PAUL ANDERSON: Uh oh! I forgot to prepare for retirement
February 21, 2014
It is often right before retirement that some people finally sit down to review their retirement funds and realize that time has run out and they are far short of what they need. If this is the case for you, there are adjustments you can make to your retirement plan to get you closer to meeting your retirement expectations that don't include crossing your fingers or buying lotto tickets.
Jan 13, 2014
Debt has become something many people have just accepted as a part of life and they simply put up with the negatives it brings. Wouldnít it be great as part of your financial planning if you could simply write a break up letter to debt?
Sep 26, 2013
Although often overlooked, preparing for an emergency or job loss is an important part of an overall financial plan. Consider the fact that you may already be much closer than you think. As with most financial planning goals, creating an emergency fund starts with small baby steps.
PAUL ANDERSON: How to recognize a personal debt crisis
July 19, 2013
Often the biggest roadblock to our financial success is not realizing and accepting our own financial realities. You probably know someone who has some major struggles with debt. But could that person actually be you and you don't even realize it? Here are some questions you can ask yourself so you may recognize if you have a personal debt crisis. Debt can destroy a retirement plan and getting out of debt should be a part of your wealth management.
Jul 15, 2013
If you're like the average person, you may have paying your bills down to a science but saving regularly can be difficult. We tend to first pay the bills we owe, buy the things we need, and if there is any left, we then buy the things we want. Increasing your savings, investing and retirement planning may be easier than you think.
Jun 25, 2013
When it comes to investing our money and planning for our retirement, sometimes we all need help and advice. However, it is very important that we are careful about the source of the advice we are given. Too often we rely on water cooler advice that, if taken, can make a mess of our financial future and destroy what wealth management and financial planning we have done.
Apr 10, 2013
There are attorneys and CPAs selling insurance and investments as well as insurance professionals calling themselves financial advisors limited to a list of insurance products they're anxious to sell you. When deciding who to go to for help with your financial plan and retirement planning, consider how they are paid. This will often reveal the motivation behind their advice. A fee-based investment advisor is often the best option as you pay for their advice rather than pay them to sell you a product.
Mar 19, 2013
One mistake that people often make when creating a financial plan and saving for retirement is neglecting to factor in how much inflation will affect the cost of living. Because of this it is difficult to project how much income you'll need every year to meet expenses. They call the retirement years the golden years, but they'll lose their shine if you can't live comfortably off of a fixed income.
Mar 18, 2013
Although most teenagers will try to convince you they know everything, even the basics of money management can be unknown to them. Here are some key ways to creating a financially responsible teen and itís a responsible teen that ends up a responsible adult when it comes to their future financial planning and wealth management.
PAUL ANDERSON: Unlock the doors to estimating retirement income
Jan 30, 2013
It can be tough to work on your retirement planning when you have no idea how much money you need to save. This makes it extremely difficult to set monetary goals in a financial or retirement plan. While your financial adviser can help you, there are some simple things you can do on your own to make the process less arduous.
Dec 15, 2012
Unfortunately for many of us, procrastination follows us throughout life. This can get in the way of retirement planning. Although it may be more difficult to reach your desired goal if youíve procrastinated, it's never too late to get that retirement nest egg going, as long as you are still in the workforce. By using retirement tools like a 401(k), Roth or traditional IRA, we can get on the right financial planning path to our future.
June 19, 2012
When you find yourself in a tight spot, it can be tempting to pull money out of your 401(k). It can get you money fast, and it's better than going to a payday lender, but you should only do so if you've exhausted your other options. There are several reasons why.
PAUL ANDERSON: Prepare now to handle finances after a death
June 16, 2012
A loved one's death is a traumatic and difficult time for surviving family members. Sorting out the deceased's finances after the funeral can be a complicated and stressful process which has led to many unnecessary family rifts. However, there are several things that need to be completed to make the financial aftermath go as smoothly as possible.
PAUL ANDERSON: Does paying off debt always make sense?
