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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Be On The Lookout For These Four Financial Scams

How many of you have received this type of e-mail at one point in your life . . . MY AIM OF CONTACTING YOU IS TO SEEK YOUR ASSISTANCE IN TRANSFERRING THE SUM OF THIRTY FIVE MILLION UNITED STATES DOLLARS ONLY (US$35,000,000) OUT OF NIGERIA AND INTO YOUR TRUSTED BANK ACCOUNT ABROAD. THESE FUNDS WERE PART OF THE FUNDS, WHICH WAS FOUND IN HER LATE HUSBAND’S PRIVATE ROOM. IMMEDIATELY AFTER HIS SUDDEN DEATH LAST YEAR AND SHE QUICKLY INFORMED ME, SINCE I VIRTUALLY RUN MOST OF HER SECRET BUSINESS BOTH HERE IN NIGERIA AND OVERSEAS, AS SHE HAS A LOT OF CONFIDENCE IN ME AND FORTUNATELY WITH MY IMMEDIATE ASSISTANCE, AND CONTACT WE WERE ABLE TO DEPOSIT THE MONEY IN A SECURITY VAULT PENDING WHEN THE WHOLE SITUATION WILL BE CALM. These scams were known as the Nigeria Scam letters, and most consumers know that if they receive these they should immediately delete them and not respond.   However, today there ...

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Please Slap My Hand When I Spend Money!

For Generation X, I’ve noticed something over the past couple of years around money that seems to becoming a trend.    Even though you are college educated (maybe an MBA), have a great job as a VP of company, and have traveled to several countries around the globe, you’ve reverted to the behavior you had when you were in college.   The simple rule is this.  If there is money in your pocket, then it’s sure to catch fire sooner than later and burn a hole in your pocket.    It doesn’t matter if it is a new pair of boots you see in a magazine, a remodeling of your bathroom that could probably wait, or staying at the best hotels like a Ritz Carlton or the Four Seasons.   Gen X’ers have seen a terrible recession over the past few years, but the trend is returning that spending money is a hard habit to break.   Gen X’ers have that Cyndi Lauper slang in ...

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Suze Orman’s New Prepaid Debit Card – Is it really a good thing for consumers?

It’s official.   Suze Orman is now in the game of selling financial products to consumers.    This past week she launched her new card called “The Approved Card” which is supposed to be a low cost alternative to other pre-paid debit cards in the market place.    While Suze gets on television to espouse the latest and greatest ways to make good decisions for your financial future, is a prepaid debit card something consumers need to make their financial picture better? Let me remind you some important notes about Suze Orman.  First and foremost that she isn’t a licensed financial advisor.    In fact, she hasn’t had a securities license since May of 1991.   There are tens of thousands of hard working licensed financial advisors out there trying to help clients every day.   While she spends countless numbers of hours on television trying to tell consumers to stay away from ‘high-priced’ products and avoiding paying people fees and/or commissions, it’s ironic that she ...

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Does paying cash matter?

I wrote a recent article about not becoming a slave to your possessions.   It made be begin to ponder the question about what kind of impact paying with cash only would make on your financial future if that was the only methodology you had to buy new things.   In the past six months, I have been testing this exercise by going through some stretches of time taking out cash only and making it the main form of buying day to day items.    I’ve always been a fan in the past of using credit cards to get frequent flier miles and floating your cash if you had the financial means to be able to pay off that bill each and every month.   However, I’ve begun to consider the real impact paying with cash has on how you think about the purchases you make.   Here are three reasons why paying cash might matter: It feels real because it is real – Credit ...

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Paying Too Much For Car Insurance?

How to Save Money on Your Auto Insurance You may have good reason to complain about the cost of your auto insurance, but have you tried to do anything about it? If you're resourceful and willing to do a little homework, there may be plenty of ways to lower your premium. And we're not necessarily talking chump change--a few simple steps can sometimes save you hundreds of dollars a year. ...

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