Personal Finance 101: Generation X Series – Marriage And Medical Insurance

Generation X is classically defined at people born between the years 1965 and 1979.    Pretty much those of you in your early 30’s to the mid 40’s.  However, having given personal financial advice to thousands of people, I can tell you that many of you who were born 1960 to 1964 fit within the Generation X type of financial and personal attitude.   Since I am 42 and have had a good deal of financial success, I’ve noticed some big mistakes that I see my generation making with their money and how they think about money.    This week I wanted to discuss what to do about your medical insurance after you get married. One of the questions I’m getting a lot from Gen X’ers as of late (especially those recently married in their late 30’s/early 40’s) is around what to do with medical insurance after being married.   Since the medical plans and financial contribution from each individual employer may vary, this ...

Read More →

Personal Finance 101: Generation X Series – What Kind Of Term Insurance To Buy?

Generation X is classically defined at people born between the years 1965 and 1979.    Pretty much those of you in your early 30’s to the mid 40’s.  However, having given personal financial advice to thousands of people, I can tell you that many of you who were born 1960 to 1964 fit within the Generation X type of financial and personal attitude.   Since I am 42 and have had a good deal of financial success, I’ve noticed some big mistakes that I see my generation making with their money and how they think about money.    This week I wanted to discuss what kind of term insurance to buy. One of the questions I’m getting a lot from Gen X’ers as of late (especially those recently married in their late 30’s/early 40’s is around buying term life insurance.   Many people seem to be confused around their options and how they can buy the protection.   Before you purchase life insurance, make sure ...

Read More →

Are Layaway Plans A Good Idea?

Over the past 15 years, we have seen countless numbers of people put themselves in real financial trouble by using credit cards to charge items that they really couldn’t afford at the time they bought the merchandise.   I can remember growing up as a kid that many of the department stores offered something called a layaway plan, but I really didn’t understand it at the time.    With Wal Mart’s recent announcement of layaway plans this year, you may see this trend come back en vogue as an alternative way to purchase merchandise. Layaway is really a nifty way to obtain merchandise or products without needing to have the entire balance of money at the time of purchase.   It is really an entirely different process from credit cards in a significant way.     The main reason is you don’t get to enjoy the item when you make the down payment.   You only get to enjoy it when you actually pay off the ...

Read More →

Personal Finance 101: Generation X Series – Three Simple Steps To Managing Your 401K

Generation X is classically defined at people born between the years 1965 and 1979. Pretty much those of you in your early 30’s to the mid 40’s. However, having given personal financial advice to thousands of people, I can tell you that many of you who were born 1960 to 1964 fit within the Generation X type of financial and personal attitude. Since I am 42 and have had a good deal of financial success, I’ve noticed some big mistakes that I see my generation making with their money and how they think about money. This week I wanted to discuss three simple steps to help you better manage your 401k plan at work. For most Gen X’ers who are not business owners, the 401k plan offered through your workplace will be one of the mainstays for you to build up enough money to make work optional. Next year in April, you will begin to be able to transparently see ...

Read More →

The New Rule: Field Goal Bill Paying

Nobody likes paying bills.   Not longer than a few years ago, most people met the end of the month with the dreaded feeling of writing out checks and licking the back of envelopes—UGH!.   Over the past five years, many people in the United States have transitioned their bills from the check stuffing days to now merely having to fill in an amount and simply point and click.   With some providers sending you an e-bill alert now, you may not even have to remember when to pay the bill. I’ve learned over the past couple of years that the next generation of bill payers (your Generation X and Generation Y crowd) uses something that I like to call the Field Goal Rule when it comes to deciding whether or not to click the ‘pay now’ button.   Here’s how the rule works.   When a particular bill comes such as cable television, cell phone, or local water bill comes, a bill payer has ...

Read More →

Personal Finance 101: Generation X Series – A kid’s birthday party for $500 (or more)?

Generation X is classically defined at people born between the years 1965 and 1979.    Pretty much those of you in your early 30’s to the mid 40’s.  However, having given personal financial advice to thousands of people, I can tell you that many of you who were born 1960 to 1964 fit within the Generation X type of financial and personal attitude.   Since I am 42 and have had a good deal of financial success, I’ve noticed some big mistakes that I see my generation making with their money and how they think about money.    This week I wanted to discuss the mistake parents make that have two, three, or four children, and the crazy amount of money they spend on birthday parties. As a Gen X parent with a 14, 12, and 10 year old, I got caught up making some of the mistakes other Gen X parents make.   As you compete with your neighbors and friends for which ...

Read More →

Personal Finance 101: Generation X Series – A Vacation Or College Education

Generation X is classically defined at people born between the years 1965 and 1979.    Pretty much those of you in your early 30’s to the mid 40’s.  However, having given personal financial advice to thousands of people, I can tell you that many of you who were born 1960 to 1964 fit within the Generation X type of financial and personal attitude.   Since I am 42 and have had a good deal of financial success, I’ve noticed some big mistakes that I see my generation making with their money and how they think about money.    This week I wanted to discuss the mistake of spending too much on vacations and not enough saving for college education. Where do you think we should take the kids away for spring break this year?      Should we go away for Thanksgiving or would it be better during the holiday season?    I know the children have sports and camps over the summer, but wouldn’t it ...

Read More →

5 Reasons You Aren’t Rich . . . Yet

Everybody at some point of their life has that dream of having enough money to do whatever they want whenever they want irrespective of cost.   Well, even if you do think about cost, that idea of becoming rich enough to walk in and tell your boss this is your very last day.   If you want to get rich, here are five things that may be in getting in your way from achieving financial independence, purpose, and freedom. You care what your neighbor’s think–  There are still many people holding on to their overpriced real estate waiting for it to come back.   In the meantime, the mortgage along with all the fixins you really couldn’t afford when you bought that house are killing your bottom line.    I believe most people are hanging on to those properties today along with the country club membership because of their egos and fear about what their neighbors will think.   It’s hard to swallow your price ...

Read More →

Personal Finance 101- Generation X Series- You Won’t Make Hay Forever

Generation X is classically defined at people born between the years 1965 and 1979.    Pretty much those of you in your early 30’s to the mid 40’s.  However, having given personal financial advice to thousands of people, I can tell you that many of you who were born 1960 to 1964 fit within the Generation X type of financial and personal attitude.   In week two, I wanted to share with you the attitude you need to have as the CEO of your family finances called  – you won’t make hay forever. Since many of you either just celebrated your 20 year college reunion or your 20 year high school reunion, it is always a life moment that gives you a chance to pause and reflect.   Could you remember those days in high school or college where you didn’t have any money, and worked just hard enough to afford some beer money for the weekend or a tank of gas for ...

Read More →

Personal Finance 101: Generation X Series – 5 Big Mistakes Gen X’ers Make With Their Money

Generation X is classically defined at people born between the years 1965 and 1979.    Pretty much those of you in your early 30’s to the mid 40’s.  However, having given personal financial advice to thousands of people, I can tell you that many of you who were born 1960 to 1964 fit within the Generation X type of financial and personal attitude.   Since I am 42 and have had a good deal of financial success, I’ve noticed some big mistakes that I see my generation making with their money and how they think about money.    Over the next five weeks, I’m going to pull one subject at a time to help those of you within Generation X get your personal finances on track so you can achieve financial independence, purpose, and freedom. MISTAKE #1– Not paying off your mortgage (and getting it done quicker) For many homeowners today it feels like Christmas time with thirty year mortgages available for under ...

Read More →