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Who pays the bills: MEN or WOMEN?

The great debate has gone on for years.   Who really handles the money in the home.   Is it the man or the woman in the home who ends up taking care of the financial bills?  Fiserv and The Marketing Workshop recently surveyed 3,029 consumers about the subject of banking and on line bill paying to represent the 90.5 million consumers involved with online banking.   The survey found two astonishing statistics.   One, in 2000 bills by paper check was the majority method where in 2010 bills by paper check is less than one quarter of the primary method of paying bills.  Two, that Generation Y is propelling the future business of mobile banking and personal financial management tools. As an experienced professional and a founder of a financial advice and planning firm for Generation X and Generation Y, we know that the way households are run and business is done will transform over the next decade.   According to the Fiserv study, ...

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Did the health care bill just crush my taxes?

Scotty, beam me up!   I say this because after reading through the health care bill the taxes that are coming to pay for the plan will make you feel like you are in outer space. If you are high wage earner or a small to medium size business owner that is doing well, now will be the time to begin thinking about your overall tax management plan as your future income taxes could end up skyrocketing to the tune of 60%!  I don’t think people fully realize yet that some tax hikes are in this bill while others are already in motion, and I believe more to come within the next year. First, the top tax rates are scheduled to revert to the 36% and 39.6% number where they were a few years ago from the 33% and 35% number that they are today. (source: www.irs.gov)  If you are in the highest bracket that means you just took a 4.6% ...

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Life Insurance For My Children?

Someone asked me the other day, “Ted, is it morbid to ask you whether I should buy life insurance on my children?”   It was an interesting question, and one we often get from parents.   The American Council of Life Insurers says that only about 15% of the people under the age of 18 have life insurance.  An average policy for people under 18 is around $5,000 with the primary purpose to cover funeral expenses and burial costs.  There are varying schools of thought on this subject in the financial community, and here are some considerations to think about around this subject. Remember that you as the parent are the real wage earner and the person that needs to be insured the most.   It is not recommended to buy life insurance on your children until you are adequately insured.   Since children for the large part don’t earn wages, any additional cost will be an extraneous expense to your budget. On the ...

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Your Three Legged Stool Is Now A Pogo Stick?

It used to be that when most people talked about their retirement, the expectation was to have a three legged stool for deriving income when you actually retired. So, where is your pension coming from in retirement? Without a pension, you’ll have to hop that pogo stick of personal savings and investments to your retirement dreams. ...

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