Buying a vehicle? Check the TCO

If you are in the market for a new or used vehicle, then it is important to do some homework before you settle on make and model. Here are a few things to consider before you pull the trigger on buying that new or used vehicle:  Continue reading “Buying a vehicle? Check the TCO”

How much money do I need to retire?

I was recently asked by a friend if I’ve calculated the amount of money I need for retirement, and if so, how did I do it?  I think he was surprised by my response that I calculated the amount a long time ago when I first started working and have been updating the plan numbers every year based on new information. I asked him if he had a retirement plan and his response was that he’s also been saving for retirement since he started working many years ago, but his “plan” was to save as much as he could, whenever possible.  Continue reading “How much money do I need to retire?”

Have we declared our financial independence?

Financial literacy (a.k.a. FinLit) is the education and understanding of various financial areas, such as saving, spending, investing, insurance, budgeting, retirement and tax planning. The positive impacts of financial education on people are clear, as are the negative impacts to those that lack FinLit.

Continue reading “Have we declared our financial independence?”

3 questions every parent and child should answer before choosing a college

If you’ve been reading my recent articles you may sense a theme (or an obsession) with figuring out the costs and benefits of going to college.  There are clearly benefits of going to college, but it is a ‘big money decision’ and should only be made with the appropriate level of due diligence.

While the decision about which school is the “best fit” is somewhat subjective, the cost of obtaining a diploma and how to pay for it should be viewed more objectively.  Continue reading “3 questions every parent and child should answer before choosing a college”

What financial return have you received from getting a college diploma?

Ever wonder if going to college was worth it? I’m not talking about the great time you had, or will have, socializing or “finding yourself”. I’m talking about the financial benefit received from going to college.  For most students college is worth the investment as indicated by the growing earnings gap between college-educated and less-educated Millennials, based on a report from the Pew Research Center.  The research also shows that college-educated Millennials:  Continue reading “What financial return have you received from getting a college diploma?”

Thank you!

Many thanks if you downloaded my book on Amazon!

Your efforts helped me achieve a #1 ranking in 3 Amazon Business & Money categories during my free promotion launch.

A BIG thanks if you also provided a review!  If you downloaded the book, but haven’t had the chance to review yet, you can still do so at any time.  Every review helps!

Also, if you liked the eBook, then check out my website at DIYmoneytrack.com, and follow me by downloading the playbook tools, and/or by signing up for my blog.

I’m already working on a second book that will help Millennials understand the cost of making big financial decisions, like raising children, so stay tuned!

Thanks again for your support and enjoy the holidays!

Savings evolution: Use these three measures to become a money master

When my kids were younger we taught them to save money by using three envelopes:  One to save money for charity, another for short-term spending, and the last one for longer-term savings (deposited into a bank account).  For example, if they received a $25 gift for their birthday then the money needed to be split as evenly as possible among those three envelopes.  This approach was a very useful way for my wife and me to help our young children understand the importance of saving for different purposes and timeframes.   Continue reading “Savings evolution: Use these three measures to become a money master”

Developing financial know-how by learning to speak money management

You may have heard the term “financial literacy” which by definition is the education and understanding of various financial areas, such as saving, spending, investing, insurance, budgeting, retirement and tax planning.

Financial literacy fundamentals are often taught in schools starting in middle or high school, with mixed results at best.  A study completed by George Washington University and PwC proves this point.  Based on a survey of over 5,500 Millennials, it was determined that only 24% of Millennials exhibited basic financial literacy, and only 8% demonstrated high financial knowledge.  Part of the problem is that school-taught financial literacy focuses on concepts with limited application to the school-age audience.  To help this young audience succeed over time, we must be prepared to offer timely support to foster “financial know-how”.  Continue reading “Developing financial know-how by learning to speak money management”