Debt in itself is not a bad thing. Its the misuse of debt that makes it work against us. For this month's conversation I share some thoughts on how to use debt wisely in order to build and retain personal wealth more effectively. Wise use should add to liquidity, use, and control of your cash assets.
$22 trillion of debt a problem? No big deal? In reality it will impact all of us in the way we receive benefits like Social Security and Medicare and to the income tax rates we pay now and in the future. This gives ample opportunity for prudent financial planning. The question I have is what comes first: a U.S. Government that is debt free or the next ice age?
It has never been easier for those wanting to work towards a college degree to do so in this country, at least as it relates to paying the school for the degree. That is because the US Government guarantees loans to those that apply for them. This is also the reason we now have what many describe as a student loan crisis. Being an informed consumer has never been more important.
For this conversation we are discussing one of the most important types of insurances that you can own. Disability insurance. Much emphasis is placed on discussing group plans through work and their shortcomings. Would you insure your house or your car for 60% of its value? Of course not. Well then why would having 60% coverage on your income, the income that pays for everything you have and do, be considered sufficient?
In this special edition of Money Conversations I sit down with an agricultural economist, Bob Kohman, to discuss the current state of agriculture from an economic standpoint. It is often overlooked but here in the Midwest much of the economy is driven by agriculture. We discuss some of the struggles that our local producers are currently dealing with and what changes may need to take place to get this important part of the economy back to full strength.
The Bull Market that began in March of 2009 has officially ended. For this month's visit I share market results from 2018 and also my thoughts on how to navigate through the volatility.
October and November have been volatile months for the stock markets. You may have noticed this volatility extending to your investment accounts. For this months conversation we visit about strategies for investment management and I outline one particular strategy that I utilize with clients to help minimize volatility and help avoid losses. You don't have to simply "ride out" the down market.
For this Conversation we follow up on a question I had regarding how having a 30 year mortgage vs a 15 year mortgage can put you in a position to have more spendable income at all phases of life including during retirement.
For this month's conversation we visit about the paradox of saving by spending to see if there actually is a paradox that is of benefit. Can a person save money by spending it?
One of the areas of personal protection that I consistently see under insured is personal liability insurance. For this month's conversation I sit down with Jordan Fee, a local expert in the topic, to discuss ways of optimizing this important area of coverage.
For this month's conversation we visit about the largest roadblock for financial goals I see people struggle with and I provide some ideas that I have seen work in defeating this foe.
Don't like paying interest for your purchases? This one's for you! For this month's conversation I visit about the different ways that financing works for or against you. The goal with any financing should be to put you in a position for more liquidity, use, and control of your money.
Summer time is upon us and as such so is vacation time. In this edition of Money Conversations we visit about my definition of financial freedom and the real world application to vacation time. Happy Summer!
In this edition of Money Conversations we visit about an often over looked but very important piece of financial planning, your legacy. Not planning for the eventual end of life is still charting your course. Although, likely not providing the outcome you would want for your loved ones.
April 2018: In this edition of Money Conversations we look into saving for retirement and specifically what options are available from a taxable point of view. Do you think about how the money you are saving will be taxed when you take the money out? Where you are saving for retirement can have as big of impact as how much you are saving. What is your exit strategy from your retirement accounts?
January 2018: In this edition of Money Conversations I visit about the current state of stock markets, what I think will happen next, and ultimately what you should be doing to prepare for change.
October 2017: In this edition of Money Conversations I visit about the only constant that we can all count on, change. I think it's important to remember that nothing last forever, not the good times and especially not the bad times. Preparation for the unexpected changes that are out of our control can and will help. Do you know what could hurt you financially and are you prepared?
June 2017: In this edition of Money Conversations I provide a basic understanding of financial planning as I practice it. I explain the difference in services between planning and simply working with an investment advisor.
March 2017: In this edition of Money Conversations we will visit about the most consistent financial mistake I see, lack of control over cash flow.
March 2018: What state of mind do you tend to live with? A state of mind of abundance or scarcity? Plan to live with abundance and maximums! Don't allow yourself to settle for scarcity or minimums. This applies to all areas of your life!
December 2017: In this edition of Money Conversations we break down a potential Dave Ramsey myth, his strategy on buying term insurance and investing the difference. We look into his thoughts and discover that they are really nothing more than opinions. The key take away from this lesson, there is no one size fits all in personal finance!
September 2017: In this edition of Money Conversations, I cover what I believe to be one of Dave Ramsey's biggest myths, his debt snowball strategy. I explain how he sells it to the masses and then break down how this strategy really works. If you have tried to use this strategy or if you know someone who has, this video is a must watch!
May 2017: In this edition of Money Conversations I visit about life insurance and explain some of the basic pros and cons of term life insurance.
February 2017: In this edition of Money Conversations we will visit about how inflation erodes purchasing power over time along with how to decrease its effect on your money.
February 2018: In this edition of Money Conversations we explore the partnership you have agreed to when funding a pretax retirement account. A partnership with everyone's favorite uncle who is always asking for money, Uncle Sam.
November 2017: In this edition of Money Conversations I visit about budgeting from a Biblical perspective. This was a message that I recently gave at my church and one that I hope resonates with you also. The message is about how to best position yourself for a life of ministry and giving, while at the same time positioning yourself and family for financial success and financial freedom. What do you want?
August 2017: In this edition of Money Conversations we visit about climbing the retirement mountain. Specifically, we visit about making our way back down the mountain safely. Most climbing accidents occur on the way back down when the climber is fatigued from the climb up. The retirement mountain is very similar, the climb down can be financially dangerous without proper planning. Are you doing everything you can to ensure your success in retirement?
April 2017: You down with O.P.M? Most individuals and families are. In this edition of Money Conversations we discuss how utilizing other people's money (debt) more efficiently can make big differences in your ability to create wealth over time. Send less away and keep more for your family!