Who pays the bills: MEN or WOMEN?

The great debate has gone on for years.   Who really handles the money in the home.   Is it the man or the woman in the home who ends up taking care of the financial bills?  Fiserv and The Marketing Workshop recently surveyed 3,029 consumers about the subject of banking and on line bill paying to represent the 90.5 million consumers involved with online banking.   The survey found two astonishing statistics.   One, in 2000 bills by paper check was the majority method where in 2010 bills by paper check is less than one quarter of the primary method of paying bills.  Two, that Generation Y is propelling the future business of mobile banking and personal financial management tools. As an experienced professional and a founder of a financial advice and planning firm for Generation X and Generation Y, we know that the way households are run and business is done will transform over the next decade.   According to the Fiserv study, ...

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Hey Middle Class – It’s $369,000 A Kid!

So what does it take to raise a child?  They used to say it took a village to raise a child.   Today it can be more challenging than ever with the influence of television, internet, and music coming at our children from every angle possible.   I know this as my kids are twelve, ten, and eight years old respectively.   But, according to the Department Of Agriculture (www.usda.org), it will cost a middle class family $369,000 to raise a child from birth to seventeen years old which represents slightly over $20,000 per year to your annual budget. In the report, a middle class family is considered to be incomes between $56,670 and $98,120.   Child rearing was the largest expense in raising a newborn, followed by child care/education, and then food.   Whether you are a single parent family or a married couple, expense for the child increasing significantly as the age of the child increases.  The most amazing part of this report ...

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How Can A Business Owner Save Money?

Through the creation of a captive insurance company, businesses can cut their taxes and increase the value of their estate. A business creates a captive insurance company to insure its risk; the captive can issue property and casualty insurance. It can also collect and invest premiums, as well as pay claims. To be sure, the business can also use the captive for pretax wealth accumulation, to protect assets, for efficient estate planning and to retain key employees. The business determines the policy terms, whether to write new or renewable policies and the types of insurance coverage to write. The strategy works best for companies that generate at least $1 million in annual net income, making it viable for physician groups, associations, franchisees and other businesses. For instance, Stan and Joan Smart, 60 and 55, respectively, own ABC manufacturing company. They seek better risk management and estate planning. After meeting with their financial adviser, Stan and Joan decide to retain an ...

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What If I Need A Cash Advance?

It is never fun being behind on paying your bills.  With more and more people living paycheck to paycheck, we often get the question, “what happens if I need money in a pinch?”   That question can spur many different responses based upon your individual financial situation, but what happens if you have to look for some sort of cash advance to hold you over until the next paycheck.   Obviously, you want to exhaust all of your options before you go for the cash advance.  We don’t recommend cashing out of retirement plans like your 401(k) as many people will when they look for cash as the taxes, penalties, and loss of compounded interest on your money could be detrimental to your long term retirement plans.  I need a Cash Advance – So, what to do? There are many companies that offer these types of programs to get a small loan between $100 and $1,500.  For example, companies like CashNetUSA are ...

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Reminiscing About The TV Dinner

With all of these reality TV shows pretty much filling up network and cable stations alike, I was wondering if they would ever bring back really good cheesy TV that I saw when I was a kid like The Love Boat and Fantasy Island.   I can remember how much I looked forward to the shows coming on TV every week as well as what was going to happen in this week’s installment of Dynasty and Dallas. All of this TV thinking got me to think about how much I don’t like the microwavable meals you can buy at the store today.   They all come in some cardboard like box and tray, and often they just don’t come out right after you microwave it up for about 3 to 5 minutes.    They look good on the package, but just don’t pack the punch when you eat them. I know what we need.   We need to bring back the good old TV ...

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Smart Financial Moves After A Divorce

Divorce is one of those life events that may be one of the most difficult transitions any person has to make.  Some of the divorces end up amicably, while others end up with such irreconcilable differences that the two parties never speak again.   While lawyers usually end up in the middle of the finances when a couple gets divorced, here are five things I would recommend you consider reviewing after a divorce. 1. Check Your Credit Report–  When people are married, it isn’t always discussed on who is the owner of a particular credit card or loan obligation.  Reviewing all of your credit cards and loan obligations to make sure you are not joint on any of those items after the divorce, and ensuring your credit report is in good standing is an important step to take. 2. Review Your Beneficiary Designations–  Remember that items such as your 401(k), IRA’s, and insurance policies have a named beneficiary.  Despite what your ...

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The Stock Market Crash Of 2010

I don’t buy it. I’m sorry, but I just don’t buy what I have been reading about this recent blip in the stock market that everyone has been talking about across the country. I believe that within the next 12 months we will find out there is more than meets the eye about this story and what exactly happened. I have been in the business of giving financial advice for 19 years. During those 19 years I have used various trading systems. To my knowledge there has not been a system I used where you actually had to type in the word million or billion to make a trade. In actuality, as most of you may do when you trade through any retail operation, you typically type in the quantity you want to buy numerically along with the appropriate ticker symbol. As with most computer programs today, there is generally also a failsafe that takes you to another screen asking you if you really want ...

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You Don’t Need 3D TV

I have been seeing all of these commercials as of late on how you can have 3D TV in your home.   Let me be the first to tell you that you simply don’t need this technology for the price tag it will carry. I think I saw my first 3D movie in 1981 called Coming At Ya’ which was a Western style type movie with objects seemingly rolling out of the screen and into the movie seats.  Remember, the Friday the 13th installment that was in 3D?  There was nothing cooler than having those red and green 3D glasses, and only every once in a while did a new 3D movie come out in the theaters.  Now, for an arm and a leg you too can take your family to see one of the many cartoon fantasies on the big screen.  No red and green classes, but certainly some cooler special effects. Now, I want you think about this.  Why ...

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