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Archive for May, 2010

TMI?

Posted in Education, tagged , , , , , on May 14, 2010 | Leave a Comment »

I must admit that I have always loved acronyms. Maybe it was the eight years I spent in the Navy, who really knows where it all began. One of my favorites is “TMI” which you probably know means “too much information.” We hear this phrase when we are “over sharing” something important to us or [...]

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How Much Can I Withdraw Safely in Retirement?

Posted in Investments, Retirement, Savings, tagged , , , , , on May 13, 2010 | Leave a Comment »

“Can you expand on withdrawal rates—4% plus inflation? Does 4% plus 3% inflation equal a 7% withdrawal?” The Minnesota Chapter of the Financial Planning Association recently sponsored a retirement seminar with our local library, our securities regulator and a few other not-for-profit organizations. That was a question from the audience. It is not surprising to [...]

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What I Learned From the Tax Season

Posted in Taxes, tagged , , , , on May 11, 2010 | 1 Comment »

Part 2 of 3 In my last blog, I discussed the difference between being a W-2 employee or an independent contractor (Form 1099 Misc). Here is another item that is surprising many taxpayers – taking a withdrawal from their IRA. I had several clients in this situation this year. Many taxpayers were faced with being [...]

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Stop Treading Water & Save!

Posted in Banking, Charitable & Planned Giving, Credit/Debt, Investments, Retirement, Savings, tagged , , , , , , , , , on May 10, 2010 | Leave a Comment »

At some point in our childhood, most of us get over the fear of drowning at the pool. Learning to tread water helps, but as we all know: it doesn’t get you anywhere! For me, incentive came from older friends who were already comfortable hanging out near the diving board at the deep end of [...]

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Do You Know What Your Biggest Asset Is? (With Implications for Saving)

Posted in Education, tagged , , , , on May 6, 2010 | 1 Comment »

Economists refer to your earning power as “human capital.” Your human capital is “human” because it is part of you. Unlike your other assets (your home, your car, your financial assets such as your bank account or retirement savings), you cannot sell it to someone else and only you can use it. Your employer can [...]

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It’s Hard to Be Me

Posted in Credit/Debt, Employment, Insurance, Investments, Savings, Taxes, tagged , , , , , , on May 5, 2010 | 1 Comment »

I meet new people almost every day. It happens for multiple reasons, not the least of which is because I engage people in conversations wherever I go.  I do this because I’m interested in the people and their challenges and because it feels like time well spent. While I enjoy hearing their stories, they usually [...]

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How to Live a Frugal Life (and Save More)

Posted in Savings, tagged , , , on May 4, 2010 | 5 Comments »

In a couple of recent columns, I have suggested that building long-term financial health means developing the habit of living on as little as 30% to a maximum of 70% of your gross earnings. I can hear the comments now: “Rick, you’re a fat cat financial planner who doesn’t have a clue. Why don’t you [...]

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Things You Learn at an Elementary School Science Olympiad

Posted in Education, Insurance, Investments, Savings, tagged , , , , , , , , on May 3, 2010 | 2 Comments »

Okay, so my nine year old daughter Janae is competing in her first Science Olympiad. Teams from all across Dekalb County, Georgia, come together to compete in events like Picture This, Pastamobile, Circuit Wizardry and the like. After Janae went into her second competition, Animal, Vegetable or Mineral, the proctor closed the door and my [...]

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