5 2018 Sticky Financial New Year’s Resolutions

It’s 2018, and that means that most of you have made at least one New Year’s resolution.  For most of you it will surround either diet or exercise, but for some of you getting your financial plan in order may rise to the top of the list. With the average American now surpassing more than $16,000 of household credit card debt, it may appear that feeling flush has left us spending out of control.  In your smart money moves fashion, here are my ideas for a sticky 2018 financial New Year’s resolution that can help you grow your bottom line. Get Your Financial House In Order Set Up An Online Account Aggregation System – At oXYGen Financial, we have been using a personal financial dashboard for almost 10 years in helping our clients get their financial house in order. You can learn more about this by going to oXYGen Financial, but there are also other systems online including Mint and ...

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What a Stupid Question!

So, how many times have you asked someone in the financial world a question and they make you feel stupid? Not only stupid for asking the question, but just plain stupid? That’s what often happens when working with people. There used to be stocks, bonds and cash. There used to be whole life insurance and term life insurance. There used to be disability insurance. There used to be health insurance. Now we have BDC’s and REIT’s and PPL’s and variable life insurance and variable universal life insurance and indexed life insurance and indexed universal life insurance and ETF’s and UIT’s and PPO’s and HMO’s and 401k’s and Roth 401k’s and IRA’s and Roth IRA’s and long term care insurance and then long term care riders and hybrids and properly structured life insurance and improperly structured life insurance . . . You get the point. The financial world of our parents and grandparents doesn’t exist today. It’s become much more complicated ...

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Six Smart Ways To Save Money On Thanksgiving Dinner

Forty-six million turkeys will be ready to go during Thanksgiving this year. The American Farm Bureau Federation says the cost of a Thanksgiving dinner for 10 people will average $49.04, a 44-cent decrease from last year’s average of $49.48. Supermarkets are charging $21.76 for a 16-pound turkey, which works out to $1.36 per pound (and three cents less than the per pound cost in 2012).   However, we are interested in saving money, so here are six ways to cut down on cost for Thanksgiving dinner if you are working on a budget. Go Generic – There may be a few brands that you cannot live without for Thanksgiving, consider items such as salt, spices, frozen vegetables, and other items that can save you money without giving up the taste.   Generic brands at many stores have come up in quality over the past five years and in some cases have the same exact ingredients as the big brands. Go pot luck with your ...

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Tricks To Spend Less Money At The Store

Stores and restaurants are really really smart at figuring out how to get you to spend more money.   These are time tested marketing techniques that you won’t even think about before or after you make your purchase.  The key for these stores, restaurants, and outlets is to make you feel good…..like you got a deal or you are special or you are one of the exclusive few that got this opportunity.   The goal is to separate you from your money.   Here are six traps to watch out for that will trick your brain into spending more money. THE NO DOLLAR SIGN TRICK —This one is most seen when you eat out at an upscale restaurant. You’ll notice that they will list a meal with the number 15 (note NO $$) or they will actually spell out in some artsy fartsy font By not showing you an actual dollar sign it literally makes you think less about money thus tricking your ...

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Five Important Things You NEED To Know About FAFSA

Most people relish the idea of figuring out how to get some free aid to help their families when it comes to taking care of college education.  However, year in and year out, families make multiple mistakes when it comes to filling out the Free Application For Student Aid (FAFSA).  This year, FAFSA has made multiple changes that need your attention to ensure your family has the best opportunity to reach your goal of getting some cash.  Here are the smart money moves you need to know: The Start Date Is Much Earlier Applications officially can be filed October 1st – January 1st This is a permanent change within the FAFSA system. It Will Much More Simple For Pulling Tax Information FAFSA will now use a ‘prior-prior’ method. This means that they will really be using two years prior to give everyone a chance to fully complete their tax extension. Students applying for 2017-2018 tax year which would be the ...

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Five Smart Money Moves To Make When You Are Offered A Severance Package

When the consulting companies are done offering advice to your corporation on how to make it more effective, the one word you don’t want to hear from upper management is “reorg”.    Reorg, short for reorganization, if often a labor intensive process where a large organization systematically eliminates a section of the workforce to streamline their overall processes, people, and systems.   When these reductions in workforce happen, one of the possibilities that may occur is to offer you a severance package.    The problem for most families is that decisions have to be made so quickly that people often make poor choices on how to best maximize this package. Here are five smart money moves to make when you are offered a severance package. Double Dip On Pay If your company offers you six months or one year as a severance package, this is not the time to take an extended vacation.   Every month that you can work for a new employer ...

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Don’t Be Fooled By Hillary’s Small Business Plan

I usually don’t read the USA today, but I happened to have a chance to read an article recently (http://usat.ly/2bVCjaz) about Hillary Clinton’s plan to be the President for small business owners.   I was intrigued by the article to see what real change might be coming and as an entrepreneur of many businesses I quickly realized that the proposal was something that only the Stay Puff Marshmallow business person would actually gain any benefit from currently.    Here are the points from the article and then I’ll share on each point my insights on what meaningful proposals could really truly help small business owners do better.  BTW, I haven’t really seen any proposal from Trump yet at all but I do know what I hear from local owners every week Hillary Proposed Problem: Citing licensing and other burdens, Clinton’s campaign says it takes longer to start a business in the U.S. than in countries such as Canada or Denmark.  I laughed ...

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Is It Time To Fed Proof Your Portfolio

We are all witnessing the antics of the Presidential election that we see and hear in the media every day.   The Fed recently chose not to raise rates again recently and we don’t know if they will do it in September, December, or not at all this year.   However, when rates rise you will want to be prepared on what to do with your portfolio, so here are my tips on money moves to consider. Consider Locking In Rates While They Are Low If you have benefited from having a low adjustable rate mortgage over the past five or six years, you might want to consider locking into a 15 year or 30 year fixed rate mortgage while rates are low. This would prevent you potentially getting hurt if you plan to live in your property for a long period of time and you expect the Fed to raise rates. Also, you might want to make a long term real ...

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How Millennials Can Retire With A Million Dollars

Nearly two-thirds (64%) of working millennials say they will never accumulate $1 million in savings over their lifetime, according to the Wells Fargo Millennial Study. Six in ten (59%) of millennials have started saving for retirement, whereas 41% have not. Of the millennials who are not saving for retirement, 64% say they are “not making enough money to save for retirement.” The Wells Fargo Millennial study was conducted by GfK and surveyed over 1,000 U.S. adults between the ages of 22 and 35, with an additional oversample of 500 Hispanic millennials for comparison purposes. (source:wellsfargo.com). We originally started oXYGen as an XY company, so it is only fitting that we help this 64% with five key money tips on how to retire with a million dollars. Be An Avid Bill Shopper First and foremost, make sure you shop your student debt which will likely be the number one initial inhibitor to long term wealth building. Make sure first, that if ...

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