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Why Your Parents Financial Advice Might Be Wrong (Sort Of……..)

A recent study that came out on CNBC showed that when it comes to debt, Gen Xers are now at the top of the class.  Especially in the category of personal debt where the average Generation X individual (ages 39 to 54) has racked up $36,000 of personal debt.  This is on top of the student debt that is still lagging in the background and potentially taking on new college debt for their children. I think about the advice I got from my parents and the advice that I am giving today.  We all need to consider that as life evolves, so may some of the traditional financial advice that we give when it comes to money decisions.  Here are four areas where parents’ financial advice may be (kind of) wrong: Go To College And Get A Degree:  Let me say up front, I’m not advocating that a college degree is a bad idea.  But we need to consider what’s ...

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The Best Financial Advice I Ever Got

“This is a reprint of an article from the Wall Street Journal, where Ted was featured as a national expert on the best advice he ever got.“ We asked financial experts to tell us the piece of guidance that has made the biggest difference in their lives. There’s no shortage of financial advice out there. But what advice has resonated most with the people in the business of doling out financial advice or teaching finance? What advice did they receive that has changed their lives for the better? Invest 2% of your income in you When we think about investments, we often direct our attention to categories such as stocks, bonds and real estate. What we often don’t think about is our most valuable asset: our ability to earn an income and to make that income grow faster. Almost 20 years ago, I met a successful business owner who gave me a simple lesson: Invest 2% of everything you earn ...

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When Siblings Fight Over Money

As Generation X’ers turn 50, more and more children are beginning to deal with their parents getting older.  This means getting into the challenging affairs of health and wealth.   Some parents are more open to discussing finances, while others have a secret stash of intertwined trusts ready to be unveiled to the children when they die.  Money does funny things to people.  Sometimes, those things are not so funny.    For many years the scuttlebutt that goes on between brothers and sisters can turn wildly unharmonious when money starts to pass from one generation to another. Whether you have one sibling or multiple siblings, didn’t you as a family have a running joke about who Mom and Dad loved the most?   Of course you did because this is the norm amongst families.  One child was the most gifted with grades, one child was the most gifted with sports, and one child was coined the ‘good child’.   As you grew older, naturally ...

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Obamacare: Open Enrollment What You Need To Know

It may be open enrollment season for many of you at work, but for millions of Americans it will be the official open enrollment for Obamacare coming up this Saturday.  Amidst the unknown of the upcoming Supreme Court case regarding federal subsidies, there is a plethora of information to digest for those of you who are considering the federal marketplace for your health insurance.  Here are my five smart money moves Q & A to help you get an initial start to understanding the open enrollment period beginning this week. Get Obamacare Help Here > Question 1:  When does open enrollment start/end and how many people are expected to sign up this year? Starts November 15, 2014 and ends February 15, 2015. You must apply by December 15th if you want your coverage to begin January 1st There are no other enrollment periods unless you qualify for a special enrollment for life events such as marriage, divorce, birth of new ...

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Advice From A Jeweler On Buying The Engagement Ring

Congratulations on your decision to formalize your relationship. Studies show that married people are happier and live longer, so you’re on the right track. First, allow yourself enough time to think through and understand all the new information that you will be involved with in your search for the perfect diamond ring. One of your first decisions will be to decide whether to surprise her with a ring or shop together. That will depend on your relationship. There are advantages and disadvantages in each case. A good middle ground and one that will keep you in budget is to let her pick out the engagement ring mounting and you come back to select the diamond. The most important thing is to make the occasion a romantic one to remember. There are many factors to consider: the shape of the diamond, the size versus quality of the diamond, deciding on white gold or platinum or yellow gold or a combination of ...

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How To Maximize Your Holiday Gift Cards

Ho! Ho! Ho!  It appears that you’ll need Santa’s sleigh to get around town to return the clothes you didn’t like and the mountain of gift cards you received to all of the stores around town.  Place your bets! Place your bets! My bet is that one of every three gifts you garnered this holiday season was a gift card.   Now, you have to make a game plan over the next few days into the first January weekend to figure out how you’ll actually spend these gift cards.   The big question you should be pondering is whether or not there are any smart money moves you can make to maximize those holiday swipeables.   Here are five tips from your smart money moves to improve the holiday take: Read The Back Of The Card– Some of the gift cards you got this holiday season have an expiration date and some do not.   Cards that carry an expiration date can start to ...

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