May 28, 2012
When I was a child, my parents ingrained in me the idea that owing money is bad, and I should avoid it at all costs -- literally. What they failed to mention, though, is that this is not always the case. If you put all of your money into paying off debt, it's likely you're neglecting other important areas of your financial life.
PAUL ANDERSON: It's too easy to let money destroy a friendship
May 18, 2012
Often when ends donít meet, people end up having to reach out to friends or family to get financial help. Most people wisely refuse when asked because they recognize the strain that can be placed on a relationship when money gets involved. Others, at the risk of negatively impacting not just their financial plan but their relationship, go ahead and lend the money. What is the best way to handle this?
PAUL ANDERSON: Tricks to avoid banking fees
April 30, 2012
In response to recent Congressional legislation, banks have started adding fees where there were no fees before, which makes it necessary for you to come up with new ways to avoid having to pay them. Take a look at your most recent bank statement. All those fees can add up -- especially if you're not keeping an eye on them.
PAUL ANDERSON: Don't blow your tax refund
April 3, 2012
"It's free money!" That's what retailers want you to believe. But the truth is, your tax refund is not some generous gift from Uncle Sam. Instead, it consists of the hard-earned money that you overpaid in the previous tax year. Instead of considering your immediate wants, which may pass faster than you'll admit, think about what would be really beneficial to you. A refund, when used wisely, can get you closer to reaching your investing and retirement goals.
PAUL ANDERSON: Kids' allowances teach big money lessons
Feb 3, 2012
Like most parents, I'm always looking for ways to teach my kids important life lessons in a way that they can easily understand. One such lesson I work hard to impart is the importance and value of money. A good way, if done right, to help children learn that dollars don't just grow on trees and credit cards aren't magic pieces of plastic is to start giving them an allowance at an early age.
PAUL ANDERSON: One couple + two accounts = more benefits
Nov 25, 2011
Have you ever heard the phrase "it takes two"? Well, when it comes to planning for retirement those words could never ring more true. Many married individuals decide not to contribute to retirement accounts since they feel that their spouse is saving enough for the both of them. While taking care of each other is, of course, important, being self-sufficient is as well.
PAUL ANDERSON: Understand dangers of transferring debt from card to card
Oct 21, 2011
Don't be seduced by glossy new credit card invitations you get in the mail. Consider your financial future before jumping on one of those credit card offers. If you simply can't resist them, you can always opt-out of receiving these offers. This keeps the temptation out of your mailbox by removing you from marketers' mailing lists and keeps you focused on your financial plan.
PAUL ANDERSON: Talking about retirement is part of the planning
Oct 14, 2011
Couples often make a big mistake when it comes to retirement. One plans on relaxing and gardening while the other wants to travel and stay active. Critical conversations are not had because each assumes his or her partner has the same idea or retirement. The time to approach these issues is not when the two of you reach retirement age. It's important to communicate what your goals are now, during the retirement planning process, both to avoid potential conflict and to plan your savings accordingly.
PAUL ANDERSON: Think twice before co-signing a loan
Oct 7, 2011
One mistake people innocently fall for is agreeing to co-sign a loan for their children, or more often, grandchildren. You would probably think that this may be innocent enough but this can be the equivalent of downing all the sleeping pills and liquor in the house in an effort to child-proof your home. Keeping an eye on your overall retirement and financial plan is important in this situation.
PAUL ANDERSON: How to enjoy the investment roller coaster
May 27, 2011
With investing, we know there are risks. Even in the best portfolios there are ups and downs. Many of us seem fine with this idea until we actually start to experience this bumpy ride for ourselves and then we panic and want to jump off the ride. We were excited about the potential gains while forgetting that there may be a rough ride to get there.
PAUL ANDERSON: Are you pulling a prank on your investments?
April 22, 2001
Many investors try to implement a long-term strategy by reacting to short-term trends. This is frequently an exercise in futility. In their efforts to keep up, they find themselves making the age-old mistake of buying an investment at its peak price, then subsequently selling it at its low. In order to avoid some of the common mistakes investors make, there are a few things you need to keep in mind.