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Five Money Moves To Make When You Turn 50

Recently, I had the opportunity to experience something really special.  Several of my college roommates were turning 50 years old, and there was a multiple person birthday gathering in Washington, D.C. that I attended.  As we reminisced about the good old days in college and I watched their children run around (most of them six to eight years old), it occurred to me that my very own friends are going to be starting down the backstretch towards retirement.  It’s hard to imagine that for some of them they will be 65 years old when their kids either get into college or graduate college, so does this mean they will take a different path to retirement? Either way, there are smart money moves you should be making when you turn 50.  I know this first hand because the two co-founders of oXYGen Financial (Kile Lewis and myself) both turn the age of 50 this year.   While we started oXYGen Financial to ...

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Financial Moves To Make When You Become A Freelancer

Imagine this: You recently lost your job or your job lost you, and now you have decided to take some freelance consulting job to pick up some spare cash. Or, you are finally starting that side hustle you’ve always dreamed of and your Etsy store is about to be up and running. Sound familiar? You fill out a W-9 in order to get paid, and a few weeks later a check comes in the mail made out to you.  You are overwhelmed with excitement because this is the first time no taxes have been taken out of your paycheck and you are feeling flush with cash.  At some point in 2020, you’ll be getting your first 1099’s in the mail, but what should you be doing here in 2019 to make sure your ducks are in a row come tax filing time? The reality is that most of you who earned your first 1099 will likely file Schedule C (sole ...

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Five Money Moves To Make When You Get The Pink Slip

The Pink Slip. It’s the dreaded official notification from your employer that they no longer need your services. You’ll often hear the corporate rumors flowing within your company about the impending layoffs, but you’ll never suspect that you might be a person on the hit list. We never imagine that we will be that person who gets called in for dismissal time. While getting a pink slip is an awful feeling, it’s also a phase in your life where you need to immediately get your financial act together.  Here are my four smart money moves to make when you get laid off from work. 1. When is your last paycheck? – It’s truly amazing to me how many people don’t ask the very simple questions when they get the heave ho from their employer.  You will want to ask specifically when your last day or work is and what the expectations are of you over the next 30, 60, or ...

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Four Financial Moves For Government Workers During The Shutdown

Tesla came out with a big announcement the other week that they were laying off 7% of their workforce.  We never really know when our company is going to do that reorganization, deliver some pink slips, or dust off a set of severance packages to get some people out early from the company.  We can’t always predict when these things are going to happen, but we can certainly prepare by having a financial plan in place. Do you know how much you have in emergency reserves? How much monthly income would you need to survive if you didn’t have a paycheck for 3 months? What is saved up in all of your retirement plans? What are all of the benefits you have access to currently at work? These are just a few of the questions you should be asking now in the event that something happens to your job and it’s no longer there to pay the bills.  With the ...

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Five Financial Moves To Make When You Change Jobs

Whether you leave your employer or your employer leaves you, changing jobs can be one of those money triggering events when you begin to take stock of where you are financially.    Job changes often bring along new responsibilities and challenges, and experience tells us that analyzing and maximizing your new benefits package normally goes to the bottom of the barrel.    This makes a ton of sense as typically the first three to six months in a new position you are immersed with the learning curve of a new role at a new company.    Having a financial advisor by your side can be a valuable resource to make these important decisions.   Here are five financial moves to make when you change jobs. Get all of your 401(k)’s in one backyard– When you hop from job to job, you may have left your 401(k) at your former employer.    I often refer to these as orphan 401(k)’s because most participants don’t pay attention ...

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Five Smart Money Moves To Make In 2015

Can anyone remember Y2K just like me and thinking I can’t believe it is the year 2000?  Well, before the blink of an eye we are now at 2015 and another new year to take stock of where you are financially and what moves you should make this year to improve your bottom line.   Since there are so many financial items to watch as the CEO of your family finances, here are my five items to put on your financial list as moves to consider in 2015. Shop Your Bills– January is one of the best months to get on the phone and shop each and every one of your bills.  One of the quickest ways to free up more disposable income to pay off debt or increase your savings is to gain back more cash flow in your family profit and loss statement.  Remember, companies like to know that they have booked their recurring business for the year in ...

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