• Budgeting,  Cash flow

    5 Ways to Save More Money!

    I get it, having kids is not exactly conducive to saving money. In fact, if you aren’t careful, you can spend an unlimited amount on your kid’s 2nd birthday party thanks to Pinterest. Forget saving for college! Today I’m going to share with you 5 ways I save money, despite having kids. You can start using these ideas today to get a handle on your money. Tip #1 to Save More Money: One card to rule them all We use just one of our credit cards and we put as much of our spending as possible on it. Then we pay it off every month. Generally, there are only a…

  • Kids and Money

    Should Your Kid Earn an Allowance?

    Parents want to know, should my kid earn an allowance by completing chores? A lot of us were raised that way but it may not be the best choice. Check out this quick video for my thoughts on giving an allowance and tying it to chores plus teaching your kids about money.   https://youtu.be/23dJTLJXFRQ I think giving an allowance is a great way to teach kids about money. Yet parents don't always use this tool as well as they could. Want to learn more about giving your kids an allowance? Read Is It Time To Give Your Kid An Allowance? for more tips on how to teach your kid to manage…

  • College,  Planning,  Savings

    Is there a college savings rule of thumb?

    Let’s talk college savings. Just when you thought you were starting to get a handle on saving for retirement/your post-career phase now, we have to add college savings into the mix. As if you needed another thing to worry about! Let’s go ahead and ask the hard question. Are you on track with your college savings? No clue? You’re not alone. Most people have no idea. With crazy high inflation and large cost differentials between schools, it can be hard to know if you are in a good place when it comes to your college savings, or if you need to “kick it up a notch.” With that in mind,…

  • Uncategorized

    Rebalancing 101

    No, I’m not talking about rebalancing your chakras, I’m talking about your investments. You know, your 401(k) and that IRA you have stashed in a filing cabinet. With the U.S. stock markets reaching all-time highs throughout the Spring in 2017 if rebalancing isn’t on your mind perhaps it ought to be. Rebalancing sounds simple in theory but in practice can actually be quite complicated. In this post we will look at the what, why and when of rebalancing your portfolio. What Is Rebalancing? Let’s start with the question you may be wondering but don’t want to ask – what is rebalancing? I’m so glad you asked! Words on Wealth is…

  • Budgeting,  Cash flow

    A budget you can stick with: the Anti-Budget

    Look, we all know that budgeting does not evoke happy feelings in most people. For most people the word “budget” is a cue to stop listening. But what if I told you that budgeting could be pretty easy? That you don’t need to count every penny? Today we are going to talk about the “anti-budget”, what it is, and how to do it. The Anti-Budget: Budgeting Made Easy OK, here’s a little secret. I don’t count every penny every month. Frankly, that sounds stressful. I don’t freak out if I have extra money in my gas budget but run low on my food budget. You don’t have to know your…

  • Uncategorized

    5 Reasons to Delay Taking Social Security

    Today I am very excited to bring you a guest post from fellow Fee-Only Financial Planner Richard Feight of East Lansing and Grand Rapids, Michigan. Rich is the founder of IAM Financial where he specializes in helping small business owners translate a lifetime of work into a happy and fulfilling retirement. Enjoy! 5 Reasons Why You Should Delay Taking Social Security April is National #SocialSecurity Month! As a result I thought it would be a good idea to share with you five reasons why it may be beneficial for someone to delay taking social security. More often than not when someone has worked for thirty-five or forty years and paid into…

  • Kids and Money,  Savings

    Can An Allowance Teach My Kid To Save?

    When parents start giving allowance we all dream of that moment when our kid says “Mom, will you put this in my college savings account? I want to prepare for the future” …no, just me? OK, well financial planners aside, I think it’s safe to say that we at least want our kids to not spend all of their money at one time on beef jerky. How can parents teach their kids to save? As you know from my previous post, I’m a big fan of giving an allowance. Allowance can be a powerful, hands-on tool for kids to practice making saving and spending decisions without making expensive credit mistakes.…

  • Budgeting,  Kids and Money

    Giving Your Kid An Allowance (is it time?)

    Should I give my kid an allowance? When? How much? Parenting seems like a never ending decision tree that starts during pregnancy and ends...never. Most parents I talk to have the same basic goals for their kids. Many parents want to raise kids who are “good with money.” One tool parents can use to teach kids how to handle money is allowance. Today we are going to talk about giving an allowance (or not), earning it, spending it and saving it. There is a lot more emotion tied up in how we handle money than first meets the eye. Parents can begin by identifying what values they want to pass…

  • College,  Kids and Money,  Planning

    How To Talk About Student Loan Debt With Your Teen

    Feeling overwhelmed about the high cost of college? You’re not alone. A 2016 study Citizens Financial Group survey said that 57% of millennials wished they hadn’t borrowed so much money to attend college. This statistic leaves parents in a difficult position. Selecting a college tends to be a highly individualized and stressful situation for the student (and their family). We want to support our children’s choices, but we also want to make sure our children’s choices are as informed as possible. Talking to our kids about their choice of college can become even more confounding when you consider this tidbit from a 2014 study by Citizens Financial Group: 46% of…

  • Investing

    What To Do When The Market Drops: 5 Things You Need To Know

    You’re trying to do everything right. You started saving in an investment account. You did some research and have a reasonable asset allocation. You stopped putting all of your 401(k) into your employer’s stock (...you did stop that, right?) and you’re starting to accumulate something significant. It feels good, until one day you hear the stock market is starting to sell off. The market keeps going down and your friends and co-workers are starting to talk about it. Perhaps the term "bear market" is being thrown around. You start checking out financial media sites...every day. People start talking about the “trades” they’re making. How they are putting all of their 401(k)…