What Is A Revocable Living Trust and Why You Need to Know

There are some subjects that we just don’t like to talk about and can make us feel really uncomfortable. One of these subjects is our own death and how our assets and property will be distributed when that event ultimately occurs. Having said that, it is imperative that everyone think about their estate plan and what they need or want to do with their assets when they’re gone. You have the final say as long as you do something about it while you are alive and well. While many people choose a Last Will and Testament, another option is a Revocable Living Trust (RLT). So you may be wondering, what is a Revocable Living Trust?

If you're wondering what is a Revocable Living Trust and if you need one, this introduction will help you determine if it can benefit you and your family.

The RLT Option

Most of us, when we do think about what will happen to our families when we are gone, think about a Will. But an RLT is becoming increasingly more popular as an estate planning tool since changes have been made to make them friendlier to establish and use. An RLT lets you determine who receives your property and assets, and divides them while you are still alive and helps you avoid probate court. Continue reading“What Is A Revocable Living Trust and Why You Need to Know”

Why What You Don’t Know Can Hurt You

Do you remember that old phrase of years gone by, “ignorance is bliss”? Even if you never have heard that one (although I doubt that), it is something that seems to be true. After all, you aren’t going to worry about that big pothole on the road just a few hundred feet ahead of you when you’re driving to work on this sunny morning—if you are totally unaware of it, right? How can you? You don’t know it’s there. You haven’t heard any problems about it and your mind is drifting along with the latest tunes on the radio as you sip your coffee from your freshly brewed homemade K-cup coffee machine that you made just 10 minutes earlier. Life is good. And then…kaboom! What you don’t know can hurt you.

When it comes to your finances, what you don't know can hurt you. Here are some basics to get you started on your way to learning what you need to know.

Funny thing about that “ignorance is bliss” thing, it has a tendency to sneak up on you and hit you squarely in the eye or even worse, your rear end and lower back like driving over a huge pothole does! That simply proves the premise doesn’t it? What you don’t know can and will hurt you!

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3 Ways My Mother Influenced My Personal Finances

Researchers will tell you that we are all basically a combination of the beliefs, habits, and opinions of the people we surround ourselves with and spend the most of our time in life with. That starts in your childhood and is the unreal influence that a parent has on a child. Think about it. You probably believed almost everything you believed as a kid because of your parents through at least the first 10 years of your life.

We all are influenced by our parents in many ways. Here are 3 ways my mother influenced personal finances for me and changed the course of my money habits.

Unless you came of age in the ’60s like me, that probably continued right on through adulthood, because everyone knows that my generation was the dawning of “The Age of Aquarius” and was a totally enlightened generation, a totally innovative and newly ordained very special generation with all the answers to all the questions of the ages…not!!! We just thought we were that at the time.

But seriously, when you really think about it, it does seem true that you probably get most of your opinions just because of how your closest influences (like Mom) think and that gets reinforced constantly by them. At least that’s my “uneducated” opinion here.

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Dating and the Single Person: How to Save Money

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They say that money makes the world go ’round. They also say that love makes the world go ’round. Perhaps it’s a bit of both. When you’re single and in dating mode, sometimes it seems like you don’t have enough of either. But don’t despair…I made it through some rough single times, and I’ll bet you can, too. It’s just a matter of knowing how to manage your money, and your expectations, while dating.

When you're single and dating, it can be difficult to meet the right person, and even more difficult to save money while doing it.

Money can be a very contentious issue when you’re working on finding or being in a relationship, and it can also be one of the main causes for a relationship breakup too. It happens when there are real disparities that the parties have in their money attitudes. Ask people like me who have been through a divorce and you will probably get an earful about it.
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What Dad Really Wants for Father’s Day

Being a dad has been the biggest responsibility I have ever had. After all, bringing a new life into the world and literally trying your best to help make that person the best kind of person they can be and fulfill their life’s real potential doesn’t weigh easy on anyone.

I sometimes get a bit misty eyed when I think about my two kids and I always miss seeing them when they aren’t right here with me. I think we all feel that way because after all they are so very important to us.

Father's Day is coming on June 17th. I'll share with you the secret of what Dad really wants for his special day and you won't need to spend the big bucks.

So a couple of years ago, I wrote a post about my thoughts on Father’s Day and it really came from my heart. I think the message in it says what every dad (and mom too) thinks and feels about a day like this. Even though the environment we live in makes us feel like honoring our dads and moms is all about buying gifts and making a big deal out of just the one single day a year, I can tell you from personal experience, that’s not what dads (and moms) really want from their kids.Continue reading“What Dad Really Wants for Father’s Day”

Money Talk is the Last Taboo

Discussing money—the nitty, gritty details—with our friends and families is a real taboo subject. You may be thinking, really? There are thousands of personal finance blogs around and libraries full of books about personal finances, money, budgeting, retirement planning, and I could go on and on here. But the truth is that we just don’t have any informal, detailed conversations with each other about these topics. Money talk is the last taboo.

There are so many subjects to discuss these days, but money talk is the last taboo. Here are some thoughts on why it's so difficult to talk about money and what we can do to get started.

Taboo Talking Points?

People will talk about their sex lives before they discuss their finances. Money talk and personal finances may be the most challenging topic to discuss with other people that there is. It begs this question: if no one is talking to each other about it, how do we ever find out what the beliefs and behaviors are of those who get rich and manage to stay rich as opposed to those who do not and never will?Continue reading“Money Talk is the Last Taboo”

How Financial Planning Changes When There’s an Age Difference

Planning your finances is never really simple. But when one spouse is many years younger than the other, there is often even more to consider. For example, instead of planning a typical retirement income stream of 30 years, it’s going to be more like 40, maybe even 50 years. Financial planning when there’s an age difference can be a bit more complicated.

If there's an age difference between you and your sweetheart...10 years, 15 years, 20 years or more...it can affect your finances. Financial planning when there's an age difference has some important distinctions of which you should be aware.

For me and my wife Suzanne, this is that situation. I am currently 68 and she is just 47. To be honest, it didn’t really dawn on me as to what might make it very different when we are 20+ years apart in planning retirement life until just a few years ago. Having met her when I was working and just in my mid 50’s, I thought retirement was far off in the distance and never dreamed that I would “have” to retire early because of my health and that she would become disabled for health reasons too. That’s made me ask the question: “What do we do differently to deal with our finances when one spouse is so much younger than the other?”Continue reading“How Financial Planning Changes When There’s an Age Difference”

Protect Your Parents From Frauds and Scams

Being an older person (I’m 68), I know what the real world situation is when it comes to frauds and scams. Scammers tend to prey upon the elderly. Protecting yourself from fraud and scams would be a big enough job by itself, but you also need to protect your older parents from becoming victims of con artists.

While we all can be duped, your elderly parents are at greater risk of becoming victim to frauds and scams. Here's how you can help protect them from these financial dangers.
These days, many of us no longer live near our parents, making this effort even more difficult. You may not be aware of what phone calls, emails, and letters they receive which may be luring them into financial ruin. It’s a growing problem for a number of reasons and the biggest one is that the older generation is a soft target, many with assets that are fairly accessible for everyday use from a checking or savings account.Continue reading“Protect Your Parents From Frauds and Scams”