my readers to look at their health plan choices after reading an article by...
It’s that time of year for many of us who have benefit choices to make. Here are some of my choice gems so you don’t miss out. This could cost or save you real money. Don’t miss the benefits meeting or video. Yes, we’re all...
It is Open Enrollment season. We will be discussing different options you may have. Today’s topic: Mistakes to avoid on Health Insurance Plans 1. How many people have employer-provided health care? 2. When can changes be made? 3. What changes happening for next year? 4....
It is Open Enrollment season. We will be discussing different options you may have. Today’s topic: Legal Help 1. Why bring up legal help? 2. Many Jobs are offering now 3. What can they do for you? 4. Estate planning, what does it cover? 5....
3 reasons to start investing in Retirement now 1. Time 2. Taking advantage of employer match 3. Earlier you start, the easier it is to adjust your lifestyle
It is Open Enrollment season. We will be discussing different options you may have. Today’s topic: Retirement Plan Concepts Covered What is a 401K? What other plans are there? Are you offered a match? How are plans invested? Cost of Investment choices. Options for self-employed?...
Ugh. That’s the likely reaction from many people when its open enrollment season. I know it’s been mine every year. Most employers offer this once-a-year opportunity to select from various employee benefits and insurance choices. But if you’re one of those employees, it likely means...
It is Open Enrollment season. We will be discussing different options you may have. Today’s topic: Health, Dental and Vision coverage 1. Utilization of Health insurance plan 2. Self coverage 3. Dental and Vision 4. Health Savings Account, HSA 5. Flexible savings account, FSA
It is Open Enrollment season. We will be discussing different options you may have. Today’s topic: Disability coverage. Concepts covered 1. What is Disability coverage? 2. Short Term/ Long Term Disability 3. Can and should you get supplemental coverage 4. What options are there if...
Open Enrollment for benefits is fast approaching. We asked our clients what questions they had about open enrollment and we’ve got a couple of tips too. A few of the questions covered: 1. You gave me recommendations that I implemented during my open enrollment period...
It is Open Enrollment season. We will be discussing different options you may have. Concepts Covered 1. What is it? 2. What benefits normally covered? 3. What we will be covering the next few episodes 4. What to do to prepare 5. What if you...
Gerri Detweiler is a credit specialist, finance writer, and author. We talk to her about good debt, bad debt and strategies to get out of debt. Also her favorite books and blogs on this topic. 1. What’s the difference, in your opinion, between good debt...
We live in the world that has allowed us to enjoy life now and pay for it later. I am referring to our ability to borrow or take out a credit. If we think about how this simple process shaped our behavior towards money, we...
How often do you wonder if you are on track with your finances? That’s the biggest question we get asked as financial planners when we work with clients on their financial plans. It begins with establishing a baseline or foundation for your finances. Life is...
There’s a lot of debt reduction ideas out on the internet. Some are great and some are suspect. Many come and go. Here’s my list of great idea promoters about getting out of debt and saving for your ideal life, whatever that might be: Jackiebeck.com ...
Credit cards and student loans seem to be the main money stressors for consumers these days. Arguments among couples concerning money seem frequently directed at spending more than the income coming from employment or self-employment. Much of that spending is debt reduction related for a...
*Update Since publishing, some of the links to other articles have been updated to a newer version. I have a confession to make. When I was in my 20s, I carried a healthy amount of credit card debt. Constantly. For years. Looking back, it...
Learn more about the Equifax data breach and the implications for your identity and personal information. If you are one of the 143 million people affected, you’ll hear more about some of the steps you can take to protect yourself.
Equifax, one of the three largest credit monitoring bureaus in the US, announced the discovery of a data breach on Sept. 7th, 2017. 143 million consumers may have been affected. The following customer data was exposed: Social Security numbers Birth dates Names Addresses To help...
We’re talking about debt today. Questions include: Should you pay a mortgage in retirement using 401k funds? Can I borrow against annuities on my retirement accounts? Can I borrow against annuities on my retirement accounts? Good debt vs. Bad Debt. Home equity line of credit currently...
We’re speaking with Andy Tilp of Trillium Valley Financial Planning, headquartered in Sherwood, Oregon, southwest of Portland, Oregon. Today we’ll be asking questions related to education funding which is mostly about college. 1. Why is education funding important? 2.Where should an education fund fit into...
Savings, Loans, Grants, Scholarships and Work, the five usual ways to pay for a college education. Work means the student supports themselves full time and pays for some or all of college. But are there some different ways to pay for tuition, books, room and...
Recently, another financial blogger I follow, headlined that the kids were on their own when it comes to college, and saving for retirement was her priority. I guess the children didn’t come in at priority 2 or lower when reading her posting. I was sad...
Providing education for your children is the core value of many families. We want to launch our children equipped with the best skills to face adult life. But for many families, it is still a challenge financially, emotionally & practically. I would like to point...
Paying for a college education is daunting. Unless you’re able to catch a free ride at a military academy and pledge your life for six or so years of duty to country, then funding education becomes an onerous task for parents and students alike. The...
Topics include How, when and why. Jim and Anna give their tips on how and when to save for college. 1. 3 biggest mistakes parents make in regards to college savings. -Not starting early enough. -How to resolve saving for retirement while saving for college?...
Earlier this year, my family welcomed its newest member, a healthy baby boy. As other first-time parents can likely attest, it’s a life-changing event on many levels. New responsibilities, altered sleep schedules, changing diapers, and a whole host of different worries. One worry I didn’t...
We talk with Mac MacKillop of First Ascent Asset Management about simple portfolios. Questions include 1. Do we need to discuss active versus passive portfolios before we talk about simple portfolios? 2. What is a simple portfolio and when does it go beyond simple? 3....
One of the most perplexing issues confronting parents is how to save for their children’s education and their other financial goals including retirement. Both retirement and college expenses require huge amounts of future capital. For young parents, especially those in their early thirties and with...
Everyone? That seems overly broad for a title. Well, almost everyone is online to some extent and all sorts of companies and websites have tools for investors. Some of those tools are designed to show you that you need professional (read paid) help. As a...
They call it Behavioral Finance. I call it common sense led astray by experience or lack thereof.
Topics covered What is the definition of investment? What are some investment biases? What are some common investment fears and solutions?
These days it’s easy to find out what mutual fund or index fund is doing good, performance wise. Providers like Morningstar and Lipper produce ratings for free, or at a nominal cost for more detailed information if you are an investor or potential investor.
As a frequent traveler and budding photographer, I face the same challenge most tourists do by taking lots of digital snapshots because the cost is almost nothing (that is called a sunk cost and don’t ask me how much was sunk).
The Vacation is over! Now what? You’ve spent countless days waking up late, binge-watching favorite TV shows (which, for some of us, is a way to disconnect), soaked up a lot of sun at the beach or perhaps you had a more active trip and visited a few places and created unforgettable memories. I know I had a blast and was able to completely disconnect. Today is the first day back to work.
Recently I wrote about the 7 biggest mistakes I’m made during travel, mostly international, but not exclusively. This episode will cover the best decisions, in my humble opinion, that I’ve made that greatly contributed to a fun and exciting travel experience and the lack bad outcomes.
Travel can be expensive, can’t it? Just go online to Expedia.com or some similar website and see what it costs to visit Niagara Falls, NY if you live in Southern California. Or even travel to Orvieto, Italy where I’m writing this blog now from Las Vegas, NV where I live.
