Should You Cash Out Your 401k Early to Pay Off Debt?

When I receive a question about cashing out the 401k to pay off debt, my short answer is generally no. The longer answer is still no as a general rule, but it may be a consideration in some very limited circumstances. Here's the rationale behind not cashing out the 401k. Sure, it may be tempting … Continue reading Should You Cash Out Your 401k Early to Pay Off Debt?

Are Extended Warranties Worth the Money?

A client recently asked me if he and his wife should renew the warranty on their vehicle. Because of the cost-benefit analysis on such warranties, I answered no. A warranty is often a nice little peace of mind when you buy a car. Especially if the car is used, having that extra reassurance backing up … Continue reading Are Extended Warranties Worth the Money?

Should I Apply for the Public Service Loan Forgiveness Program?

As most of my clients now know, I am pursuing my Juris Doctor degree and completed my first year in May 2020. As I was in the process of applying to law schools, I came across the Public Service Loan Forgiveness Program. It seemed to be a great idea at first: serve at qualifying non-profits … Continue reading Should I Apply for the Public Service Loan Forgiveness Program?

Pension vs. 401k: Which Retirement Option is Better?

When it comes to retirement planning, we are currently in a state of transition between the pension and 401k. The pension's days are numbered, but that doesn't mean the skies are gray. In the battle between the pension vs. 401k, you can still come out ahead. On the subject of retirement, I strongly advise my … Continue reading Pension vs. 401k: Which Retirement Option is Better?

“HELP! I’m Paying Off Debt But May Be Laid Off Soon…”

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…”

Financial Coach vs. Financial Advisor: What’s the Difference?

This is a common question that we as coaches get. A lot of people don't understand the nature of our trade and how a financial coach differs from a financial advisor. 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 … Continue reading Financial Coach vs. Financial Advisor: What’s the Difference?

Where Should I Put My Emergency Fund?

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?

Car Payments Are One of Your Biggest Obstacles; Here’s Why

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 Car Payments Are One of Your Biggest Obstacles; Here’s Why

How Much Life Insurance Do I Need?

The question of life insurance involves a very 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 is … Continue reading How Much Life Insurance Do I Need?

Why Can’t I Just Rely On Social Security For My Retirement?

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?

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