Archive - June 2013

1
Zen Financial Planning Advice For Managing Your Investments
2
Avoid Adding Your Child’s Name To Your Bank Account!
3
Twelve Simple Steps To Becoming Financially Independent
4
What Is The Best Retirement Plan For Your Small Business?
5
Not Getting Married? Cohabitation Still Requires Financial Planning

Zen Financial Planning Advice For Managing Your Investments

You may think that the word “Zen” has little connection to financial planning, but we would ask you to think again. As finance expert Rob Russell writes for U.S. News, “Generally, we all want to find peace and happiness in life. In other words we deeply desire to find some Zen.” He goes on to add that finding Zen can mean different things to different people; the important thing is that you have some kind of desired outcome for you life and go beyond working to pay bills.

Russell offered some of his “favorite Zen investing lessons” including:…

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Avoid Adding Your Child’s Name To Your Bank Account!

Clients sometimes ask me if they can add their adult child’s name to their bank account(s) so the child can tap funds as needed or write checks on behalf of the client. While adding a child’s name seems like a harmless, familial gesture of love and trust, the financial consequences can be extremely negative to both parent and child.

June (age 65, widowed) has a $400,000 bank account in her name. She wants to add her son, Henry (age 35), to her bank account. June prefers to bypass her daughter, Matilda, since Henry is “more organized and better able to …

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Twelve Simple Steps To Becoming Financially Independent

Want to get your finances in order? Use this comprehensive 12-step guide to address each element of your personal financial situation. In most cases, you should not address a step until all previous steps are satisfied.

1. 401(k) Match: Without exception, if your employer matches 401(k) contributions, you should maximize whatever they’re offering. If it’s a dollar-for-dollar match, that’s an instant 100 percent return! Even the 50 percent return of a two-for-one match is irresistible.

2. Consumer Debt: Pay off your credit cards and all other unsecured loans, prioritizing the debts with the highest interest rates. Credit cards frequently charge …

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What Is The Best Retirement Plan For Your Small Business?

Self-employed people have several special retirement plans from which to choose, including a Simplified Employee Pension (SEP), a Keogh, a SIMPLE, or an individual 401(k). All of the plans allow you to deduct your contributions from your income, and the money grows tax deferred in retirement.

SEP-IRA

The SEP is designed for self-employed individuals and small business owners, typically with 25 employees or less.

SEPs work well for family-run businesses. All must be given the same match. Once you hire outside of the family, it begins to not work as well.

SEP is the appropriate plan option when the employer …

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Not Getting Married? Cohabitation Still Requires Financial Planning

Couples that plan to live together and not marry don’t really get the same kind of financial planning advice that couples that plan to marry do, but this is changing. Some people used to call it “shacking up” but as finance columnist Dee Lee of CBS Boston observes “the PC term is cohabitation.” Whatever you call it, more and more couples are living together but they are not considering the financial implications of this move.

No matter your age, if you live with your romantic partner, you need to talk about money. Some cohabitating couples are being advised to create …

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