Don’t let what others think or say get in your way; their actions reflect on them, not you.
People first, then money, then things.
Just because you can afford it doesn’t mean you should buy it.
A pile of bills and statements – whether paid or not – is a sign that someone is clueless about what’s coming in and going out.
If you’re saving for the long run, it’s actually a good thing when the market is down because the more shares you have, the more you can potentially make when markets rise. And over time – decades, not months – the markets rise more than they fall.
The foundation of a financial fresh start actually has nothing to do with money or specific financial dos and don’ts. The first, and most difficult, step is to absolve yourself and your spouse or partner of any guilt.
Prenups are so unromantic – a sign of distrust, not love. Time for a reality check, my friends. First, drawing up a prenuptial agreement together is a sign of incredible trust and financial openness – you’re fooling yourself if you think you can achieve complete intimacy without it.
I’m a big advocate of a work-for-pay setup rather than an allowance that isn’t attached to chores – it’s a great way to impart the value of money to your children.
If you can’t afford the upkeep of your home, it makes no sense to do a reverse mortgage. You will just end up having to sell eventually when you realize you can’t afford the home, and whether you have any equity left after the sale depends on the size of the reverse loan that must be settled.
I want to be clear here: It does not matter what you say in your will or trust; the beneficiary document attached to your IRA accounts and your life insurance policy overrides what you say elsewhere. If you want to change the beneficiary, you must change the beneficiary document.
I am a big believer that orderliness begets wealth. A pile of bills and statements – whether paid or not – is a sign that someone is clueless about what’s coming in and going out. When you consciously open, read, and file away your bills and statements, you are connecting with your money and taking control of your life.
For seven years after college, I was a waitress at the Buttercup Bakery in Berkeley, and from there I got a job at Merrill Lynch as an account executive, from where I went to vice president of investments for Prudential-Bache Securities. I started my own firm in 1987.
Money you know you need or want to spend in the next few years is savings. Money you keep handy for an emergency belongs in savings. Money you hope to use soon for a down payment on a house belongs in savings. And all savings belong in a low-risk bank savings account or money market account.
Credit card issuers and HELOC lenders are like fair-weather friends: They cozy up to you in good times, but when the economy heads south, they abandon you faster than Usain Bolt runs the 100 meters.
Credit card companies are jacking up interest rates, lowering credit limits, and closing accounts – and people who have made timely payments are not exempt. So even if you pay off your balance – and that’s tough when interest rates are insanely high – there’s a good chance your credit limit will be slashed, and that will hurt your FICO score.