When Mom Never Asked Dad About the Finances

This post was sponsored by Regions Bank.  All opinions are my own. Making financial decisions can be tough with or without the right tools. As young professionals juggle many financial priorities, it’s important to realize the gravity of our decisions and the influence those around us have on us, whether that be found in a role-model or through a family member. There is no doubt that your childhood and upbringing have a massive influence on how you manage your finances in adulthood.  These range from small items to how you handle traditions during the holidays to whether or not you decide to take grand scale type vacations.  My “boss” behavior was dramatically impacted with an event that changed my life forever and what got me into the business of becoming a financial advisor. While attending Boston College, I had always planned to do a double major in finance and accounting.  My real goal was to become an investment banker in ...

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Are More Women In The US Going Childless?

There are always interesting angles to discuss when it comes to financial planning.   One of the trends that continues to explode across the United States is the mere fact that more and more women are going childless.  The Wall Street Journal just ran a great article recently on this story.  According to new data from the U.S. Census Bureau, the percentage of women in their 30’s and 40’s going without children is rising.  For women in their late 30’s, about 18.5% of the women aged 35 to 39 are going childless which is sharply up from 17.2% in 2012.  The trends are also up for women aged 40 to 44.  So, what does this mean as it pertains to financial planning for women in the United States who are going without children? In my opinion, there are several reasons we are seeing this trend happening in the United States today: More and more women are getting married later in life. ...

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Who Will Take Care of Mom and Dad?

For Boomers and 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.   There are several key mistakes that I see families make when it comes to discussing their aging parents’ finances. Who will be the main caretaker for Mom and Dad? – Since many siblings are strewn across the country, you should have a discussion with Mom and Dad so they know who will be taking the lead for potential items such as power of ...

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Focus on the purchase price . . . not the payment.

The other day, my mom called me up from New Jersey and she was shopping for a car. She told me over the phone what she thought was she could afford on a monthly basis for a payment. That’s when I stopped her and said, “Never tell the dealership what you want your monthly payment to be when you negotiate a car price.” If you talk about monthly payments at the car dealer, that is when you get yourself in a trap. ...

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