Who doesn’t like to travel? Most people do. Event though if you don’t have a travel bug in you, one of these days you’ll have to be going somewhere far from home. Before every trip or vacation, I take I have a ritual I practice to get me into travel mode.
June is a good month to plan travel at the last minute. For me, I’m usually planning summer travel around the Christmas holidays. Making plans at the last minute offers you the benefit of seeing last minute flight and hotel promotions, but it can lead to mistakes. Here are my top ten last minute travel mistakes:
This month we focus on Travel tips. Tips include: 1. How do we save for travel? Do you have the funds yet? How do you pay for unexpected travel? 2. Check the Weather App, Bring the right clothes 3. Where will you be staying and...
· Obtain or renew your passport way in advance. At least three months in advance. · Obtain or confirm that the two credit cards you will take with you do not charge currency transaction fees.
Employment changes will happen to every one of us and more than once in our lifetimes. Working for one employer or keeping one career is not viable any more. The era of lifelong employment with just one employer is long gone.
It’s that time of year for high school and college graduates - a new phase awaits. It’s called a job. Transition to the workplace is one of the most difficult tasks many high school and college graduates face this time of year.
Major life transitions, such as moving to a new city, becoming a parent, retiring, graduating from college or changing jobs, can be an exciting and invigorating part of life. Yet transitions, even happy ones, can be stressful and bring up mixed feelings, as well as get you feeling financially confused. Regardless of what life brings your way, I would like you to always remember these 2 principles:
One of the biggest transitions in life is to go from worker to retiree, or from saver to spender (call it decumulation or spend downer if you like). Today I’m addressing an issue faced by those who have managed to save through most or all their working careers and now find it’s time to begin using some of their savings in consumption. After all, those savings, in most cases, are deferred income they put away into retirement accounts.
Life Transitions Tips Include Graduation Live Cheaply And Have a Budget Start A Curveball Account Break Up With Debt Children with Special Needs Graduating Reach Out To The Department Of Rehabilitation services Start An Able Account Find Peer to Peer Mentors
Recently, I’ve been helping two relatives since I’m the family member closest to them with both financial skills and healthcare experience (retired hospital administrator married to a retired nurse). Both relatives exhibit signs of incapacity with diminished functioning on some level. So now I must brush up on my communication skills in addition to my background and experience in helping others in financial planning.
Spring is my favorite time of the year. We become more active with outside activities, start to travel and of course our expenditures increase. The month of May also means graduations and new beginnings for many young adults. I want to share with you the financial advice I wish I had received when I was in my 20s, but I didn’t. I had to learn the hard way! I became a certified financial planner. You don’t have to!
I am sure when you hear word “Detox,” you automatically think of diet and cleansing your body and mind. No argument here. All of these are practices are very much needed. However, today I would like to focus on our finances. Guess what? Your money also needs to be cleansed and I am going to show you how!
Cheryl Krueger is a certified financial planner with a practice near Chicago, IL. She helps us answer the questions about how to get your financial things in order.
Spring Cleaning and Vacation prep tips include: Anna -Filing System -Change passwords -Online Security/Vertual Storage Eric -Storage units Jim -Bills on automatic payment -Update your estate plan -Make a copy of your passport, driver’s license, credit cards (both sides)
We just have to come to terms that because we live in a modern world and expose ourselves online, there are best practices we need to learn and constantly revisit to stay current. Here are my 10 “Best Practices” for the “private life” we live today.
It has become extremely difficult for consumers to navigate and manage the privacy of their financial and non-financial lives. The world is changing at a fast speed. Technological advancements allow us to have access to information at the tip of our fingers. But those advancements don’t come without a cost.
The correction is coming, the correction is coming. Do I sound like Paul Revere announcing the British? Well, yes, that’s my intention. Now I wrote this same introduction three years ago. Not much has changed. I am saying the same thing:
We are in the goal business. Helping people define, refine and achieve their financial goals. What does it take to achieve and surpass financial goals?
2017 Tax season is finally here. Many of you already completed your tax returns and many are still working on them, including me. Gosh, life used to be so simple when I didn’t own a business and only had W-2 income!
Tax Time What can you do to save money on your 2016 taxes? Itemized deductions Tips to use your tax refund What can you do if you already filed taxes?
Have you looked at the holdings in your individual or joint brokerage accounts lately? Do you see lots of gains as you look through the portfolio of your taxable accounts? Would you like to avoid recognizing those capital gains and save on your taxes too?
Our daily lives are constantly bombarded with drama, courtesy of the media. Drama, in headlines, stories and videos, gets attention and helps content creators get their message across in a cluttered media landscape. As a financial blogger, I confess that I’ve attempted to do that, too, believing that a little drama will increase the chances of you hearing my advice and, in my opinion, my helping you achieve your financial goals and live a more fulfilling life.
We talk with Brooke Salvini of Salvini Financial Planning, Avila Beach, CA. Brooke is a CPA who does financial planning. We’re going to ask her about taxes. Questions include; 1. What’s the best way to prepare for sending your “package” to your tax preparer? 2....
We interview Certified Elder Law Attorney Evan Farr about the kinds of issues adult children of elderly parents frequently face and how Questions include 1. What are the typical issues that adult children come to see you for on behalf of their parent(s)? 2. What...
We recently interviewed Mr. Farr on our YouTube video series, Swim with Jim, where he told us about adult children who love their parents and want the best for them, coming to see him for advice and counsel. These elderly parents may not have planned and in fact, in many cases, don’t have much of an estate plan, if any.
We’re speaking with Beata Everett of Long Term Planning Associates about long term care and insurance to pay some of this expense. Questions Asked What is Long Term care and Long Term care insurance? What are CNA’s and HHA’s? Any provisions for family members to...
This month’s focus at MainStreet is Motivation: Love. Just this week In a survey on romance and finances conducted by Money and SurveyMonkey more than half of the respondents said they would choose $1 million per year for the rest of their lives over finding...
Having worked for two bank trust departments and observed so many complex problems created by the lack of a will, I have always urged clients, friends, and family members to keep their estate planning documents up to date. Those documents include a will, durable power of attorney, medical power of attorney, and several other documents in many situations.
Hey folks, it’s just a number. It has very little to do with your long-term investment plan. After all, it’s only 30 stocks that are mostly not industrial anymore. The media likes drama. In fact, other parts of our society like drama too. The purpose of marking these events has people reading, watching or listening to stories or posts that supposedly bring them insight into how they should live their lives or change their lives or habits. However, in my opinion, it lets advertisers entice you to click on an ad if you’re digital or glance at an ad in a paper format.
Speaking with Investment Adviser Tom Nowak about plant-based investing. Questions include – Why plant-based food investing? – How many people are interested in alternative investment strategies like this? – Tell us about your book on Vegan investing
January is Financial Wellness Month. Anna, Jim and Eric have your back. Topics include: Defining Financial Wellness Living Within Your Means Getting a Handle on Your Expenses Financial Goals Monitoring Your Finances
It's the beginning of the year. Did you set any goals last year, or are you like most of us who have those good intentions, but they seem to be mostly gone by February? My job as a financial writer is to inspire and educate you. Let's try inspiration and follow up with a little education. Here are some resolutions to consider for 2017 along with an idea of how you might achieve them to help yourself and others, too.
We provide an explanation of the MainStreet follow-on programs and their benefits to you!
