The most important factor in managing our personal finances is our control over where our money is going. Before we can establish financial goals or move forward with a financial plan, we need to be honest with ourselves about our spending habits. And our spending habits are most often driven by the lifestyle decisions that […]
Category Archives: Uncategorized
It’s easier to find a job when you have a job. Statistics prove this out, and I think it has a lot to do with our attitude more than anything else. When we’re on an interview and we already have a job, we’re more confident. We don’t really need the position. We’re interested in the […]
We have to pay for necessities and make monthly payments on debt, so when we manage our finances these items get our attention. Saving on the other hand, tends to get the least attention because it seems optional. We can’t skip paying our rent or a car payment, but we can skip a deposit to our savings (or so it seems). […]
Buying a home is a major event in our lives, and the excitement can easily overshadow the long-term financial commitment we’re about to make. This is especially true when we’ve found a home that we love. The property taxes, maintenance, and mortgage obligation that we’re committing to, often take a backseat to the excitement of […]
There are several debt reduction approaches that have proven successful for many people. We can concentrate or focus on paying the smallest debt, the largest debt, or the debt with the highest interest rate. Or we can use debt consolidation and simplify the situation with a single bill each month. To compare the methods, let’s […]
Eliminating Debt! The most popular approaches to debt elimination are: paying off the largest debt first, paying off the smallest debt first, paying off the debt with the highest interest rate first, and loan consolidation. In my book “Personal Finance Simply Understood” I walk through a detailed analysis of these approaches using various loan and debt […]
For some people, their financial goals are to someday be out of debt or have a better handle on their financial situation. But these types of goals don’t lend themselves to an achievable plan, and progress can’t be measured. When we establish financial goals, we assess the things that we need and want in life […]
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 […]
The most important factor in managing our personal finances is our control over where our money is going. Before we can establish financial goals or move forward with a financial plan, we need to be honest with ourselves about our spending habits. And our spending habits are most often driven by the lifestyle decisions that […]
The short answer is that it depends on how you answer a few simple questions. Are there family members who will need to be cared for financially when you die? Will your survivors or beneficiaries inherit debt such as a mortgage or a personal or car loan? Do you already have a large policy through […]
Personal Finance Simply Understood 