Review Category : Gen X & Y Financial Advice

Should You Discuss Salaries With Your Co-Workers?

As technology is sweeping the way we live our lives, millennials are also potentially creating a new trend… openly discussing salaries in the workplace.  Once considered a taboo subject, millennials don’t turn a cheek to sharing how much money they make, yet they are incredibly shy about talking about sex in general. In a recent study done by www.bankrate.com, Americans between the ages of 18 to 37 are more likely than gen x’ers and baby boomers to share their salary information with others, especially co-workers, according to the study.  The study showed that 33% of all millennials share their salary information with others at the workplace, which is twice what baby boomers are willing to do with their salary information. In Pamplona, they have the running of the bulls.  In Helsinki, they observe something called “National Jealousy Day” where every single Finnish citizen’s taxable income is made public at 8 a.m. for all to view in plain sight.  A few ...

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Five Ways To Raise A Financially Successful Child

With student debt soaring past 1.5 trillion dollars, it isn’t getting any easier for Generation Y and Generation Z to get up and going financially in this world.  Unemployment is now sitting under four percent and wage growth is barely rising at the pace of overall inflation. This means that as parents, we need to do everything we can early on in our children’s lives or even as they get close to graduating college to set them up for long term financial success.  It is important we teach them the concepts and practices that can help them become more financially self-sufficient down the road.  Here are five ways you can help raise a financially successful child. 1. Start Saving for College Tax-Free The average student will amass more than $30,000 of student debt in college, so doing everything we can to help them avoid having that debt is important.  Remember, do not sacrifice your retirement for your children’s college education ...

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What To Do With Your 401(k) As The Market Gyrates

The markets are poised to cap off a rocky week on Wall Street with, yes, more volatility. So, should you turn everything in your 401(k) retirement plan into cash ? Financial advisors have one message for you: Don’t panic. That holds true even as the Dow Jones Industrial Average has had three-digit swings throughout the week. The stock market index plummeted more than 500 points at one point on Friday. Meanwhile, the S&P 500 index dropped as much as 2.2 percent and flirted with correction territory. show chaptersAIG Retirement CEO on how market turmoil can affect your retirement    5 Hours Ago | 04:02 Despite the scary headlines, these are signs of a healthy market, said certified financial planner Scott Hanson, founder and senior partner at Hanson McClain Advisors. “The market has to go through this sort of thing,” Hanson said. “The longer we go without volatility, the more nervous I become. I almost welcome a bit of this shaking out.” ...

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When Mom Never Asked Dad About the Finances

This post was sponsored by Regions Bank.  All opinions are my own. Making financial decisions can be tough with or without the right tools. As young professionals juggle many financial priorities, it’s important to realize the gravity of our decisions and the influence those around us have on us, whether that be found in a role-model or through a family member. There is no doubt that your childhood and upbringing have a massive influence on how you manage your finances in adulthood.  These range from small items to how you handle traditions during the holidays to whether or not you decide to take grand scale type vacations.  My “boss” behavior was dramatically impacted with an event that changed my life forever and what got me into the business of becoming a financial advisor. While attending Boston College, I had always planned to do a double major in finance and accounting.  My real goal was to become an investment banker in ...

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What To Do If You Win The Lottery

This past Tuesday, the Mega Millions jackpot became the third largest jackpot in the history of the game with the winning prize at $548,000,000.  The Powerball and Mega Millions combined was almost $1,000,000,000!  That is a jackpot which will permanently change lives, and it is the largest Mega Millions prize since 2013 when $648,000,000 was split between two winners in California and Georgia. Yes, Georgia!  The record jackpot happened in 2012 and was split between three winners.  Whether you win the lottery, get an inheritance, or receive a windfall, there are important steps you need to know to make sure you plan your finances correctly.  With the jackpot being so high, here are my tips what to do if you win the lottery. Make sure to sign your ticket– The last thing in the world you want to do is to lose or misplace the winning ticket. You should sign the back of the ticket and then make a couple ...

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How to Have a Proactive Retirement Plan

Ted Jenkin, ranked the #4 Financial Advisor in the U.S. by Investopedia, took some time to chat with us to discuss the importance of saving income, investing wisely and preparing for retirement. It’s no joke that America is not prepared for retirement. Emotional spending is rampant in our consumerist and social-media-driven culture, and sadly many seniors are relying on Social Security to get them through retirement. Many people are living longer in the 21st century with technology and healthcare advances and a meager savings is not enough income to sustain a happy day-to-day retirement lifestyle. Ted Jenkin, founder and CEO of oXYGen Financial, comments: “People are unequivocally not saving enough for their futures. They succumb to lifestyle inflation, which means – in theory – that their income expands. The problem is that expenses have a tendency to expand for more luxurious lifestyles as they make more money. One of the main culprits is social media, as there is peer pressure and images of luxurious vacations, gourmet dining, ...

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How To Protect Yourself From The Recent Facebook Breach

Facebook announced a data breach on Friday, Sept. 28, in which the personal information of 50 million user accounts was put at risk due to a vulnerability in the social network’s code. The attack potentially exposed personal information and gave hackers the ability to take control of users’ profiles. Since discovering the breach, Facebook has fixed the vulnerability and has informed law enforcement to investigate. Was My Facebook Account Affected? About 50 million Facebook users were affected by the code vulnerability, which gives hackers the ability to steal “access tokens” that allow users to stay logged into their accounts. (When you sign in to a site or app with your username and password, your browser or device typically receives a digital key known as an access token that lets you stay logged in without having to re-enter your credentials every time. That token does not actually store your password.) Fraudsters could use these access tokens to not only take over users’ ...

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How To Complain Effectively Using Social Media

We hear a lot of complaining today about social media.  It’s in our faces daily with political events, people posting too many pictures of their vacations, and stories that we probably better off not knowing before we saw the sixty second video.  As customer service continues to decline across service industries, there may be an angle on how to actually use social media to effectively complain and get what you want. There are those in life who seem to be able to negotiate better than others when making their complaints.  Perhaps they have the right timing.   Possibly it can be related to their instincts.  Or, could it be that they know how to create a well-oiled plan to get their desired outcome? Recently, I had an interaction with Chipotle that can demonstrate how simple it is to get what you want and do it in an effective manner. On September 9th, my family asked me to pick up dinner and ...

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Five Reasons You Never Want To Borrow On Your 401(k)

Many millennials are stretching financially to buy homes, and the numbers are getting scary.  People in the younger generation are modeling behavior that is far riskier and more dangerous than they even realize for their future.  According to a new survey by the Bank of the West, approximately 1 in 3 millennials say they raided either their 401(k) or even worse liquidated part of their IRA to put a down payment on a home.  Even more millennials are tapping these retirement accounts to pay down their growing student and personal debt.  There is a reason these are called “retirement accounts”, and specifically there are five enormous reasons you never want to borrow on your 401(k). The Magic Of Compounding – In a recent story I did on CNN Headline News, I discussed the power of compounding. A 25-year-old who puts away $300 a month and hypothetically earns 8%, will have roughly 1 million dollars at the age of 65.  A ...

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