It's the end of the year. A new year looms in just a few days. Imagine that. Who would have thought last Christmastime we would be where we are now? Did you set any goals last year, or are you like most of us who have those good intentions, but they seem to be mostly gone by February? My job as a financial writer is to inspire and educate you. Let's try inspiration and follow up with a little education.
There’s a 70% chance that people over 65 will need some kind of long-term care, including services such as home care, assisted living and skilled nursing, according to government statistics.
Today we talk about Financial Best practices to help you start the year off right. Topics include -Set goals and targets -Financial Dates -Break down the year (quarterly or monthly) -Have an Accountability partner -Think of the whole picture -Write out your vision and review...
Continuing on with the year-end planning tips & tricks to get your finances in order, today I want to talk about two not so sexy topics. Required Minimum Distributions- those of you who are who turn 70.5 by the end of 2016 need to review...
Today’s episode marks 100 Daily Juices of various money conversations over the last few months. I started this show, because I wanted to spend 2 minutes per day to talk about one important money-related issue, teach you something new, encourage and have a conversation. So...
Today we’ll be speaking with Jerry Davis, CPA. Jerry is an accountant and financial planner in Gresham, Oregon. We’ll be asking him about end of year planning. Questions include -What can our viewers do in the time left before the end of the year to...
Open enrollment season is the time of the year when you are allowed to make changes and review selection of benefits provided to you by your employer. Let’s discuss the most typical selection of benefits: Health, dental & vision insurance – make sure you understand...
We are finally in the last month of 2016! I am not saying it from a sad note! I’ve had a very prosperous year personally & professionally and I am very much looking forward to 2017. In the remaining time we have left this year...
Holiday financial stress topic turned out to be of interest to many of you. Today, I want to share with you a few best practices that I found helpful to smooth out this anxious feeling of Stress. From the previous episode, we agreed that first,...
Today I want to talk about financial stress over the holiday season how to cope with it. Let’s begin by understanding that stress is a state (mental or emotional) which we inflict upon ourselves, when there are a lot of activity going (entertaining, gift buying,...
We’ve been having a discussion about Holiday gifts and looking for ideas of how to make someone happy without breaking the bank. Today I’d like to talk about Non-Monetary gifts. In my definition, non-monetary gifts are gifts that require no financial commitment. Here are a...
We are in the midst of holidays and lots of holiday spending. Every year many of us spend unnecessary amounts of money on gifts that have no practical use and meaningful value. So, my question is why buy these gifts in the first place? In...
Topics Discussed Setting S.M.A.R.T Goals What do you need to think of at the end of the year? The “use it or lose its”. Review your benefit selections. Especially Health insurance and can you get a legal plan? Start thinking now!
We are in the goal business. Helping people define, refine and achieve their financial goals. What does it take to achieve and surpass financial goals?
Today we’re speaking with author and columnist Liz Weston of NerdWallet.com and other periodicals. She’s been a personal finance writer and author for over two decades. We’ll be asking her about financial advice for the holidays. Questions include 1. What kind of decisions will consumers...
Over the last few episodes, we talked about getting ready for holidays and finding ways to earn extra income. Now, let’s shift our focus on gift ideas for the variety of different budgets, provided we put our holiday spending plan together. In this episode, I...
We’ve been talking about different ways of earning extra income to make sure this holiday season doesn’t put a strain on your financial plan. We talked about various ways to increase income outside of your core employment. But why not look at what you do...
As the holidays approach and the budget is thin or you just need to be creative, why not start now to find creative ideas for gifts? These suggestions can keep on giving and demonstrate affection by being very personal. Here’s a collection of my favorites:
This is the least fun way to earn a few extra bucks for your holiday spending. From my experience as a financial planner for over a decade, I see this day in and day out and I also must confess, I am guilty of this...
Planning for Holidays 1. Financial Gifting – wiring outright checks in substantial amounts. What are tax considerations? Gift tax limits? What is the timeline to get these in for 2016 tax year to benefit from deductions? 2. Donations instead of gifts – charities, non-profit organizations...
Still on the track to figure out ways to earn extra income to support our spending habits this holiday season. I love this one, for the simple reason, each and every one of us has unique abilities and skills for which we can be compensated....
We are continuing our discussion on the ways to earn extra income to support our spending habits this holiday season. Spring cleaning came early! Why wait till spring?? Let’s start the New Year light and clean. I am sure, you own extra stuff in your...
Well, today is October 19th and I think it’s time to start talking about getting ready for holidays. Halloween is 12 days away, Thanksgiving is 32 days away and Christmas is 68 days. I love holidays and I am sure many of you as well....
We will be chatting with Kevin Burpee of Pride Public Adjusters. about what a public adjuster is and how they can benefit you. Pride Public Adjusters are a nationwide public adjusting firm focused primarily on large commercial and high end residential losses. We advocate for...
Finally coming to the end of Risk Management discussion and the last on my list is Fire insurance coverage. Interesting fact: From electrical issues to candle mishaps, the National Fire Protection Association reports an average of 357,000 residential fires each year. You need to understand...
After the stock market meltdown of 2007 and 2008, many Americans grew wary of investing and moved more of their savings into money market deposit accounts. These have less volatility than stocks and a higher return rate than traditional savings accounts. In fact, the total amount in money market accounts has nearly doubled since the stock market crash, from around $2.7 trillion at the end of 2007 to more than $5.1 trillion as of this June, according to data from the Federal Deposit Insurance Corp.
Quake insurance is typically not part of the standard homeowner’s policy. Many of you might think that California is the only place you need to think about this type of coverage. It’s not. Actually, a majority of residents in this state don’t buy this coverage....
Here are some misconceptions about flood insurance I would like to discuss: You must live in flood zone – Not true. Anyone can purchase it and you don’t have to live if flood zone. It’s cheaper if you don’t live in a flood zone. And...
The most typical question I get from my clients about Flood insurance is this: If my home gets damaged in a flood, am I going to be covered? The answer is: It depends on the value of your home, the level of water damage and...
Let’s switch gears a talk about additional liability coverage that many of us should have, but don’t. When we reviewed homeowners, renters, and auto policy: all of these coverages provide personal liability protection in case there is a bad accident and you are held liable....
I am continuing my discussion about different parts of the Auto policy. Medical Payments or Personal Injury Protection (PIP) This coverage pays for the treatment of injuries to the driver and passengers of the policyholder’s car. At its broadest, PIP can cover medical payments, lost...
I am continuing my discussion about different parts of the Auto policy. Uninsured/Underinsured Motorist coverage – the most overlooked part of the Auto policy. Let me give you an example if your car gets hit and it’s not your fault, then the other driver is...
In the last episode, we talked about Liability part of the policy, which provides coverage to you in case you are liable for damages to others for both suffering and damage to their property. Today, let’s talk about protection for your vehicle. These are two...
Let’s shift gears a bit in our discussion about Risk Management and talk about Auto insurance. Many of us own or lease cars and auto insurance is a requirement by law and I would focus more on protecting yourself in case of a bad accident....
In the last few episodes, we went over and discussed Renter’s insurance and what this policy cover. Today I want to mystify 3 common misconceptions people still have about why they need renter’s insurance. It’s too expensive – unlike car insurance or homeowner’s, you can...
Continuing on our discussion about Renter’s insurance. Today, I’d like to discuss liability part of the policy. Remember, when we went over homeowner’s coverage. Liability: This coverage may help protect you from paying out of pocket for certain costs if you are found legally responsible...
