Author - Richard T. Feight, CFP®

1
The Best Free Online Budgeting Tools
2
How Inflation Affects Your Family’s Finances
3
The Best Way to Start the Estate Planning Process
4
How To Become a Millionaire If You Make Less Than $40,000
5
College Is Just Around The Corner; Here’s What You Need To Do

The Best Free Online Budgeting Tools

A few years ago I started tracking my personal expenses closely. I did this because I was starting my business, and wanted to make sure that I had the cash flow available to make it work. For most people, budgeting can be done in one of two ways:

  1. You save first, and spend until your money is gone and your next paycheck arrives, or
  2. You plan how much you can spend based on your income and expenses and put the savings aside at the end of the month.

For people with large incomes, the save first option works well. For …

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How Inflation Affects Your Family’s Finances

What is inflation, and why is it so important?

According to Wikipedia, inflation is a rise in the general level of prices of goods and services in an economy over a period of time. This is important because as these prices increase, your dollar buys less goods and services. If we can’t buy as much stuff, our consumption based economy will slow down. That is why the Federal Reserve, whose purpose is to ensure economic stability, focuses largely on keeping inflation at 2%.

Why not 0%?

The Federal Reserve wants to keep inflation above zero because inflation signals growth in …

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The Best Way to Start the Estate Planning Process

One thing is certain with estate planning: we MUST talk about it. A good conversation about your estate wishes could help bridge the present and future.

Recently, I came across an article in the Journal for Financial Planning that could help you start the estate planning process. The article was about a financial advisor that asked the question: If I die, what happens to the business? This question spawned several scenarios which exposed flaws in their business transition plan. The same idea can be applied to your personal estate plan.

Ask the question, if I die, what will happen?

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How To Become a Millionaire If You Make Less Than $40,000

Watching the Masters last week reminded me that when I started my new company, one of the things I wanted to do was track clients’ net worth. Why? There are many reasons, but the most important reason is because what you put your mind on grows. Everyone I know would like to add a couple hundred thousand to their net worth. By tracking net worth, we learn that making smart financial decisions can grow our wealth faster than if we follow herd consumerism mentality. Albert Einstein said that insanity was “doing the same thing over and over again and expecting …

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College Is Just Around The Corner; Here’s What You Need To Do

My last article discussed the First 5 Steps in College Planning. This article is more focused on parents whose kids are teenagers and/or entering high school. It is during these four years that you might be able to save just as much money in scholarships and grants as you might be short in your planning. Here are the steps:

1. Take the PSAT for practice – The PSAT is also the National Merit Scholarship Qualifying Test.  Juniors who do well on the test may be Honorable Mention or Semi-Finalists.  Semi-Finalists then take the SAT to sort of verify the …

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