Chasing More Money

When we believe more is the answer, it can impact us in unforeseen ways. Humans just want more. We want more happiness…more money, more success, more time, more vacations, more life. Aspiration does seem to be a healthy thing. As humans, we seem to value growth and progress. However, money represents many different things to different people. When it comes to money, needing more, wanting more and having more can be complicated. The danger in the pursuit of money is that you risk falling into a rabbit hole - where you find yourself navigating a seemingly endless confusion of paths and choices, and where it is so easy to lose your way.

How Much Do You Need to Feel Secure?

In the new movie “All the Money in the World”, Mark Wahlberg’s character, Fletcher Chase, asks J. Paul Getty how much it would take to make him feel secure. The answer…“More!” It was an odd statement from ostensibly one of the richest men in the world at that time. Based on a true story, Getty’s grandson has been kidnapped (one he’s particularly fond of) and the ransom demand is $17 million. Getty won’t or can’t bring himself to part with the money even though we’re certain that he has it.

Financial Planning & the Tyranny of “I Should”

Recently when the subject of financial planning came up, a woman said to me, “I really should do that.” I was staring at my computer one afternoon, thinking about the pervasive effect of the phrase “I should . . .” on our daily lives. It almost doesn’t matter what follows those words, “I should . . .” – lose weight, do my taxes, get the car fixed – whatever it is, the phrase which masquerades as motivation so often has the opposite effect – of inducing procrastination. It can make us feel as though someone else is trying to impose his or her will on us.

Data Breaches and Closing the Barn Door: Protecting Your Personal Information

With all the data breaches that have occurred over the last couple of years it is hard to know when to actually ‘do something’ about protecting our credit. Having read a fair amount about the Equifax data breach issue over the last couple weeks I’m still somewhat skeptical of the level of protection we can actually achieve. In some respects, the actions we have at our disposal seem tantamount to “closing the barn door after the horse has run off” (thanks for that one mom!)

Love and Money: Proceed With Caution

If you wanted to leave some money to your children, how would you split it between them? You could come up with numbers based upon their likely need for help. Or you could simply divide it equally…after all you love them all, well…equally. Equal distribution is probably the most common way of dividing assets. Yet, what about the situation where one of the kids is very successful financially and has no need for your money? What message does an unequal gift send? Conversely, if you were one of the children on the receiving end…what if mom and dad left all (or even most) of the money and investments to your sibling because you ‘don't need it?’ You might feel ‘less loved’, or slighted in some way, left with a nagging feeling that perhaps they really did love them a bit more than you.

The 3 P’s of Retirement Success: Plan, Prioritize, Persist

Retirement success means something different to each of us. Some people see themselves working in retirement because that's what they've always done. Others are afraid to stop working for fear of running out of money. Some people just want to feel secure when they stop working and know they'll have sufficient money to live.  Since retirement isn't really a destination, but a process, try our 3 P's to help create your vision of a successful retirement.

Longevity and Happiness in Retirement

A while back Michael Finke, Professor of Retirement Planning at Texas Tech University hosted a webinar about financial planning in the context of longevity and aging. None of us likes to think about the deterioration of our physical and mental abilities. Yet how we navigate these changes, and equally importantly, how we plan for them, will have significant effects on our future happiness. Life expectancy has increased for a number of decades and the trend continues. Finke concludes that definite connections exist between income, health, social activity and longevity and happiness. Generally, those people with higher income tend to enjoy better health and are more socially engaged. These factors contribute to greater longevity and increased satisfaction in retirement. The webinar raised a number of interesting questions in regard to retirement. I’d like to