Happy Friday! All this week I was focusing on homeowner’s insurance. Now, let’s shift gears and talk about the type of insurance that would be appropriate for those of us who don’t own a home and chose to rent instead. Just because you don’t own...
Today I would like to go over 3 common mistakes I see people make when they acquire homeowner’s policy: Loss of Use Coverage – not having enough or not knowing what amount of coverage there is. If your home is severely damaged and you need...
Yesterday we started going into details about homeowner’s policy and covered dwelling coverage to make sure you had appropriate limits. Today I would like to talk about: Liability coverage You need to understand that homeowner’s policy not only provides coverage: -For your home and your...
We just looked at our homeowner’s policy and found out the amount of our Dwelling coverage. Let’s say it’s $500,000. But you also know that the value of your home is let’s say $800,000. Why such a difference? The difference is allocated to the land...
In the next few weeks, I’d like to spend some time going over Risk Management for personal property such as homes, vehicles, valuables the type of protection you should think about and what type of insurance will make sense to get. Let’s start with the...
Risk Management for Property What we refer to as Home, Renter’s Auto insurance Questions: 1. Homeowner & Renters -we know both of these policies cover personal property & buildings/structures such as home we live in and because the losses in case of accidents can be...
All this week we were progressing on the path of detoxifying our finances, we audited our income and expenses and started Unsubscribing from services and products we don’t use and we’ve automated activities such as bill pay and savings. You should feel good! Now that...
Now that we are progressing on the path of detoxifying our finances, we audited our income and expenses and started Unsubscribing from services and products we don’t use. Today I’d like to talk about “Automating”. What can you automate in your life that you forget...
Yesterday, I’ve started a discussion about Financial Detox. Oh, boy, don’t we all need it? Our first step on this path is to Audit Income & Expenses. This is the first step is the most difficult to take, because it makes us face the reality...
After this long weekend of completely not doing any work, staying off the computer, and just binge watching Ray Donovan on Amazon, I got thinking about how restful and refreshing it was to completely disconnect. It’s the beginning of the month and I review all...
I just finished discussing “The Richest Man in Babylon” book by GEORGE SAMUEL CLASON, “Seven Cures for the lean purse”. It was a hit! I also just happen to publish an article discussing the top 3 best practices for your Money in the 21st century!...
The world is changing quickly, and it’s time for financial planning advice to catch up. It’s no longer commonplace to work at one company for your entire career and walk away with a nice pension to help you live a comfortable life in retirement. New technology combined with a surge in freelancing and the on-demand gig economy means many people no longer rely solely on their 9-to-5 income. Though in some ways this may complicate your financial plans, it also brings new opportunities to build wealth, diversify income streams and gain control over your finances.
This week I am getting through the universal laws of prosperity from “The Richest Man in Babylon” book by GEORGE SAMUEL CLASON, which are referred to as the “Seven Cures for the lean purse”. Review chapter #7 in the book. Today’s discussion: The Seven’s Cure:...
We will be chatting with Tim Jackson of Reverse Mortgage Funding, LLC. about Reverse Mortgage Lines of credit as old Age insurance.
This week I am getting thru the universal laws of prosperity from “The Richest Man in Babylon” book by GEORGE SAMUEL CLASON, which are referred to as the “Seven Cures for the lean purse”. Review chapter #6 in the book. Today’s discussion: The Six Cure:...
Most of us pay our bills around the beginning of the month, and about this time the stack can get pretty high — as does the hit to your bank account. If you’re like me, you often think, “What can I do this month to cut my expenses, in a smart way, and waste less money while I’m at it?” I’ve got some ways to do exactly that. Here are my four tips that you can implement today:
This week I am getting thru the universal laws of prosperity from “The Richest Man in Babylon” book by GEORGE SAMUEL CLASON, which are referred to as the “Seven Cures for the lean purse”. Review chapter #5 in the book. Today’s discussion: The Fifth Cure:...
A dream without a plan is just a wish. To make sure you can achieve the big dreams and desires you have in life, it’s important to turn them into attainable financial goals. Then you must prioritize your goals and consistently track your progress toward them. The following steps will help you define and prioritize your goals so you can make your dreams a reality:
This week I am getting through the universal laws of prosperity from “The Richest Man in Babylon” book by GEORGE SAMUEL CLASON, which are referred to as the “Seven Cures for the lean purse”. Review chapter #4 of the book. Today’s discussion: The Fourth Cure:...
Continuing the discussion, comparison and contrast with our current lives of the universal laws of prosperity from “The Richest Man in Babylon” book by GEORGE SAMUEL CLASON, which are referred to as the “Seven Cures for the lean purse”. Review chapter #3 in the book....
Continuing the discussion, comparison and contrast with our current lives of the universal laws of prosperity from “The Richest Man in Babylon” book by GEORGE SAMUEL CLASON, which are referred to as the “Seven Cures for the lean purse”. Review chapter #2 in the book....
It’s been years, since I’ve read the “Richest Man in Babylon” book, by GEORGE SAMUEL CLASON. How about you? It’s a story about a man named Arkad who had the craziest desire for Gold, he lived in a city named Babylon. One day a King...
I came across an interesting article on CNN money site, titled “Forget the Numbers Game, there is an Art to Managing your Money”. Author and financial therapist Bari Tessler, in her book, “The Art of Money”, talks about how behind every budget spreadsheet there is...
I am back from a 10-day vacation outside of the country. I’ve had a blast and was able to completely disconnect. Today is the first day back to work. I am curious if you have any suggestions or tips on what hacks you have after...
Tip #10 Increase your skills 1. Get a sales job. Sales skills are not taught in high school or college, yet, so much of what we do in life depends on our ability to talk, communicate, promote and persuade other people. I wish I understood...
Tip #9 Never buy depreciating assets Your 20s are a time of your life to work hard and accumulate as much wealth as possible. Cars are not assets that appreciate in value. So, then why buy them new, to begin with? I understand that many...
Tip #8 Get insurance you need When you are 20 something, you don’t have many assets to protect, you just starting out. But a certain type of insurance is designed to provide protection against catastrophic events, such as sickness which might prevent you from earning...
Tip #7 Don’t be a Baller It’s typical for humans to fall into this trap. Now, don’t get me wrong, it’s ok to be one when you have the financial freedom and a ton of money, but not when you have a pile of debt...
Tip #6 Maximize income- Side hustle In a nutshell, it is wise to look at your skill set, be sure to sharpen your skills often, to stay in demand, and rely on yourself, as opposed to your employer, to ensure that you are financially sound....
Episode #3: Long Term Care How to pay for it? How much you need? 2016 Federal Long Term Care rate increase
Tip #5 Pay yourself first This simple, yet very powerful concept of “Paying yourself first” is something you need to drill into your head! There is no other way to succeed. Once you make more money, there will be lots of temptations. Look around and...
Tip #4 Begin building credit Credit is your ability to take on debt, while debt is the actual amount that you currently owe to creditors. In general, you are in a much better financial position if your available credit far exceeds your current level of...
Tip #3 Start a Curveball account Today I want to talk about the emergency fund or what I like to call a Curveball account. Fewer than one in four Americans have enough money in their savings account to cover at least six months of expenses,...
Tip #2 Break up with debts Debt is the reality of most young people today. It’s unreal how many graduates come out college with huge debts and many don’t have a real idea if they will get jobs right away. Your number one focus should...
Tip #1- Live cheaply & learn to budget Here is the best financial advice I wish I received when I was in my 20, but I didn’t. I had to learn the hard way! Once you bring home the bacon, you’ll need to figure out...
