For some, estate planning is limited to scrambling to update Wills just before a vacation. Even most professionally developed estate plans begin and end with numbers. While numbers are important, by themselves they do not tell the complete story. That is why it is necessary for a fundamental change in how we think about and [...]

Let me start with a confession. I’m not a millennial. I’m a baby boomer. Been working since I was 15. For over 40 years I’ve been paying into Social Security. In return for my hard-earned money I’ve received promises about future payments. And, I’m not alone. The Population Reference Bureau says that there are 76 [...]

When I send in my mortgage payment and I send in more than the minimum amount, the return payment stub asks whether I would like the additional payment to go towards escrow or principal.  Which direction would be the best? Jim Jim asks a very good question. How you manage your mortgage payments can make [...]

It’s one of those things that you may have considered doing but never actually got around to: Doing a family budget. Like sticking to a diet or keeping your office desk clean, it’s something a lot of us talk about but for whatever reason it never seems to happen. It may be finally time to [...]

Creating and sticking to a personal budget is a vital part of personal financial planning. Consumer Credit Counseling Service of Greater Washington offers an easy, six-step method for arriving at a budget you can live with: Step 1 Determine your monthly income. Take into consideration your payroll deductions (health insurance or other group benefits, income [...]

When I was a boy one local department store had a jingle that featured the repeated chorus of “low overhead, low overhead”. They claimed to offer lower prices because they kept their ‘overhead’ down. If they spent less on rent and other fixed expenses they could make a reasonable profit at a lower price. I [...]

I just found an article you wrote on budgeting. You said to spend no more than 33% of your after-taxed salary on housing. I have to find an apartment and live on my own. I never had to do that before. I am struggling with a budget and not knowing what I can really afford [...]

Here are ten aspects of financial management that you and your teens should discuss

If your family is floundering financially, it may be time to put pen to paper (or fingers to keyboard) and make up a family financial plan. Consumer Credit Counseling Service suggests keeping the following tips in mind when developing your family budget: 1. Your budget should be tailored to your needs, values and priorities, with [...]

The role of an executor A close friend has just asked me to be his executor. Before I accept this appointment, can you tell me what it involves? I assume it is a relatively simple task. This job can be simple or complex depending on the clarity of the Will and the Estate Plan. Of [...]