The Change Jar Has Gone Electronic

The change jar has been a staple for many years to teach people both young and old about the value of saving a buck. While most people don’t think a penny is worth much anymore, the change jar can show you the power of saving money on a daily basis simply by dropping the change in your pocket at the end of the day into a big old glass jar.   Before you know it, you can save $50, $100, or even more if you put your mind to it over the course of a few months or even the year.  Look for my change jar tips coming up in a new year’s article. For those of you who like the idea of a change jar saving by making small deposits every day, there are now a few electronic websites to help you with a small dollar saving strategy.  Try these out as well for your kids!! Smarty Pig– Smarty Pig ...

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Why You WILL tell your child YES

Like many parents, I recently experienced the sadness and euphoria of sending our first child off to college.   As much as you can prepare yourself for that moment, it’s an incredibly bittersweet moment as you pull away from campus and see your child really start to begin life on their own.    These are the beginning moments where they make more decision on their own, handle their day to day affairs, and begin to take over the basic management of their finances. I’ve always considered myself to be a parent who would tell my child like is really is without any of the sugar coating.   It wasn’t long before my children realized my feelings on things including why participation trophies make no sense, why your chores in the house don’t deserve allowance, and that soon they will be responsible for their own financial future.  I am in the financial planning business, so you can imagine that money is a top of ...

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The Biggest Financial Mistake People Make During Divorce

Divorce can often bring about tumultuous times for a family. Sometimes they can go very smooth and others can literally be the ‘War Of The Roses’. In the midst of being between the lawyers, couples often make financial mistakes that can lead to problems down the road. The number one mistake that I have seen amongst divorcing couples is their lack of consideration around liquidity of assets. It’s pretty common after a separation that one spouse will end up with the primary residence and in turn the other spouse may wind up with a commensurate amount of assets between brokerage accounts, retirement accounts, and savings accounts. While the math may show a true 50/50 split of the overall net worth of the couple, the reality is that one of the spouses will be stuck with a paper asset that could be tough to dispose of if cash flow becomes an issue. This can also occur when one spouse is the ...

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National 529 Day

Today is National 529 Day.   Just another day on the calendar to get you thinking about how you will support your children’s college education.   I have noticed over the past several years that college education is one of the areas that people in their 40’s and early 50’s are WAY behind in when it comes to planned savings.   I’m also seeing much more discrepancies between spouses and partners alike about what is the best way to plan for this goal.  Should your kids go to an in-state school?  Should they go to the college of their choice?   Should you plan for an ivy league private school?   What happens if they just cross the border and go to a state school in a bordering state?   Imagine you get home from work one day and your child has the magical letter from that college or university that you both always dreamed they would attend?     Will you have a plan in place that ...

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