Posts tagged Financial Planning
Death and Finances: Eight Things to Do After a Loved One Passes Away
Feb 25th
by Lynnette Khalfani-Cox
Dealing with the death of a loved one is stressful enough. But not knowing what to do with someone’s finances after the person has passed away poses an additional burden on a grieving family.
To make the process a bit easier, here’s a checklist of the top eight money matters you must deal with — and mistakes to avoid — after someone you care about dies.
This checklist isn’t all-inclusive. But what follows is critical information that can save you precious time, money and energy, as well as help you avoid squabbles over assets or financial exploitation.
To read the rest of Ms. Khalfani-Cox’s article, please go http://aol.it/ePIeO2.
The Four Rules of the Family CFO
Sep 27th
The following excerpt is from Chapter 3 of Scott Feher‘s new book, Your Life & Money: Putting Your Financial House in Order. Click here to read Chapter 2, and don’t miss Mr. Feher’s tips for getting your family interested in saving money.
- Raise a money-smart kid
- Things kids can definitely do without
- Parents getting smarter about back-to-school shopping
Do what you can, with what you have, where you are.
—THEODORE ROOSEVELT
Once you have a mission statement, you can start acting as your family’s CFO. The job has many dimensions, of course, but there are four basic rules:
Rule #1: Know Your Expenses
Familiarity with expenses is the CFO’s most important job. Think about it. If you don’t know how much money is going out, how will you know how much money to spend—or not to spend? People, businesses and governments get into financial trouble when they don’t know exactly how much goes out each month. Unlike the government, however, you can’t print money when you’re in trouble or running a little short.
Can you imagine what would happen if a corporate CFO didn’t know how much his company was spending every month? He’d be fired. Well, if you’re the family CFO and you don’t know your monthly expenses, you’ll be fired too. (It’s called divorce.)
Here’s how to start getting a handle on expenses.
To read the rest of this article, please go to http://bit.ly/bFTPBL.
September Is National Preparedness Month – How to Survive a Layoff
Sep 22nd
The latest piece from the New York Times in the growing genre of “Older workers finding it hard to get new jobs after a layoff” has triggered the predictable musings about whether we should raise the Social Security retirement age, and how to combat age discrimination. These are interesting debates, about which I hope to write more later. But the article is also a useful reminder about a more immediate issue: how people react when economic disaster hits.
The woman highlighted in the article, after all, is not going to be saved by Social Security; she’s 57. Without massive changes in spending, she’s headed for bankruptcy long before she’s eligible to collect benefits. That’s not to say that she’s a profligate spendthrift who deserves the pain she’s suffering; rather, the errors she’s made are incredibly common. That’s why it’s worth running through some of the most common mistakes that land people in these kinds of messes.
To read the rest of this article by Megan McArlde, which includes six ways to make this situation less devastating, please go to http://bit.ly/aj70xZ.
Tips for Dealing with Cash Crunches
Aug 16th
Cash flow is the lifeblood of any business.
Understanding how money moves in and out of your company will help you measure the amount of cash you have on hand—and prepare you for any surpluses or shortages down the road.
Projecting your cash flow is a bit like preparing your budget and balancing your checkbook at the same time. You’ll begin with a starting point—say, the first of the year—and then you’ll outline your anticipated income and expenditures for the next several months or year. Be careful about assuming too much—and don’t forget to factor in everything from insurance payments to raises in employees’ salaries.
To read the rest of this article by Colleen DeBaise, go to http://bit.ly/97Rfx7.
The Right Age to Teach Kids About Money
Aug 9th
Question: What is the right age to start teaching kids about money?
Answer: If they are breathing, they should be learning about money!
OK, that may seem a little over zealous, but here’s the thing…
Just like our need for oxygen from the moment we pop out into the planet, most of us don’t survive very well without ample amounts of financial resources to provide for the things we need. We really do NEED money in our lives to survive well and you can’t convince me otherwise.
Even if you’re a monk, somewhere there is money exchanging hands to handle your needs.
The fact is, you can work for (trade your time and energy for), beg, borrow or steel, the things that you need to live: water, food, clothing, shelter, education, transportation, etc. Even if YOU are not working for these things, it took money for SOMEONE to pay for what you are begging, borrowing or stealing!
Where is MONEY on the NEEDS vs WANTS scale anyway?
To read the rest of this article by Elisabeth Donati and get ideas of what to teach kids at what age, please go to http://bit.ly/ckOg1K.
Are You Financially Literate?
Aug 2nd
According to Wikipedia, “Financial literacy is the ability to understand finance” and “Personal finance is to financial literacy what being able to read one’s own handwriting is to literacy. http://bit.ly/9KtE6f
Does your financial literacy need some brushing up? Check out the sites below for articles, tools, videos, and other resources:
30 Steps to Financial Wellness http://bit.ly/b4FXOA
360 Degrees of Financial Literacy http://bit.ly/dz4oMk
Feed the Pig http://bit.ly/c7an6U
Get Financial Finesse http://bit.ly/cVpLo0
My Money http://bit.ly/b4yYbe
NSLP Financial Literacy Online http://bit.ly/9Mhtjt
Life Events Present Financial-Planning Opportunities
Jul 20th
In June, I discussed the myriad issues clients often overlook or ignore that require changes in their estate plans. That column mentioned key life events that may necessitate estate plan updates. I merely listed them because the implications for planning seemed obvious. But on further reflection, I realized that some changes, such as the birth of a new child, have implications that are not always obvious. Although parts may seem basic, the list contains good talking points for advisors and clients.
To read the entire article by Martin Shankman, an estate planner in Paramus, N.J., please go to http://bit.ly/dx7Hte.
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