There are three primary types of debt available today: 1) Revolving, 2) Installment, and 3) Mortgage. Revolving debt is the most costly type of debt and is typically made up of credit cards, which allow you to use someone else’s money, pay down the balance, and use that money again. Installment debt is typically a Read More >
How to Manage Your Emergency Reserve
Posted on: 10.20.15
Whether you are currently establishing your emergency reserve or your reserve is fully funded, it is important to manage your reserve account for maximum effectiveness. There are “rules of the game” you should follow so your reserve account can serve the purpose for which it was created. Remember, the primary purpose Read More >
How to Fund an Emergency Reserve on a Budget
Posted on: 10.13.15
The most important step in gaining control of your personal finances is establishing and keeping an emergency reserve. The primary purpose of an emergency reserve is to provide a cushion to protect you and your family in the event of an unforeseen and unexpected financial emergency. Without a designated emergency Read More >
What is the Appropriate Emergency Reserve Amount for You?
Posted on: 10.06.15
The primary purpose of an emergency reserve (a.k.a., a rainy day fund) is to provide a cushion to protect you and your family in the event of an unforeseen and unexpected financial emergency, such as the need for new tires or a new water heater. While an emergency reserve equal to one months’ committed living expenses Read More >
The Most Important Step in Gaining Control of Your Personal Finances
Posted on: 09.29.15
The cornerstone of any personal financial profile should be establishing and keeping an emergency reserve. You may have heard it referred to as a cash cushion or a rainy day fund. I cannot stress enough the importance of this one simple concept. If you want the upper hand with regard to your personal finances, having a Read More >
The IRS is Not a Good Savings Vehicle
Posted on: 07.14.15
On January 14, 2015, CNN Money reported that “Nearly 8 out of 10 U.S. Taxpayers Get Refunds.” The story reports that according to the most recent IRS data, the average refund was roughly $2,800. This practice has always baffled me, but my own clients have proven it to be true. When I meet with new clients among the Read More >