Our saving plan should cover three essential areas: cash on hand for unexpected bills, money put aside to cover expenses in case our income is interrupted, and an account for later in life when we stop working or work in a reduced capacity. This approach protects our longer term savings from an unexpected withdrawal by providing for short-term […]
Category Archives: General
Non-specific posts or general posts not related to other categories.
One of the rules-of-thumb for blog writing is brevity which is understandable, but it limits the amount of information that can be provided in a single post. This often segregates related information that is better applied in concert. For instance, I have posted individual blogs about debt elimination, compound interest, and saving. Each post contains […]
An emergency fund is a separate savings account that we set aside to cover monthly expenses in an emergency situation. If we experience a layoff or we’re unable to work for a period of time, the emergency fund is there to provide a financial cushion or safety net until our situation changes for the better. […]
Everyone likes to get something new and fun. Shopping has been proven to help people relax or feel better about things going on in their lives. Yet, there can be some serious negatives when that shopping leads to further debt or an inability to pay our necessary costs. Here is the guide I follow when […]
I’ve read quite a bit of Mike’s posts and find them articulate and informative. This week he tackles the IRA question and explains the affect that marginal tax rate has on the decision in words we can understand. Read the Article
People buy a lot of things that they don’t need, and in some cases don’t even want, and they often buy them with credit. It’s interesting that people who use cash spend less on average than people using debit or credit cards. Apparently we’re less likely to buy when we see the money that we’re spending, […]
Financial headlines and articles about the federal budget in Washington, changes in HealthCare costs, interest rate predictions, and the daily changes of foreign markets, do their best to make a case for our attention. There is a continual supply of recommendations for financial changes we should make based on the latest news and insight. If […]
When we’re just starting out with little or nothing in terms of a personal finance plan, the task can seem daunting, even ominous. We struggle with where to begin, finding all of the information, condensing it, and determining a course of action. There are other important things demanding our time and as long as there’s […]
Economic changes over the last 3 decades have been dramatic, especially in recent years. The housing market, unemployment rate, and increases in medical expenses (to name a few), have contributed to many financial hardships and difficulties. Headlines tout glimmers of hope as enough jobs are created one month, the stock market rallies one day, or […]
Ben Franklin is quoted as saying that a penny saved is a penny earned, but he actually said that “A penny saved is two pence dear”, meaning a penny saved is two pennies earned. Apparently in Mr. Franklin’s day, pennies received a lot more attention than they do today. We tend to leave pennies behind in that little tray […]
Personal Finance Simply Understood 