Archive - 2017

1
Axioms for Graduates
2
Taxes: we’re not Europeans
3
Mothers Help Children Understand Financial Planning
4
The Difference Between a Financial Plan & Financial Planning
5
Financial Literacy: Reading A Financial Statement

Axioms for Graduates

As the spring semester comes to end for high school and college graduates, I wanted to perhaps give some unsolicited advice as these newly christened adults start out on their own and begin making life choices and financial decisions that will impact their future.

  1. Resist the temptation to spend everything you make. Instead, do your best to save as much as you can. In fact, it’s possible for a recent college grad to go from making hardly anything during their college years to a decent starting salary. Pay yourself first. Establish an emergency fund of 3 to 6 months of
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Taxes: we’re not Europeans

We don’t want to pay as much tax as the Europeans do. How many times have you heard that? If less than 1,000 times, congratulations—you live without internet service. But, I still retain an old-fashioned interest in verifiable facts, not just what I’d like to be true. I hope one or two readers still feel the same way, so let’s take a look at some numbers on just who pays what taxes, and what those taxes pay for.

The moment you delve into comparing countries, you have to contend with currency conversions, buying power and the cost of necessities (what’s …

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Mothers Help Children Understand Financial Planning

Some of this motherly advice connects to financial planning in a direct way; the Money article notes that high percentages of the participants in a BeFrugal.com survey say their mothers taught them to look for sales, to use coupons, and to recognize the difference between a want and a need.

But there is so much more advice children get from their mothers that does not necessarily relate directly to money and finance yet it still can guide them as have more financial resources to manage and enter the workforce. As the article suggests:

“Life lessons like “don’t be late” and

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The Difference Between a Financial Plan & Financial Planning

I remember the first time I received a financial plan.  Actually, it was for my mother.  It was a while ago, before I decided to become a financial planner myself, and is probably one of the reasons why I did so.  My mother had inherited some money from my grandmother, and after a couple of years of waiting for the broker to do anything, we decided that we were going to move it.  I’d researched some financial planners in the area, and decided to work with an hourly financial planner we’d found.  For $800, she presented us with a beautifully …

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Financial Literacy: Reading A Financial Statement

Last week, we discussed reading your credit card statement. April is Financial Literacy Month and reading financial documents sometimes requires more than knowing how to read. There will be words on the page that you recognize but you may not be able to comprehend what they mean for your investment planning.

In “12 Things You Need to Know About Financial StatementsInvestopedia offers a primer on what you’ll find in your financial statements. Investing is just the beginning; you need to keep up with your investments.

An important point made in the Investopedia article is that …

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