When I ask someone, “What is the single largest asset you own?”, what do you think the most common response is? If you said, “My house,” you’d be correct even though that’s not the right answer for many families. Philip Wilson, in his excellent book, “Maximize Your Social Security,” states that your decision when to […]
April 15th seems far away, but scammers are working overtime to beat you to the tax filing deadline so they can steal your money. One of the new reported trends involves ransomware attacks on tax preparers. They force tax preparers to pay a fee to ‘release’ their files then use the stolen client information to […]
Warren Buffet has a saying, “Price is what you pay, value is what you get! As high school graduates and their parents deliberate over where/whether to attend college next year, this axiom should be at the forefront of their minds. While it is widely known that the costs of college skyrocketed over the past twenty […]
If you have money or people suspect you have money, you will eventually have someone ask you for a loan. Most likely, that person will be someone you both know well and care about. Emotionally you may have a strong desire to help, but should you? After forty-something years of watching this scenario play out […]
President Trump signed into law the ‘Setting Every Community Up for Retirement Enhancement’ (SECURE) Act, which became effective January 1, 2020. This bipartisan bill offers some useful features along with some very bad changes for both the wealthy and average earners. The Good News Under prior law, you were required to begin taking Required Minimum […]
It’s a new year and a new opportunity to hit the reset button on goals for the most important aspects of your life. Your first question might be, “Does setting goals really matter?” As a seasoned politician (Mayor of Mtn. Brook), my answer would be, “It depends…” Most people go through life, never set any […]
With the holiday season in full swing, as evidenced by stores full of shoppers and lots of traffic, it’s also important to remember that this is prime time for fraudsters. In the crowded business of this season, it’s easy to let your guard down. Recent research by LIMRA indicates that 36% of those responding to […]
What does it take for humans to accomplish goals of great significance? The answer to this question was recently addressed in a 10-year study conducted by The United States Military Academy at West Point, and the results may surprise you. While the study found that cognitive and physical abilities aid in the accomplishment of great […]
New research shows that, for the first time, Americans collectively owe four trillion dollars of consumer debt, excluding home mortgages. That’s such a significant number; it can be meaningless for the average reader, so let’s zoom in a bit. In 1950, the inflation-adjusted median household income was about $30,000, with only about $500 in consumer […]
So far in this series, we’ve covered Investments, Taxes, Insurance, and estate planning. For this final section, I’d like to include ideas for supplementing cash flow. With Thanksgiving behind us, it’s hard not to turn your attention to the Christmas holiday season and all its demands, including the need for more cash flow to buy […]