You stand at your window and look across the street. Nice house, you think. Nice landscaping. Nice sports car. Nice driveway. New bikes for the kids. Wow, your neighbors are really well off. If only you had that kind of money. That plain home down the street with the older model sedan parked out front…
Read MoreThis list is extracted from the wonderful book, “Common Sense Economics,” by James Gwartney, Richard Stroup, and Dwight Lee. Discover your comparative advantage. Be entrepreneurial. In a market economy, people get ahead by helping others and discovering better ways of doing things. Spend less than you earn. Begin a regular savings program now. Don’t finance…
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Can shopping become addictive? I’ve worked with people from vastly different backgrounds who have become shopaholics — from sudden wealth recipients who’ve come into millions of dollars to the unemployed and destitute who cannot control their shopping addiction. Most recently Dr. Drew and I recently taped an episode on the Ricki Lake Show where we…
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Many buyers come to regret their decisions. Thinking about buying a timeshare? You may want to think twice about it. While some people buy timeshares and love them, many question their choice after an initial honeymoon period. Years later, they realize that they have bought more than part-time use of a resort property – they…
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Things you can do before and for 2013. What financial, business or life priorities do you need to address for 2013? Now is a good time to think about the investing, saving or budgeting methods you could employ toward specific objectives. Some year-end financial moves may prove crucial to the pursuit of those goals as…
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Will your accumulated assets be threatened by them? All too often, family wealth fails to last. One generation builds a business – or even a fortune – and it is lost in ensuing decades. Why does it happen, again and again? It is because families fall prey to serious money blunders – old and new.…
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Why are they made again and again? Much has been written about the classic financial mistakes that plague start-ups, family businesses, corporations and charities. Aside from these blunders, there are also some classic financial missteps that plague retirees. Calling them “mistakes” may be a bit harsh, as not all of them represent errors in judgment.…
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Things to check and double-check before you leave this world. Estate planning is a task that people tend to put off, as any discussion of “the end” tends to be off-putting. However, those who leave this world without their financial affairs in good order risk leaving their heirs some significant problems along with their legacies.…
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Estate planning is not just for the very wealthy. What is the estate tax? You have an “estate”. It doesn’t matter if you own a mansion or a motor home. Rich or poor, when you die you leave behind an estate. For some, this could be real property, an investment portfolio and more. For others,…
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Specialized trusts & private loans can help address some “what ifs”. Estate planning professionals have to deal with ambiguities today. Constant tax law revisions aside, there are contingencies of family life that may require added flexibility in estate planning. Fortunately, there are tools that can help to arrange it. Standby trusts. As the name implies,…
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