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Wednesday, 20 September 2017 12:00

Ten Financial Hacks for Everyone I Know

My family may be a lot like your family.  We have a doctor, nurse, lawyer, therapist, professor, corporate executive, electrician, engineer, project manager, consultant, public employee, designer, and many more across the occupational spectrum.  I wrote this article so that it applies equally to all of them. 

A bit of background: During our family reunion this year, which we held in the beautiful Outer Banks of North Carolina, I was asked to provide some financial planning advice to our family of 35.  Unfortunately, this never happened given we were all intent on other activities.  Had I had a chance to replay the week, here is a list of 10 items I would consider as financial hacks of sorts that presumes one is already doing the obvious to prepare for retirement:

Published in Blog
Monday, 15 June 2015 00:00

Lower Debt, Raise Savings

You have paid all your bills this month and you have some extra cash left over. Great! Now, what to do with it? Many people debate on what is the best approach between paying off debt and saving. Well, one answer does not fit everyone since each person's areas of focus are different. You need to analyze your own situation to develop a customized plan,

Start by first knowing what is good debt and bad debt. Good debts are obligations that have a low interest rate and can potentially be tax deductible. For example, student loan debt or a mortgage loan are considered good debt, as you can deduct the interest you pay on your income tax return. Most good debts are for items that are essential for everyday living. Bad debts are classified as high interest obligations that can become extremely expensive over time and costly to your financial well-being. A few examples are credit cards, which commonly have interest rates that can sky rocket, or car loans, as your car depreciates continuously from the moment you drive it away from the lot.
Published in Blog