As a financial coach, I focus on how behaviors and mentalities affect my clients' results. I also sometimes consider how public policy affects these results as well, and sometimes have to say something about how legislators' actions affect what we can and cannot do. Social Security is one of the most socially ingrained government programs … Continue reading As a Financial Coach, Here’s Why I Cannot Stand Social Security
In 2017, Congress changed federal income tax rates and brackets with the Tax Cuts and Jobs Act of 2017. The changes included a lowering of the personal and corporate tax rates, along with a doubling of the standard personal deduction. For the 2020 tax year, the IRS has made some changed that could affect your … Continue reading IRS Announces Tax Bracket Changes for 2020
The short answer to this question is 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 to take that big chunk of that savings and throw all at … Continue reading Should I Cash Out My 401k Early to Pay Off Debt?
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?
I'm very much an advocate of getting out of debt, you're probably aware of that if you've perused my site. I thoroughly believe in paying off our creditors and freeing ourselves from the bondage that debt brings. Nearly all of the debt in our lives comes from the choices that we made. But one debt … Continue reading Our Biggest Debt Is One We Could Never Pay
If you're married, do you remember when you and your spouse were dating? Do you remember how much time you spent together, nurturing the relationship, building intimacy and trust over months and years? I certainly hope you do! You may not have consciously noticed it, but what you were doing was intentionally focusing on your … Continue reading The Power and Necessity of Focus
In Chris Hogan's recently published book Everyday Millionaires, he wrote about some really fascinating statistics on typical American millionaires. The truth is far from media portrayals. Few millionaires ever hold an executive position, nor are many of them celebrities or professional athletes. Most simply worked hard over their entire lives, stayed out of debt, and invested … Continue reading 97% of Millionaires Believe This One Thing, And It Makes ALL The Difference
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?