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Personal Finance 101: Generation X Series – A kid’s birthday party for $500 (or more)?

Generation X is classically defined at people born between the years 1965 and 1979.    Pretty much those of you in your early 30’s to the mid 40’s.  However, having given personal financial advice to thousands of people, I can tell you that many of you who were born 1960 to 1964 fit within the Generation X type of financial and personal attitude.   Since I am 42 and have had a good deal of financial success, I’ve noticed some big mistakes that I see my generation making with their money and how they think about money.    This week I wanted to discuss the mistake parents make that have two, three, or four children, and the crazy amount of money they spend on birthday parties. As a Gen X parent with a 14, 12, and 10 year old, I got caught up making some of the mistakes other Gen X parents make.   As you compete with your neighbors and friends for which ...

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Personal Finance 101- Generation X Series- You Won’t Make Hay Forever

Generation X is classically defined at people born between the years 1965 and 1979.    Pretty much those of you in your early 30’s to the mid 40’s.  However, having given personal financial advice to thousands of people, I can tell you that many of you who were born 1960 to 1964 fit within the Generation X type of financial and personal attitude.   In week two, I wanted to share with you the attitude you need to have as the CEO of your family finances called  – you won’t make hay forever. Since many of you either just celebrated your 20 year college reunion or your 20 year high school reunion, it is always a life moment that gives you a chance to pause and reflect.   Could you remember those days in high school or college where you didn’t have any money, and worked just hard enough to afford some beer money for the weekend or a tank of gas for ...

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Personal Finance 101: Generation X Series – 5 Big Mistakes Gen X’ers Make With Their Money

Generation X is classically defined at people born between the years 1965 and 1979.    Pretty much those of you in your early 30’s to the mid 40’s.  However, having given personal financial advice to thousands of people, I can tell you that many of you who were born 1960 to 1964 fit within the Generation X type of financial and personal attitude.   Since I am 42 and have had a good deal of financial success, I’ve noticed some big mistakes that I see my generation making with their money and how they think about money.    Over the next five weeks, I’m going to pull one subject at a time to help those of you within Generation X get your personal finances on track so you can achieve financial independence, purpose, and freedom. MISTAKE #1– Not paying off your mortgage (and getting it done quicker) For many homeowners today it feels like Christmas time with thirty year mortgages available for under ...

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The Lifestyles Of The Rich and Famous

I hoped the title of this article would grab your attention because it is really about you and your neighbors.    This article is about you and your friends from college.    It is about you and your family members.   It is about time that we all say enough is enough and drop that front we are all putting up about how we can keep up with the rich and famous.  That we can keep up with what our neighbor’s are doing with these lavish kitchens, movie rooms, and fancy backyards.   That we can match everything that all of our college friends are doing financially.    The modern day rich and famous have led many people in mainstream America down the path of struggling and not so famous.   Yet, we hide behind our egos just to make sure nobody knows the real situation. I get the luxury of seeing hundreds of financial cases every year which is why I wanted to write this ...

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4 Reasons Why Gen X’ers Shouldn’t Plan On Receiving An Inheritance

At 41 years old, I fit into that whole segment of the population called Generation X.  The media classically defines this generation by people who were born between 1965 and 1979.  For those that fall within these age brackets, I think you better start planning not receiving much of an inheritance.   I don’t say this because your parent’s bumper sticker says “I’m spending my children’s inheritance”, but really because of 4 things I see happening over the next twenty years that may spend it for you. Your parents have reached the age of 65 – According to the Center for National Health Statistics (www.cdc.gov/nchs), men who reach the age of 65 have a normal life expectancy of 82 years old.  For women it is even better with the average female who turns the age of 65 having a normal life expectancy of 85 years old.   With social security in sore need of a major overhaul and Medicare costs continuing to ...

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Do Kids Need The Brand Names?

It seems like every mall or suburb strip outlet you go into today has virtually all the same stores. What would a mall be without a GAP or an Abercrombie & Fitch? What amazes me the most is how we as parents can get caught up in making sure that our children have the very best in brand names without thinking about the price or whether it is affordable in our monthly budget. ...

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So you wanted to have a child?

Over the last few months, I have noticed an interesting pattern happening among newly married couples. These are the young early 30’s couples who spend their 20’s growing their incomes, dining and entertaining like it was going out of style, and most importantly getting the American Dream (at least in their head) of having a $500,000 home with all of the toppings. These couples seemingly had nothing that could stand in their way of financial success. ...

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Morning Cup of Joe – The Money Guys At oXYGen Financial

Drink your morning cup of Joe at work. With all of these fancy gourmet coffee shops, it can really dip into your wallet if you stop to get your morning coffee there every day. By skipping the upscale coffee house and drinking it at work you could save approximately $400 per day or $20.00 per work week. ...

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McMansion is part what caused McDownfall?

For all those gen-X and gen-Y out there, maybe you’ve realized that this bailout from the government around our financial future in my opinion really wasn’t totally around Wall Street, but it was in part for our own greed for wanting to have a big house as a first starter home. Who can blame us? Truthfully speaking, most people couldn’t really stand to have a $200,000 home for their first starter home. So, everybody wanted a McMansion. You saw it on MTV’s Cribs, Lifestyles of the Rich and Famous, and you even saw it on CNN and CNBC. Wouldn’t it be great to have the American Dream, but have it in surround sound. However, your American Dream wasn’t really to have a $200,000 dollar house. Your dream was to have exactly what you saw on TV. The $450,000 house with the four bedrooms, the Pottery Barn furniture, a beautifully landscaped lawn, and a hot tub to boot in the backyard. ...

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