Today I want to talk about one benefit, which is Life Insurance, that many do get, but the question for discussion is whether you get enough and if Group Life Insurance is the best option. Typical benefit for Group Life insurance is one times the...
Today I want to talk about Flexible Savings Accounts and Health Savings Accounts. Both of these types of accounts offer you the option to defer pre-tax dollars to be used for medical expenses and FSA account has an option for Dependent care expenses (such as...
We’ll be talking with renowned author Jim Blankenship who wrote the book, “A Social Security Owner’s Manual”. In this episode we’ll be asking about ex-spouse benefits and how to maximize those benefits.
Continuing discussion about employee benefits and how to maximize your options. Today I want to talk about: TAKING ADVANTAGE OF A GROUP LEGAL PLAN This is a fairly new employee benefit that more companies are offering. A group legal plan provides access to a network...
Continuing discussion about employee benefits and how to maximize the use, today I want to talk about the most common mistakes I see people make: NOT ENROLLING IN DISABILITY INSURANCE PLAN Disability insurance coverage provides income protection, up to 70% of your salary, if you...
Investors frequently make mistakes simply because they are human. Very natural and understandable feelings, like fear and desire for wealth, can cause us to behave in ways that actually harm our financial goals. Good investors, however, are able to resist the influence of emotion on their investing decisions and often can avoid these mistakes altogether. They also tend to see positive results from their investing efforts.
Being your own boss might seem like a sweet deal, but one of the advantages of working for a company is the employee benefits package you’ll usually get. Typical benefits include a retirement plan, life and disability coverage, and health, vision and dental insurance. But...
I am getting very excited about upcoming out of the country vacation in about a week. Last night I started to think about what should be doing and how to prepare. I like to be ready ahead of time, especially when going out of the...
It’s a favorite topic for everyone. Or shall I say, it’s the opposite? We all know, that budgeting doesn’t work and most people don’t stick to it. But what is the way out? We need to be able to have some kind of plan we...
Many people worry that Social Security retirement benefits and Medicare won’t be available to them in the future. Recent reports from the Social Security and Medicare trustees indicate that if Congress doesn’t act to better fund these programs, they will face shortfalls in the coming years. However, Social Security and Medicare are incredibly important programs that many people rely on heavily, so it’s hard to imagine that politicians won’t act to ensure their survival. Even so, while we hope Congress will do something, there are steps we can take on our own to plan ahead. To make sure you have enough savings to cover health care and other costs in retirement, here are some strategies you might want to consider:
Let’s face it, just like meal intake, sleep is one of the most important activities of our day. What happens if you don’t get enough sleep? Oh I, know from my experience, I get cranky, easily irritated, low back hurts, distracted. Who wants to operate...
We hear a lot how stress affects our performance (physically & mentally), but not often we think that living unhealthy lifestyle (not exercising, not getting enough sleep, keeping a healthy diet, etc.) has any connection to our finances. It actually does and a huge one!...
Interest rates are extremely low these days. Why not consider refinancing your mortgage? Just last week alone I had 3 clients who were perfect candidates for mortgage re-financing and this morning, right before I recorded this episode I had a client call telling me about...
This question comes up a lot. And the answer is…..you’ll have to listen till the end to find out! One of my favorite quotes by Grant Cardone: “Money is like a jealous lover, ignore it and it will ignore you, or worse it will live...
We visit with renowned author, investor, money manager, blogger and market commentator Rick Ferri. We’ll be asking him about the advantages and disadvantages of investing with a Robo Adviser.
This topic makes me sad a bit, but I want to talk about it. Let’s call it Money Smarts or “Financial IQ” Americans still can’t answer some basic personal finance questions correctly — and that’s not even the worst news from a new survey on...
Today I want to discuss an interesting topic, that’s been on my mind for some time. Financial stress. First, let’s understand what Stress means. Stress is your body’s way of responding to any kind of demand or threat, physically and mentally. When you feel threatened,...
I am here in hot, hot Vegas for a conference. As I was walking around the beautiful Bellagio hotel, I got thinking what do most people are afraid when they come to place like Vegas. Fear of Failing Aren’t we all? Although failing is a...
Getting financial freedom is hard to do, but it’s not impossible. It can be even more difficult if you let your fears get in the way. What could possibly be so scary that it prevents me from getting rich, wealthy & financial free, you ask? You’ll be...
Living in the 21st century, we are weighed down with activities, tasks, endless to do lists, technology. We are ON 24/7. It’s hard to disconnect. But we must, in order to keep our sanity.
Wake up, grab a cup of coffee and head out the door. That’s the routine that about 80% of Americans rely on every day. But depending on how you’re getting your morning pick-me-up, you could be throwing your money down the drain. On July 12th,...
Points discussed: I am seeing this more and more how people struggle with their money, from all angles -overspending -racking up debt -not saving enough -not paying attention to their finances period Remember when you were a kid, your parents had a certain set of...
Social Security retirement benefits are administered under a complicated set of rules that most participants don’t completely understand. Adding divorce into the equation can result in even more confusion.
When to begin receiving Social Security benefits is one of the most frequently asked questions among those nearing retirement. The answer is complicated because there are so many factors involved, some of which are not easy to quantify or predict. For instance, you’d have to think through how long you’re likely to work, and even how long you’re likely to live.
The topic of time fascinates me so much especially when it comes to finances. Have you ever tried to think about time not in years, months, days and hours, but in minutes? In any single day, we have 1440 minutes. Wow, imagine how much you...
Today I would like to talk about grocery spending. It can take a big bite out of your monthly budget. A family of four spends up to $1,284 a month on food at home, according to May 2016 data from the U.S. Department of Agriculture....
I am thinking about taxes today. I know, I know…many don’t like this topic. I had a client last week who told me that they had $8,000 refund. Wow. That is a lot! That also means you’re letting Uncle Sam withhold too much from your...
Today I would like to discuss homeowners insurance and your mortgage: 1. Lower Your Homeowners Insurance Premium -Increase deductible -Check dwelling coverage -Check liability coverage 2. Shrink Your Monthly Mortgage Payment by Refinancing -What is your mortgage rate? Is it in 3 to 4% range?...
Today’s Questions: Anna: 1. How can I keep my financial priorities on track? Jim: 1. When can I start getting social security benefits on my ex-spouse’s earnings? A. Married 10 years B. Not married now 2. What happens if I forget to start taking social security at...
We are 6 months into 2016. If you haven’t paid attention to your finances that much this year, now is the good time to make so adjustments to make 2016 your best year yet! I am still looking for more ways to reduce the waste...
Something occurred to me during my monthly flight from San Francisco to Baltimore this past August. I was coming back to my seat from the back of the pane. As I walked down the aisle, I noticed that about 75% of passengers had a tablet or computer on and were watching something. Not reading, mind you, but watching. This observation really gave me pause me and got me thinking about the fact that I haven’t watched any movies in quite some time. And then another thought came. When was the last time I sat down to watch TV? I couldn’t remember!
Continuing our discussion about ways to stop wasting your money. Here are today’s 2 tips: 1. Cut the TV cable cord Almost 2 years ago in September 2014, I wrote an article about how I finally realized that it’s been 6 years since I’ve had...
