On the subject of retirement, I strongly advise my clients to operate based on the assumption that someday Social Security will not be a viable income source at age 65. The other options out there are long-term investments in tax-sheltered accounts, or pensions offered by employers. Over the past decade or so, there has been … Continue reading What is the Better Retirement Option: A Pension, or 401k?
When working your way out of debt, life doesn't simply just stop and wait for you to complete the process. It will still continue on and often throw extra curveballs along the way, almost as if its goal is to take you off track from your goals. One of those curveballs that life tends to … Continue reading “HELP! I’m Paying Off Debt But May Be Laid Off Soon…”
This is a common question that we as coaches get. A lot of people don't understand the nature of our trade and how we differ from financial advisors. That's understandable though, as the financial coaching industry is still a relatively new sector of the financial world. So let's define what advisors do versus what I … Continue reading What’s the Difference Between a Financial Coach and a Financial Advisor?
Step 3 of the Baby Steps program is to save three to six months of expenses in an emergency fund. This fund is not supposed to be used for shopping sprees, vacations, cars, sofa specials, or anything of that sort; only for true, emergency situations like a job layoff or medical incident. What to spend … Continue reading Where Should I Put My Emergency Fund?
Conventional "wisdom" says that there's no way around having a car payment every month. Vehicles are just so expensive that there's just no way a person can avoid it. You're stuck with that $500 a month payment and have to deal with it for the rest of your life. It turns out this conventional wisdom … Continue reading What’s the Problem with Having a Car Payment?
This is a very important question about a rather unpleasant topic. We don't want to think about the idea of our death or a loved one's death, but as loving and responsible family members, we need to think about what our family will do if one of us happens to pass away unexpectedly. Life insurance … Continue reading How Much Life Insurance Do I Need?
For nearly two generations, Americans have come to see the Social Security program as the default retirement plan for when we end our time in the workforce. Since 1935, Social Security has provided retirees with a set amount of money each month, based on what they had to pay in during their working lives. Nearly … Continue reading Why Can’t I Just Rely On Social Security For My Retirement?