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Setting and Making Realistic Financial New Year’s Resolutions

It is almost that time of season when you will begin to ponder your new year’s resolution.  Will it be exercise?  Will it be a new diet? Or will it have something to do with improving your family finances.  Making resolutions (or goals) can be a very difficult process because it often makes you face some of your own realities like it or not.   When you decide to set goals that are realistic, I have been a big cheerleader over the years to use the S-M-A-R-T goal setting system.  Here is how it works. *S is for Specific– Be very specific about what you are trying to accomplish.  Don’t tell yourself you want to pay down debt.  Instead, give yourself a specific goal such as paying off $10,000 of debt. *M is for Measurable– Have a way to track your progress.   In the last example, make a chart for paying off $833 a month and cross it off each month ...

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Your 2013 Year End Smart Money Moves

Believe it or not, 2013 will be a footnote in the history books in just three weeks.   As you scurry around to shopping malls and local outlet stores to find presents and stocking stuffers; make sure you don’t forget important money items, that can be worth a lot more than a plate of cookies on the fireplace mantle.  We often overlook some of these items, because we simply run out of time or they just pass by us because we don’t know about them at all.  Here are some year end ideas from the Your Smart Money Moves Column. Do you have a will/living trust? If they don’t have a written one, then the state they live in will have one for them.  My guess is that you don’t want the state to decide how your parent’s assets should be distributed.    The will has many features to it, but most importantly it allows for your parents to essentially say which ...

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VIDEO | Who Takes Care of Mom and Dad – Your Smart Money Moves

Published on Jul 4, 2012 Read Full Story Here – http://bit.ly/M4IFkW – Haven’t you been sitting around with your brother(s) and sister(s) and had the infamous discussion on who ranks where on Mom and Dad’s favorite list. While siblings usually joke around who is at the top of the ladder, usually someone cracks the comment, “I’m sure they cut me out of the will years ago.” For Generation X’ers, you are probably beginning to see the early stages of your parents slowing down or perhaps one of them had a mild health scare over the last five years that got you thinking who is going to take of Mom and Dad? Before each one of your brothers and sisters rush to put their finger on their nose and scream “NOT IT!”, it may be time to have a serious discussion about who will bear the responsibility should your Mom and Dad need someone by their side for financial or medical decisions.   ...

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Who Will Take Care Of Mom and Dad?

Haven’t you been sitting around with your brother(s) and sister(s) and had the infamous discussion on who ranks where on Mom and Dad’s favorite list.   While siblings usually joke around who is at the top of the ladder, usually someone cracks the comment, “I’m sure they cut me out of the will years ago.”   For Generation X’ers, you are probably beginning to see the early stages of your parents slowing down or perhaps one of them had a mild health scare over the last five years that got you thinking who is going to take of Mom and Dad?    Before each one of your brothers and sisters rush to put their finger on their nose and scream “NOT IT!”, it may be time to have a serious discussion about who will bear the responsibility should your Mom and Dad need someone by their side for financial or medical decisions. I believe that over the next 5 to 10 years, the ...

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5 Important Financial Questions To Ask Your Parents

Talking about money is never an easy subject.  Let alone discussing it with your partner or your kids, it can be incredibly uncomfortable to talk about money and estate planning with your parents. As you watch your parents get into their 60’s, 70’s, or 80’s, there are some key questions that you will want to talk about with them to ensure your parents finances are in good shape.  Good or bad, you will have to deal with these issues down the road. 1. Do you have a will? If they don’t have a written one, then the state they live in will have one for them.  My guess is that you don’t want the state to decide how your parent’s assets should be distributed.  The will has many features to it, but most importantly it allows for your parent’s to essentially say which personal items go to which children along with an orderly administration of the estate.  Depending on the ...

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