Financial planning isn’t all that complex. Whether you live paycheck to paycheck or have considerable wealth, it comes down to planning ahead to avoid the financial ruin or distress that afflicts so many. I came up with a simple way to remember what you can do to reduce or eliminate debt, plan for the future, and live the life you want. I call it the “Five-Finger Checkup” — one question for each finger:
Taking over a family business combines two of the most important parts of our lives — family and work — in a potentially volatile process that can affect relationships and keep the transition from being as smooth as it could be.
Points discussed: It’s the beginning of the months and most of us pay our bills around this. I was thinking, yesterday about what can I do this month not only to cut my expense, without much pain (a smart way) but also reduce the ways...
In previous episodes, we discussed how to decide what debts to pay off first, how to prioritize them. Today I’d like to share with you a concept called “Snowballing”. You might be wondering what it has to do with debts? Well, Snowballing debts means, setting...
We now have identified and made a list of what debts we have. Get your list out. 1. The next step is to figure out what will give you the biggest boost. From a financial perspective, it’s smart to pay off your highest-rate bad debt...
You’ve got an extra cash or disposable income in your budget and want to pay off some of your debts off. Where should you focus? Cut down the credit cards or student loan? Knock off the home equity line of credit or kick the car...
I am reading headlines everywhere that people are not prepared for retirement. 70% of people age 60 to 70 who participate in retirement plans are not saving enough in their 401k’s. What is stopping you? Do you: Not understand how it works? Not know how...
It’s a hot topic for many investors right now. Should I worry about Brexit, the stock market went down on Friday and Monday, what should I do? How does this affect me? Points discussed: -Remember that there are things you can control in life, such...
You know it and I know it. The Internet is a dangerous place. It can help us do wonderful things not imagined a generation ago. But with the internet rewards come risk and that risk is getter worse.
Points discussed: The first step in developing a financial plan for someone is to create a Financial Net Worth statement. Net Worth = Financial Assets – Liabilities Make a list of your assets and liabilities. Then calculate your net worth. What do you get? Every...
With the busy lives we have, it’s hard to stay on track. Remember, that you get what you focus on. Here is a fun, effortless process and that will help you stay on track: Hence, the Money Date. You can have a money date with...
In the previous episode, we identified our goals and made a list by writing them down. Here is what we do next: Step #3: Set priorities So, you now have a list of your goals how do you decide which goal you should focus on...
Financial priorities and how to figure them out! I love this topic. Sounds sophisticated. It’s really not. Simply said, it is your goals, your life goals, which turn into financial goals because they require capital (money). We will discuss how to get started on fine-tuning your...
Still talking about taxes today. FICA tax today. FICA tax is another kind of tax taken out of your paycheck in addition to income tax. Named after the Federal Insurance Contributions Act, a law that requires employers to withhold 3 types of taxes, (Social Security,...
Living with a roommate certainly has its perks, such as having someone to split the bills with. But like with any relationship, financial conflicts, if not handled proactively, can make your life miserable.
The United States has a progressive tax system, which means different portions of your income are taxed at different rates. Generally speaking, you pay a higher overall tax rate if you have a higher taxable income. The tax brackets range from 10% to 39.6%—and the...
When you’re a married couple and your bills are steady but your income now isn’t because one of you has become self-employed, how can you manage your finances? Here are six recommendations to keep your finances on track as one spouse takes on a new business or creative pursuit and moves to a more variable income. by: Lucy Lazarony, Next Avenue Contributor, quoting Anna Sergunina
I’ve been waiting to talk to you about saving more. We all want to do it, but life just gets on the way. We have a debt to pay off, things we want to enjoy and a ton of other reasons why we can’t do...
In previous episodes, we talked about establishing an emergency fund, or what I call a Curveball account. And how important that is to your overall financial success. I was listening to a podcast the other day and a host brought a good point about how...
Do I need a will? How do I get one? The answer financial planners usually give is that it depends. But generally speaking, you should have an up-to-date will, as well as a durable power of attorney for health care, also called a health care proxy, and an advance health care directive, also known as a living will, for estate-planning purposes.
Very frequently I get a question from my clients about how many accounts they need to have? Checking, Savings, Online Savings, Money Market, Credit cards, etc. There are no right or wrong answers, it’s really what works for you. I like the idea of having...
Small businesses face many challenges, especially in the early days, including developing a product or service, targeting it to the right market, hiring the right employees and keeping expenses under control. Meanwhile, taking the right approach to taxes is a crucial factor that sometimes is overlooked.
Our discussion today is:”Money Talk” – So Talking about money — with a spouse, partner or parent, for example — is often harder than thinking about it. I love this quote by Grant Cardone: “Money is like a jealous lover. Ignore it and it will...
Many people have complicated feelings about money — from being intimidated by it, to associating wealth with being greedy, to hating it. This can lead to the thinking that finances shouldn’t be a priority or you can’t be successful at it. But it’s not true...
Questions discussed: 1. I was between jobs and racked up some credit card debt. I now have a new job that offers 401k retirement plan. Should I be paying off my low interest rate (2.99%) credit card or contributing to my 401(k)? 2. What can...
Today I want to talk about the emergency fund or what I like to it is Curveball account. I know that many don’t like this topic and reading the latest statistic about how 76% of Americans are living paycheck to paycheck and have zero funds...
In the last episode, we talked about Credit and understood how it’s different from Debt. Today I’d like to discuss Credit Report and how our use of Credit and Debt gives us a report card that is important to maintain if you plan to borrow...
In the last episode, we talked about Debt. Credit and debt go hand in hand. So what is the difference? Credit is your ability to take on debt, while debt is the actual amount that you currently owe to creditors. In general, you are in...
Continuing our discussion about Basic Money concepts. Lesson #4 – Debt Defined by Investopedia.com: Debt is an amount of money borrowed by one party from another. Debt is used by many corporations and individuals as a method of making large purchases that they could not...
Continuing our discussion about Basic Money concepts. Lesson #3 – Interest Rates What is an interest rate? – it’s a rate which is charged or paid for the use of your money. An interest rate is often expressed as an annual percentage of the principal....
“Swim With Jim” is an adventure of interviews with interesting people who are related to personal financial planning. Host Jim Ludwick, a radio DJ from his early military days, explores people and concepts important to making good financial decisions.
We’re three financial experts from across the country; from the East Coast to the West Coast and – Sin City; an eclectic mix of personalities; a baby boomer, a gen-x and a gen-y. We’re rarely in the same spot. But when we are, sparks fly...
Continuing our discussion about Basic Money concepts you may not have had a chance to learn and how you can brush up your personal-finance knowledge skills. Lesson #2: Compound Interest & Starting to Save Early Saving a small amount each day can do wonders for...
Odds are, you graduated from high school without being taught basic money lessons. I did. Even when I finished college, there was no personal finance course requirement. Currently, only 13 states currently require high school students to take a personal-finance course to graduate. For those...
Welcome to Daily Jui$$e Show! When I was a child, my parents had to bend over backwards to get me to eat fruits. My mother even tried fresh squeezed fruit juice so I would try just a thimble of the fantastic nutrients that my body...
The idea of “Money Dates” has recently resurfaced in my mind. I was having a discussion with my husband about our finances. We had just re-balanced our portfolio, with the help of our advisor, Jim Ludwick!
Questions discussed: I just purchased a new car and my insurance premium increased. What can I do to lower it down? Should I cash out my traditional IRA to help pay down for my student loans? I just graduated and have $36,000 in student loans....
A wonderful set of parents recently sent their son to me for financial advice. He was a new college graduate and was about to start his first “real” job. Prior to this session,...
