He believes Treasury Secretary Paulson and Fed Chairman Bernanke acted honorably and intelligently when they forced Bank of America to close the Merrill Lynch acquisition. Considering the fragile situation at the time, had Bank of America been allowed to invoke a major adverse change clause and back out, it may have been disastrous for the financial system. And although they have sympathy for Wells Fargo’s complaints about being forced to accept TARP money against its will, by and large they believe the government handled …Read More
According to the National Postsecondary Student Aid Study (NPSAS), graduating seniors with educational debts carry an average debt load on the order of $20,000. More and more, college students are beginning their working lives with fairly heavy debt loads. It’s more important than ever for newly-minted grads to hit the ground running with a plan for their finances.
Based on the things I’ve observed in my clients (and others), here are nine key things that I think new college graduates should give attention to:
(1) Understand How Your College Loans Work
A surprising number of graduating students don’t understand the …Read More
A friend recently asked me about his investments. He wanted answers to a couple of very specific questions and was disappointed to hear that I would need to look at his situation from a much broader perspective. In order to give him the best advice, we would need to consider his questions in relation to all of the financial aspects of his life. This is the essence of comprehensive financial planning.
He jokingly replied “if you look at all of my finances, you will see how messed up I am.” He said this in jest, but this is a realistic …Read More
Is financial planning really all about money? I do not think so. A growing number of financial planning professionals including myself have adopted a holistic approach to the planning process. In general, this means looking at the whole person during the life planning process rather than simply focusing on their financial lives. I strongly believe that the “inner game” of money should not be ignored. It is human nature for our belief systems, attitudes, past experiences, goals and values to have an influence on key financial planning and life decisions. The traditional view towards financial matters is based on rational …Read More
Do not feel overwhelmed if you owe back taxes to the Internal Revenue Service or a state taxing authority. The $300 billion plus federal tax gap is evidence that millions of people are experiencing tax problems. Do not expect tax problems to go away anytime soon. In 2009 our nation finds itself in the biggest economic crisis in modern history. Financial institutions are failing in record numbers. A credit crunch continues to loom, and the housing market continues to struggle amid global financial concerns. It is only natural that the tax gap will continue to increase as million of taxpayers …Read More