Look At Money Scripts to Avoid Whitney Houston Estate Planning Mistakes
Since the death of singer Whitney Houston, I’ve seen several articles from attorneys and financial advisors pointing out three areas where her estate planning was badly flawed:
1. Lack of privacy. Anyone with thumbs and Internet access can see Ms. Houston’s will. A living trust would have kept her affairs private.
Email Warnings: Verify Before Trusting
Ronald Reagan was noted for saying, “Trust but verify.” And that was before Al Gore invented the Internet. When it comes to believing forwarded emails with dire warnings, it’s a good idea to go even further and “Verify before trusting.”
Here are a few lines from an email I’ve received numerous times over the past two years: “Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it? That’s $3,800 on a $100,000 home . . . It’s in the health care bill and goes into effect in 2013. . . . Under the new health care bill all real estate transactions will be subject to a 3.8% Sales Tax. If you sell a $400,000 home, there will be a $15,200 tax.” Continue reading
For Financial Success, Outsmart Your Brain
How’s this for a convincing excuse not to save for retirement? “I can’t help it. The human brain is programmed for financial failure.”
An estimated 80 percent of our decisions are made emotionally. The limbic system is the portion of the brain where our emotions reside. Its role is to protect us. Feelings like fear or anger can cause it to urge us away from a perceived danger. It can respond to feelings of joy or pleasure by urging us toward a perceived benefit or reward. Continue reading
Are You Ready for a Financial Disaster?
Preparing for an unforeseen financial disaster may seem like an oxymoron. How can you possibly prepare for something that is unknown?
You can, when you remember that the only real “unknown” about most potential financial calamities is their timing. We know perfectly well we’re likely to have emergencies; we just don’t know exactly what or when. They may take the form of an expensive car repair, a trip to the emergency room, the loss of a job, or a significant investment loss. The question really isn’t “if;” it’s “when.”
Here are four tips to prepare for inevitable financial calamities. Continue reading
Are you a Wealth Accumulator?
Here’s a new twist on an old New Year’s Resolution: If you want to give yourself the security of financial independence, try budgeting the way many wealth accumulators do.
The secret? They don’t budget.
Your first reaction might be, “Of course not! They have so much money, they don’t need to budget.”
That may be true for those who have wealth, but I’m referring to people who are “wealth accumulators.” They don’t start out with money, but they build up significant wealth over time. Continue reading
Financial Planning is Even Harder During Divorce
Few things in life are as painful as the ending of a marriage that began with the promise of a lifetime of happiness. The unfortunate reality is there’s a 50-50 chance that what started out in wedded bliss will end bitterly in a court of law.
If you are facing a divorce, here are a few tips that may make the transition a little easier financially. Continue reading
Walking for Cash
Would you like to be financially independent? Most of us would. We’d like to enjoy a comfortable lifestyle without having to earn an income.
Recent studies suggest that an average income of around $60,000 is optimum for producing happiness. How much of a nest egg do you need to produce an annual income of $60,000? Assuming you’ve invested for the long term in a diversified portfolio, and assuming you maintain its purchasing power by limiting your withdrawals to 3%, you would need to accumulate two million dollars. Continue reading
Current Condition of Social Security
By: Rick Kahler, CFP®
At the heart of America’s overspending are two entitlement programs, Social Security and Medicare. Most Americans count on Social Security for a significant portion of their retirement income and on Medicare for their retirement health care.
I’m often asked, “Will Social Security be there for me when I retire?” Continue reading
Don’t be the last one to know the score
Your credit score, that is. Your credit is often checked for reasons beyond just applying for a loan. If you apply for a job, an apartment, or an insurance policy, a company will probably look at your credit report to find out more about you. As a result, a strong credit report will benefit you in many areas of your financial life. Continue reading
Your house is your home, your castle, and your refuge.
Until the time comes to sell it. Then it becomes a commodity in the public marketplace. Once you put something up for sale, it doesn’t belong to you any more. At least that is the financially healthy way to see it.
One of the most challenging aspects of selling a home is letting go emotionally of your attachment to it. Continue reading
Ron Peremel
Kevin Condon