Question: I'm really confused about what type of life insurance coverage to purchase for myself and for my husband. Any advice? People buy insurance to reduce or eliminate the financial risk...
By Jim Ludwick, CFP Learn more about Jim on NerdWallet’s Ask an Advisor With the utmost respect and honor to Stephen Covey for my very similar title (Covey’s “7 Habits of Highly...
If you’re thinking of buying a residential income property or converting your current residence into a rental, you might want to think again. A deal that looks good on the...
Being your own boss might seem like a sweet deal, but one of the advantages of working for a company is the employee benefits package you’ll usually get. Typical benefits include a retirement plan,...
Each year, hundreds of thousands of older Americans are victims of abuse, particularly financial abuse. As a financial advisor, it’s part of my job to be on the lookout for...
January is over and for many of us, that means New Year’s resolutions are almost out the window. But we still have most of 2016 ahead of us. Here are a few ways you can set yourself up for financial success this year and beyond....
The holiday season has arrived, bringing with it some of the biggest shopping days of the year. Each year we look forward to this time to shop for great bargains and holiday gifts. But many of us don’t plan financially. We go out and buy...
If you’re thinking of buying a residential income property or converting your current residence into a rental, you might want to think again. A deal that looks good on the surface may end up costing you money. Owning residential income properties has many advantages. Rent...
Dear clients, colleagues & friends! Over the last few days I had an opportunity to be a tourist again in NYC, showing my in-laws around. As we were touring the city, I could feel the Holiday Spirit. We took a boat ride today to the...
Being your own boss might seem like a sweet deal, but one of the advantages of working for a company is the employee benefits package you’ll usually get. Typical benefits include a retirement plan, life and disability coverage, and health, vision and dental insurance. Full-time...
Part of the reason we accumulate debt is that there are so many distractions in our lives — things we want to buy but don’t need. But we also ring up debt because we simply don’t understand the flow of our income and expenses, so...
Each year, hundreds of thousands of older Americans are victims of abuse, particularly financial abuse. As a financial advisor, it’s part of my job to be on the lookout for the warning signs of such exploitation. But over time what I’ve found is that people...
The world is changing quickly. Technological advancements give us access to all manner of information with the swipe of a finger. But the information revolution comes with costs, too: It is increasingly difficult to keep our financial (and non-financial) lives private. Online databases, apps, spyware...
My role as an hourly financial adviser has evolved over more than a dozen years of practice. I find myself doing more and more remote sessions with clients and prospective clients. Is it the younger generation that has grown up with computers and the internet...
I remember February 26, 2009 very well. It was the day I started getting emails from clients who had money managers that were buying stocks in a terrible market. It was a stock and bond market that had been dropping since September the year before....
Question: I’m really confused about what type of life insurance coverage to purchase for myself and for my husband. Any advice? People buy insurance to reduce or eliminate the financial risk of some event happening. In the area of life insurance you are addressing the...
MainStreet Financial Planning Live w/ Jim & Anna: Episode #15 Questions: 1:57 – How can I save for college expenses besides a 529 savings plan? 5:12 – How about giving us some details on a health savings account? 11:26 – What do you think of...
By Jim Ludwick, CFP® With the utmost respect and honor to Stephen Covey for my very similar title (Covey’s “7 Habits of Highly Effective People” is on my recommended reading list), I’d like to talk about habits. Specifically, good saving habits that could put you...
A wonderful set of parents recently sent their son to me for financial advice. He was a new college graduate and was about to start his first “real” job. Prior to this session, I drew up an outline of what I wanted to share with...
MainStreet Financial Planning Live w/ Jim & Anna: Episode #15 Questions: 1:07 – My high income earning husband died at the age of 57. I am 62 now, I want to retire. Should I apply for social security widow’s benefit, or should I take my...
Anna Sergunina,CFP® has some tips & suggestions for helping your parents with their finances. Parent Finances Written by Lucy Lazarony, NextAvenue and Forbes contributor.
Questions discussed in this Episode: Jim: 1. I’m saving for a house down payment and a new car. Where do I put this money? 2. My insurance agent thinks I should invest in an annuity that starts in my mid-80’s in case I live too...
As 2009 neared a finish, I thought that interest rates, which had been dramatically suppressed by the Federal Reserve, would start to rise sometime in 2011. Boy, was I wrong. Being in the majority of professional opinion at that time didn’t matter either. Now it...
Running a small business can be a rewarding experience, but without solid financial planning, it can also be a harrowing one. By working closely with a financial advisor and following a few simple rules, business owners can avoid some of the most common pitfalls. Create...
What if your parent(s) can’t afford to retire? In our middle-class financial planning practice we don’t see a lot of 60 something’s who can’t afford to retire probably because of embarrassment or lack of ability to pay for our services. What we do see are...
The fist step in developing a financial plan for someone is to create a Financial Net Worth statement. Net Worth = Financial Assets — Liabilities Just about every other client we have always asks this exact question: “How does my net worth compare to your...
It’s almost vacation time. I know exactly the time I get on the train, to get on plane and approximately the time to get on the boat. The boat is approximate, since we have to get on one after we land in Venice, Italy to...
Streamed live on May 8, 2015 MainStreet Financial Planning Live w/ Jim & Anna: Episode #13 Questions discussed in this episode: 0:53 – Why should I rebalance my portfolio? 3:08 – Should I do a backdoor IRA? And what is a backdoor IRA? 9:14 –...
One of the ways to take some emotion out of investing is to periodically rebalance your portfolio to some predetermined percentage for different asset classes. Some more sophisticated investors and money managers use a tool called “Investment Policy Statement” to define parameters for different asset...
MainStreet Financial Planning Live w/ Jim & Anna: Episode #12
Gerri Detweiler, credit expert and journalist, will visit with us to talk about hacking, identity theft and how it affects your credit. What to do after something happens and what you can do before something happens to minimize your vulnerability. You can see what Gerri’s...
Jim Blankenship is a Enrolled Agent and financial planner (BlankenshipFP)who will tell us the ins and outs of IRA conversions to Roth IRA when your income is too high. Jim is the author of several books, including “The IRA Owner’s Manual”. We are excited to...
Join us: March 25th, 2015 at 9:30am EST, or archived Jim Blankenship is a CPA and financial planner (BlankenshipFP)who will tell us the ins and outs of IRA conversions to Roth IRA when your income is too high. Jim is the author of several books,...
MainStreet Financial Planning Live w/ Jim & Anna: Episode #11
Values and value are two important concepts in delivering financial services and advice. I see some values changing in the marketplace of financial services and I’m not happy about it. Remember the “devil’s in the details” warning we recollect from time to time? Well, today...
Car, Home and Umbrella insurance policies don’t always make a lot of sense. We happen to know a financial planner, Deidra Fulton of Plano, Texas, who used to be a property and casualty agent. We want to ask her a lot of questions on how...
The idea of “Money Dates” has recently resurfaced in my mind. I was having a discussion with my husband about our finances. We had just rebalanced our portfolio, with the help of our advisor, Jim Ludwick! In addition to giving us advice, Jim has been...
MainStreet Financial Planning Live w/ Jim & Anna: Episode #10
Most of the predictions are out about 2015 US stock market performance. What do they say you ask me? The majority I’ve read say the stock market, meaning the US stock market, will be up this year. Last year the vast majority said the market...
There are lots of financial advice columns and blogs out there. This is one of them. I read many of these financial blogs and columns, because no one can know everything. Just the other day I was reading one I’ve subscribed to for a while...
