Mon, 30 June 2014
I Hate Keeping a Monthly Budget.Yes, I know that keeping a monthly budget is personal finance 101. Over the years I've tried, repeatedly, to track every expense in a monthly budget. Each time I failed after a few months. It's just too much work. I have better things to do than be a part-time bookkeeper. Do You Hate to Keep a Monthly Budget?Tracking all your expenses is easier than ever. Programs like Quicken and Mint have powerful accounting tools in simple to use packages. Still...most of us don't track monthly expenses or keep monthly budget for one simple reason; We have better things to do than being a part-time bookkeeper. In this episode, I walk you through my budget system which gets you 80% of the benefits of detailed budgeting, without all the work. In just four easy steps you can take control of your spending and capture the excess income as savings. I Call It the Cash Flow Bucket System. The advantages of the Cash Flow Bucket System: 1. You don’t waste time tracking every transaction. 2. You have less stress deciding how to spend money each month. 3. You don’t spend money just because it’s there. 4. You easily capture (save) excess income as savings. 5. You can make smarter decisions on allocating savings. 6. You maintain flexibility for unexpected expenses. Try It and Stop Feeling Guilty About Not Keeping a Monthly BudgetI've added a worksheet to the Retirement Answer Library to walk you through the process. It's free, just sign up here. The Retirement Tip of the WeekI give you Sammy's 5 secrets to living a happier retirement. These are worth listening to! |
Sun, 22 June 2014
Deal with Death By Celebrating LifeLast week, I wrote about my sister's passing and her wish that her family have a "Celebration of Life" picnic (you can read it here). In this podcast, I share my thoughts on my sister's choice and how you can do the same. How to Overcome New Car FeverNew car fever is a difficult bug to beat. Everyday, driving, you window shop as you drive, imagining yourself in the car models you see whizz by. Once you're bitten, the fever typically ends in you in a shiny new car.
A Useful App to Help You Identify Spending HabitsOnce every two months you should track your spending habits with an app like Expensify to:
Resources Discuss |
Mon, 16 June 2014
This week we discuss:
Less Than 10% of Advisors Have a Succession Plan
This is a scary number considering that if your advisor is unable to serve you due to injury or death, the retirement plan you’ve put in place could be in jeopardy.
These are just some of the important questions that need to be asked by you to assure your retirement plan is not disrupted.
I discuss:
This month, I’ll post a checklist in the Retirement Library of items you should look for in your advisors succession plan to assure some continuity of service.
Listener Question: Lynn asks, “How do I manage my cash flow during retirement?
How to manage cash flow during retirement is one of the questions I’m asked most. Not receiving a monthly paycheck during retirement can be unnerving. In retirement, it is important to have a system to create a paycheck to pay your monthly retirement expenses.
I outline the Cash Flow Reserve system we use to help clients cover their retirement expenses.
The Benefits of the System
This week I’ll post a detailed outline on how to build your Cash Flow Reserve system in the Retirement Answer Library.
Resources Discussed
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Sun, 8 June 2014
Working during retirement could be the best thing you do to find meaning, stay healthy and earn money while doing what you love.
In her book, Second-Act Careers: 50 Ways to Profit from Your Passions During Semi-Retirement, Nancy Collamer has created a great resource for anyone wanting to take their passion and earn income from it during retirement. Nancy Collamer is a speaker, career coach, and author who writes a semi-monthly career column for NextAvenue.org (PBS) and Forbes.com. Her home on the internet is mylifestylecareer.com. In This Podcast We Discuss:
Also, 4 Reasons You Should Completely Ignore Extreme Market PredictionsWant access to the free Retirement Answer Library?Last week, I introduced a great resource to help you find the answer to your retirement questions. The Library includes worksheets and checklists to help you plan for and live in retirement. Each month new resources are added based on client and reader questions. Together we can build a library to Plan Well and Invest Wisely for retirement. Resources Discussed
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Sun, 1 June 2014
Jeff Goins doesn't want to miss his life. And he doesn't want you to either.His latest book, "The In-Between: Embracing the Tension Between Now and the Next Big Thing" serves as a reminder to himself, and everyone that most of our lives are spent "in-between" the big things. It is in these moments we can find opportunities to live more fully. In This Podcast We Discuss:
Also, I answer a listener questionWhen Should I take Social Security? Want access to the Retirement Answer Library?Last week, I introduced a great resource to help you find the answer to your retirement questions. The Library includes worksheets and checklists to help you plan for and live in retirement. Each month new resources are added based on client and reader questions. Together we can build a library to Plan Well and Invest Wisely for retirement. Resources Discussed
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