Personal Finance 101 – Retirement Planning What Are Your Retirement Assumptions

You often see the commercials on television today asking the question, “What’s Your Number”?   What they are really referring to is the notion of how much money do you need in order to be able to retire.  It’s funny that most people I talk to today don’t really call it retirement.  They really think about the term of making work optional.  This means having the ability to do what they want when they want irrespective of money.   Over the next four weeks on Your Smart Money Moves, I am going to share with you how to really think about the personal financial area of retirement planning. I have always thought about my ‘work optional’ number being the amount of money I actually need on a debit card when I retire to maintain my standard of living the way I want it when I go ‘work optional’.   The mistake that I see in many financial plans is that the assumptions made ...

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Personal Finance 101 – How do I protect assets for my kids?

How do I protect assets for my kids after my spouse and I die? If your kids are still minors, then the laws in your state likely prevent them from owning property until they reach a certain age (usually 18), so a legal representative must be appointed to manage the assets left to the kids. There are a couple options you can choose from that can protect assets for the kids. First, you can nominate a “Conservator” (sometimes called a Guardian for property) to manage assets on behalf of any minor children inheriting property from you. You can nominate the Conservator in your Last Will and Testament, or, if you don’t have a Will, the courts will appoint a Conservator since someone must manage property for the minor children. While the assets are held by the Conservator, they are generally protected from creditors, but state laws can also limit how easily the assets can be accessed for the benefit of ...

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Personal Finance 101 – This Week: Do I need a Living Trust?

First, a Living Trust is a trust you set up to hold your property and to govern the use and distribution of your property during your lifetime, during any period when you are incapacitated, and even after your death (when it acts much like a Last Will and Testament). You can amend or revoke a Living Trust at any time during your life making it a very flexible planning tool. Due to their broad scope and flexibility, Living Trusts are often viewed as one of the most comprehensive estate planning documents. But do you really need a Living Trust? If you answer YES to any of these questions, you may want to consider one. 1. Do you own property in multiple states? After you die, your family or other legal representatives must go through the probate process in each state where you own property in your name. The time, hassle and expense of probate in multiple other states can be ...

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CHECK IT OUT! www.BestParking.com

Every Friday, I am going to bring you Your Smart Money Moves check it out website.   These websites may range from coupon sites to deal sites to just cool places that I think can help you save time or money in your life.   With so many new cool websites popping up all over the internet, feel free to send me one by clicking here if you think there is a post that would be worthwhile for Your Smart Money Moves readers. Synopsis: BestParking.com (formerly NYCGarages.com) is a free parking search engine that steers drivers toward the cheapest and most convenient parking facilities in 18 cities and 79 airports.  Over 125,000 motorists rely on the website each month to easily compare the hourly, daily, weekly, and monthly rates at over 3,000 parking facilities, thereby saving hundreds of dollars on parking. (source: BestParking.com) The largest parking operators in the nation have partnered with BestParking.com to offer guaranteed rates, reservations, coupons, monthly specials, ...

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Personal Finance 101 – This Week: Dying Without A Will

What happens if I die without a Will? First, a little context is required. If you own any property when you die, then your surviving spouse or family will need to go through a legal process called “Probate” in order to legally wind up your affairs, pay off your debts, and transfer your remaining property to surviving family. The Probate process applies whether you have a Will or not. The only way around the Probate process is to own all of your assets through a Living Trust, but that’s a whole different story… If you have a valid Will, then the Probate process plays out according to the specific wishes in your Will, which should include details about who is responsible for administering your estate (the “Executor”), who is guardian for your minor children, who gets your assets, and whether those assets are left outright to people or in creditor protected trusts, just to name a few considerations. After that ...

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Pay Off Credit Cards Or Save For Retirement?

You just turned 30 years old, and are still have credit card debt hanging over your head.   While you were out partying and paying off student loans during your 20’s, you realize that you haven’t saved a nickel for retirement.   The debate begins in your head.   Do I pay off the $10,000 of credit card debt or do I save the maximum I can in my 401(k)? The Dave Ramsey’s of the world would always say to pay off debt first before saving in a 401(k).  These are the personal finance situations where I don’t agree with a Dave Ramsey because it really does depend on your personal situation. The first thing I would look at is whether your company offers a 401(k) plan that has a match.  For example, if you put away 6% of your salary and your company matches 3% it would be an instant 50% return on your money if you stay with your company long ...

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oXYGen Financial Partners with PGA TOUR Rookie Brent DelaHoussaye to Help Him “Breathe Easier®”

(ATLANTA,GA) – June 26, 2010 – oXYGen Financial, Inc. announced  the signing of PGA TOUR rookie, Brent DelaHoussaye of Greenville, SC, to a multi-year endorsement agreement. Brent will wear the oXYGen Financial logo on his right sleeve during tournaments on a worldwide basis during the remainder of the 2010 and for the entire 2011 TOUR seasons. While Brent is playing in golf tournaments each week, oXYGen will help him “Breathe Easier®” by handling all of his financial needs which allows him to minimize distractions. Brent is a perfect fit for oXYGen as he fits the X Y generation which represents the firms target demographic. Brent also attended Milton High school located near oXYGen’s home office located in Alpharetta, GA. “We are delighted to begin the building blocks of Team oXYGen, and especially excited to have Brent become part of the oXYGen Financial family”, said Ted Jenkin, co-CEO and founder of oXYGen Financial. “The PGA has so many Generation X and ...

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