MainStreet Financial Planning Live w/ Jim & Anna: Episode #9
Who likes to spend numerous hours every months collecting receipts, adding them up and then categorizing??? Then to come up with the total spending picture for that month?! We don’t, and We are financial planners! Allow someone else to do it for you. www.Mint.com is...
As I sat on the beach last Sunday morning, watching the sunrise, sipping on Kona grown Mountain Spring cup of coffee, thinking….how could I just do nothing all day? I must! I am on vacation.:) Living in the 21st century, we are weighed down with...
MainStreet Financial Planning Live w/ Jim & Anna: Special Episode Plan for 2015 Questions & Answers
It’s the middle of December, 2014 and I am finally on the way to my first week off for the year. Sitting on the plane now, I reflect back on what it took to prepare for this trip. Obviously, all the hard work during the...
MainStreet Financial Planning Live w/ Jim & Anna: Episode 8
It’s been over 20 years since I looked at the studies about the need for long term care services. I was a New York Life agent way back when, and selling a relatively new product called long term care insurance. What I learned from 1980’s...
I love this time of year! I truly do. Holidays are right around the corner, some parts of the country are already getting piles of snow, and Christmas decorations are starting to show up… Last week we finished sending out our company Thanksgiving cards! As...
I remember my father telling me about baseball rules when I was first playing Little League. “It’s not just hitting and catching”, he said, “You have to learn the rules too.” As I recall we had a little book and I can see my dad...
MainStreet Financial Planning Live w/ Jim & Anna: Episode 7
When I tell people I’m on twitter a lot, they look at me with a quizzical look on their face. It looks like they’re thinking, “what does this old guy have to say that people would view?” Twitter first came to my attention in the...
I completed my first 10K race about one month ago. As I was training by running around the track, I noticed that there was a guy who would always walk in the opposite direction of the track. At first it bugged and irritated me. Then...
Anna and I have received this question several times in the past couple of weeks as more volatility than the recent normal was being experienced in the stock markets. Our answer, as it’s been for a very long time, is that markets go up and...
Recently, fee-only colleagues were commenting online about the many services we provide as financial advisors that differentiate us from other sources of personal financial and investment advice. While flying the other day, I expanded on the list that Anna and I developed a couple of...
So far, this year has been extremely busy for me. While adapting to my new professional role I was looking forward to having a quieter August to recharge my batteries. Then Yuri informed me on August 10th that he had signed me up for a...
MainStreet Financial Planning Live w/ Jim & Anna: Episode 6
One of the more charming aspects of our business is answering questions that involve some financial product or scheme that purports untold riches or eliminates some great fear like losing half of your 401k or other investment. As a former life insurance and commercial real...
The Non-Financial Side of Retirement ‚Ķ Are You Ready? Retirement? It’s the subject on everyone’s mind. What I recently realized is that we tend to focus only on the financial aspect of this. I get it. It’s very important to be financially ready to retire....
In July of 2011 I published my reading list on on my blog. It amounted to 50 digital and paper sources I frequently read and thought others might be interested see where I get many of my ideas. Now, three years later, reflecting on my...
Last week I attended a National Financial Advisor Week conference in NYC. One of the sessions I sat in on was about managing student loans and other debts. In my practice with clients who come for advice on how to pay off debt and manage...
We’re going to be interviewing Small Business Attorney Elizabeth Potts Weinstein who recently presented a webinar on “Can I Use This Pic?” about images on the internet. As a small business attorney, Elizabeth Potts Weinstein helps entrepreneurs, artists, coaches, and consultants find simplicity in the...
We are in the goal business. Helping people define, refine and achieve their financial goals. What does it take to achieve and surpass financial goals? It takes willpower. Remember the “protestant work ethic” of delayed gratification? Starting early and staying with a plan is a...
MainStreet Financial Planning Live w/ Jim & Anna: Episode 5
We live in a very fast-paced world. Frequently, we feel overwhelmed by the amount of information and activity we absorb in order to stay current. There is so much to do and so little time! How do we manage it all? How do we stay...
Will be talking with Mark A. Cortazzo, CFP® who is MACRO Consulting Group’s Senior Partner. His extensive background in the financial services industry includes working for one of the largest brokerage firms in the US, one of the largest banks in the Northeast and one of...
We’re going to be speaking with Laura Scharr-Bykowsky who is the principal of Ascend Financial Planning, LLC a financial planning firm in Columbia, SC. She is a CERTIFIED FINANCIAL PLANNER™ professional and member of the Garret Planning Network, Inc., an international network of professional fee-only...
“The White Coat Investor — A Doctor’s Guide to Finance and Investing” by Jim Dahle, MD, should make many wirehouse brokers and life insurance agents shake in their boots. You can quote me on that. If there was ever a book that needed to be...
Something occurred to me during my monthly flight from San Francisco to Baltimore this past August. I was coming back to my seat from the back of the pane. As I walked down the aisle, I noticed that about 75% of passengers had a tablet...
I think it was my father who said it, and I believe it was my first year playing Little League baseball when I heard the phrase, whoever knows the rules best, wins. I see now he was trying to impress upon me to not only...
Jim Blankenship is the founder and principal of Blankenship Financial Planning, Ltd., a financial planning firm providing hourly, as-needed financial planning and advice. A financial services professional for over 25 years, Jim is a CFP® professional and has earned the Enrolled Agent (EA) designation. Jim...
I’m going to start by sharing my favorite tool with you: www.Mint.com. I recommend it to all of my clients to utilize for passively tracking their expenses every month. Both Jim and I have been users since 2008, and we couldn’t be any happier. Who...
Swim With Jim: 08/20 An interview with financial planner and author Tom Nowak on his developing strategy for investors to divest themselves of fossil fuel related securities. We previously spoke with Tom about his 2012 book, “Low Fee Socially Responsible Investing”. The book and Tom...
The correction is coming, the correction is coming. Do I sound like Paul Revere announcing the British? Well, yes, that’s my intention. I could have written this piece six months or even two years ago. I would be saying the same thing: o Stay diversified...
MainStreet Financial Planning Live w/ Jim & Anna: Episode 4 1. 1st Friday Questions & Answers 2. Introduction of new members
Today’s post is inspired by a presentation I have been preparing to give for the last 4 months at the Garrett Planning Network Annual Retreat. Back in April when Sheryl Garrett asked me if I could present at the Retreat, I jumped on the offer....
MainStreet Financial Planning Live w/ Jim & Anna: Episode 3
MainStreet Financial Planning Live w/ Jim & Anna: Episode 2
Barbara Roper is director of investor protection for the Consumer Federation of America, where she has been employed since 1986. CFA is an alliance of approximately 300 pro-consumer organizations, which in turn represent more than 50 million individual consumers. A leading consumer spokesperson on investor...
MainStreet Financial Planning Live w/ Jim & Anna: Episode 1 – Discussing hot financial planning related topics of the day and responding to your questions.
Check Out Finance Podcasts at Blog Talk Radio with Swim with Jim on BlogTalkRadio We are excited to be interviewing Dr. Carolyn McClanahan, an ER doc and financial planner. Dr. C is a full time financial planner and part-time ER physician who has been quoted...
Certified Public Accountant Jim Anderson of AndersonDavis CPAs in Glen Burnie, Maryland will give us some tips on planning ahead for 2014. We will also ask him what things we can still do that will affect our 2013 taxes. Listen Here! Check Out Finance...