When I receive a question about cashing out a 401k to pay off debt, my short answer is generally no. It entails a lot of unrecoverable loss of long-term growth. We can make more money, but we cannot recover time. Nonetheless, there are some limited circumstances in which cashing out a 401k may be the … Continue reading “Should I Be Cashing Out My 401k to Pay Off Debt?”
Many people are concerned about the United States falling into another recession. Here's what you can do starting right now to prepare.
Sometimes, you blow the budget. But what comes next? Do you give up? Here are some things to consider when things don't go as planned.
I work with people in a wide variety of situations. Many are paycheck-to-paycheck, struggling to make ends meet, and looking to pay off debt. Some, however, have received large sums of money from inheritances, settlements, and commissions, and are wondering what to do with this large sum. Each and every time, there is a certain … Continue reading “I Just Received A Large Sum of Money; How Should I Handle It?”
Social Security sounds like a nice idea on paper, but the math tells a very different story. I can't stand seeing people lose so much money.
For the 2020 tax year, the IRS has made some changes that could affect your take-home pay and total federal tax liability. MSN reports that the changes do not affect the rates themselves, but changes the income thresholds for the brackets as adjusted for inflation. In 2017, Congress changed federal income tax rates and brackets … Continue reading IRS Announces Tax Bracket Changes for 2020
Let's face it folks: no matter who you are, it's easy to see that the student loan situation is simply out of control. (Well, unless you're Sallie Mae or Navient). With all the student loan propaganda thrown our way, it's no wonder so many people believe that student loans are the only way to pay … Continue reading Student Loans Are The Only Way to Pay for College?
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?
It's a common question that a lot of folks ask when they hear about the idea of working with a coach: " Why should I pay someone when I can’t even make payments on some of our debts?" It often seems illogical to add what may seem like "another payment" to your budget. But a … Continue reading “We Used a Coach…My Cousin Didn’t” – Life With and Without A Coach
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?