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Failure to Launch

The other day, I came across an old Matthew McConaughey movie about a young adult that just did not want to move out of his parent’s house because he had it so good.  It got me thinking about the financial impact living at home has on young adults.  The majority of twenty-somethings are really not interested in living with Mom and Dad long-term.  But a NerdWallet Study has found those who stay at home until age 25 can retire five years earlier. Today’s Millennials are coming out of school with more student loan debt than earlier generations and residential rent has been rising by double digits just over the last 3 years: these are just 2 of the factors that are pushing the average expected retirement age for today’s college graduates to age 75.  This does not leave a lot of golden years to live out those retirement dreams. There are some changes that can be made in your personal ...

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Who Will Take Care Of Your Aging Parents?

Generation X will have its first official fifty year old group next year.  It’s hard to imagine for a  Gen Xer because we are still convinced that bands like Huey Lewis and The News and Foreigner are kind of cool when officially on the music circuit they are considered ‘oldies’ already.    Most of our parents are hitting that late 60’s to mid 70’s range and now we are wondering who is going to take care of Mom and Dad.   You may have even joked last Thanksgiving by putting your finger on your nose and declaring NOT IT when asked this very question by your sister or brother.    Here are four important ideas to be thinking about when it comes to who will take care of your aging parents. Who Is Playing Quarterback? The bigger your family, the more of a likelihood that someone has become the favorite son and there is a black sheep lurking in the family as well.  ...

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VIDEO | Teach Kids Financial Responsibility

Published on Oct 22, 2012 For many parents in their 40’s, a loud and disturbing wake-up call is beginning to happen. ( Full Article – http://bit.ly/QGha19 ) This wake-up call is the dilemma between figuring out how to catch up on the savings to be able to achieve a comfortable retirement and also ensuring you put enough money away to pay for your children’s college education costs. This quandary has put an extreme amount of pressure on mid 40’s parents on how they will come up with a solution on making both of these goals a reality. Since many parent’s will not be able to fully fund a children’s college education, it can be a great time as they go through middle school into the early years of high school to teach them financial responsibility as they will likely have to service their own college debt down the road.   ...

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VIDEO | How Smaller Can Save You Money

Published on Jul 30, 2012 Remember the grocery store owner who was able to set up a tab for a family that lived around the corner and the shoe store owner who knew the names of kids of the parents who shopped at that store. I had a local convenience store right down the street when I grew up called Quik Check and everybody loved it. I know many people think the Wal-Mart’s of the world save us money every day. These large stores may have better prices on one item here and there, but all of us end up spending more money as we wander the aisles aimlessly forgetting our purpose on why we actually came to the store. The older local smaller stores got us what we needed and it was convenient or right down the street when we needed it. Someone cared about us then, where the big stores today only care about deepening their wallet share with ...

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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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5 Ways To Cut Down Your Cell Phone Bill

Many of the clients I sit down with tell me how their basic bills continue to rise year over year.   Two of the main monthly costs that keep going up and up for many families are the cable bill and the cell phone bill.   Since mobile companies offer so many different types of plans with minutes, data, texting, and other additional options, it’s important that you review your family cell phone bill each year to see how you can keep costs to a minimum.   Here are five ways you can potentially cut down on your cell phone bill. Who Is Your Top Ten?- Most of the mobile phone companies will offer some type free minute program around your top ten friends and family you call the most.   Between my phone, my wife’s phone, and the two phones my daughters have, we checked to see which numbers were called the most so we could access the most amounts of free minutes.    ...

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The Words We Don’t Want To Hear: “You May Need To Save More”

I really think over the next five years the whole notion of retirement planning is going to change.   The X and Y generation don’t think about retirement the way their parents or grandparents did.   Since so many more people are staying active during their golden years, the next couple of generations will be thinking more about making work option than pulling themselves over to the retirement shelf.    What still holds true for most us is that since companies don’t really often pensions anymore, it’s up to you to figure out how you can save enough money to do what you want when you want irrespective of cost.    No matter what you calculate your ‘work’ optional number to be you should remember that you only have four options should you start falling short of hitting those numbers.  Here are your four choices: Extend your time frame  – If you planned for your ‘retirement’ goal to be at the age of 60, ...

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Your Kid Has An I-Phone. Who Pays The Data Plan?

I’m pretty sure Apple can’t be hurting even though Steve Jobs is not at the helm anymore.   My kid’s went back to school last week and mentioned to meet the glut of Apple products that other students got from Santa Clause over the holiday season.    Apparently, even the elementary students stocked up on I-Pads, I-Touch, and the middle/high school students racked up on the I-Phones.     We all know that none of these technology gadgets are cheap to buy.    However, one of the topics that people don’t like to discuss is who will bear the cost for the data plan.  This is where the real dollars and cents add up over the long term. Parents will have varying opinions on this, but I’m of the opinion that when you child hits high school that you want to have them own part of the monthly data plan.  Each year that they get older, you should have them bear more and more of ...

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What About The Breakfast Wedding?

My wife and I were discussing the other evening the whole idea of the cost of a wedding. We have two daughters, and it is quite possible someday we may have to pay for two weddings. We keep asking ourselves what the cost may be in the future for a full scale wedding. She was telling me about an old tradition during the conversation called a breakfast wedding. Weddings seem to get broken down into two different directions today. First, the traditional wedding generally has a ceremony followed by a reception and day or evening of fun. When you start to add up the costs for that type of wedding with catered food, band, flowers, photographer, clothing, lodging, etc. it can run more than $100 per head at the snap of your fingers. The second type of wedding is a destination wedding. This is having a bunch of your friends and family come to some exotic or intimate location for ...

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