Identity Theft is Real!
Well, it finally happened. My personal information has been leaked so many times over the past several years by different entities, I’ve lost count. They send you the email informing you that they had a security breach, and some of your personal info has been compromised. They give you a free year of ID monitoring. Blah-blah-blah. If you’re like me, you may have gotten numb to it by now.
Get In The Arena!
I’m not referring to Rupp Arena in Lexington or the YUM Center in Louisville, Kentucky. I’m talking about the arena of life, and specifically our financial lives.
Check out this quote from Theodore Roosevelt’s speech titled "Citizenship In A Republic", delivered at the Sorbonne in Paris, France on April 23, 1910.
"It is not the critic who counts;
Inbox Overflowing? Mail Piling Up? Just TRAF It!
One of the things I’ve seen people struggle with consistently is staying caught up with their mail - both physical and electronic mail. You might be wondering, “What does this have to do with my money?” I’ll do my best to answer that for you by the end of this article.
Let’s start with a little history. Prior to electronic mail, most of my business was handled over the phone. I had always been committed to answering my phone and returning messages within 24 hours. I typically stayed pretty-well caught up with my phone calls and messages.
Insurance 101
No one really enjoys spending money on insurance, and most people don’t really like talking or thinking about it. It’s one of those things we pay for and hope we never need to use.
The purpose of insurance is risk management. When you buy insurance, you transfer the risk from your own bank account to the insurance company. Think of your insurance policies as a means to cover those large, unexpected expenses that have the potential to ruin your financial future.
Practicing Contentment
In my opinion, one of the best things we can do as part of a sound financial strategy is practicing contentment. So many times we see that shiny new thing, and we must have it! For some, it’s fashion - shoes, clothes, handbags, accessories. For others, it’s technology - we have to have the latest gadgets. Sometimes it seems like the more money we make, the more expensive the fashion and gadgets become.
Buying Your First Home
Several clients have recently asked me how to prepare for buying their first home. Here’s a high-level overview of my recommended approach.
Save for your down payment
Get pre-approved for a mortgage (if you don’t go with the 100% down payment plan.)
Find a real estate agent
Go house hunting
Submit an offer
Get a home inspection
Close on your new home
What Am I Worth?
“What am I worth?” That question can imply different things, depending on your perspective. The world typically bases a person’s worth on appearance, possessions, and accomplishments. When thinking in financial terms, this is commonly referred to as Net Worth.
On the other hand, self-worth based upon the value God has placed on us is Christ-centered and goes way beyond what we can dream or imagine. So while it’s helpful to understand our Financial Net Worth, I would argue that it’s even more important to come to grips with our value to God.
How Do I Save for College?
Lots of seniors have just graduated high school or are about to. Parents are doing their best to help their kids make the transition toward adult independence, and a college education seems like a real necessity these days.
These recent graduates must be thinking about all the exciting things they will get to experience at college. They are surely thinking of all the new things they will learn. They are likely wondering what their first job out of college will be. It may be their first real bout of independence.
Planning is the Key to Retiring
One of my favorite shows to watch is Caribbean Life - a novel program that helps you imagine what living on an island might be like. You watch individuals, couples and even families look at real estate on beautiful islands in the Bahamas, Virgin Islands, and beyond. Their home-buying budgets range from less than $100,000 to over a million dollars. I’m not sure I’m cut out to leave all of my family, friends, and neighbors to live on an island, as beautiful and lush as it may be. But it is fun to dream and imagine!
Why You Need an Emergency Fund
I believe one of the most alarming trends in the US today is that so many people tend to live from paycheck to paycheck. Our culture seems to see this as normal behavior - that whole “Keeping Up With the Jones’” mentality seems to be the norm for many people.
If you don’t believe me, try searching “how much Americans have in their savings accounts” in your favorite search engine. You’ll see that the majority of Americans have less than $1,000 in savings. Some studies will estimate 58% - others will estimate 69% - regardless of which study you believe, we can conclude that the hypothetical Jones’ everyone is trying to keep up with are practically broke.
Budgeting 101
Let’s assume you’ve never made a budget before, and we’re starting from scratch. First of all, remember that your budget is your plan. It’s not a set of handcuffs that restrict what you can do. It’s simply a plan where you decide where your money will go.
Spot That Scam!
Let's Appreciate the Good - and Watch Out for the Bad. At least two types of people are showing up during the pandemic. Many people are digging in to help in whatever ways they can—cook meals, donate money, volunteer time, etc. But others are looking to make some easy money off other's misfortune.
Stimulus Checks Are Coming… Oh My!
Several friends and family members have mentioned to me that they've received their stimulus checks from the IRS within the last week or so. Many are also receiving income tax refunds around this time. As a result, I've been reflecting on the best way to manage this money, and I suppose others are too. So allow me to share my thoughts and recommendations.
We're Not Talking About Disco Balls Here!
We're Not Talking About Disco Balls Here! Let's think about the debt snowball concept. You've heard the term before if you've ever listened to Dave Ramsey. But what is it really?
Yes, You Can!
"E" represents an Event or circumstance. Oftentimes, things happen over which we have no control. Take the COVID-19 pandemic for example. We can easily make the case that we have little to no control over how this virus spreads. We didn't cause it, but here we are dealing with it. The same can be said of many events and circumstances in life.
Navigating Personal Finances Amidst COVID-19
I'm continuing my theme of overcoming fear. Why? Because, it is so difficult to make rational decisions when we are in a state of fear. It's important that we remember 1 Timothy 1:7, where we are reminded the God has given us a spirit of Power, of Love and of Sound Judgement. Let's break down this verse…
Do Not Be Afraid
It occurred to me during my devotional time this morning that we have 365 reminders not to be afraid spread throughout the Bible.
Maintaining Hope and Perspective
There are far, far better things ahead than any we leave behind. C. S. Lewis
