Teens who completed a personal finance class in high school would rather put $500 in the bank than buy a smartphone. You read that right. With personal finance education under their belts, students are three times as likely to choose saving money over buying a cellphone. In an age of texting, Snapchatting, and Instagramming—that’s kind…
Get Financially Confident, Starting Now
For a good deal of my life, I lived under a dark cloud of fear that I would end up financially destitute — a bag lady. Studies reveal that I’m not the only one. Most of us have felt that way, not because we’re broke but because we lack confidence. That makes us timid, worried…
A Social Security Pop Quiz
OK, class. You’ve been reading my column for a number of years now. It’s time to see how much you’ve learned. So put on your thinking caps, get out your No. 2 pencils, and good luck with this short pop quiz. Question 1: How many years of earnings are used to compute a Social Security…
Food Cost-Cutting Strategies for Every Lifestyle
If it seems as though you never have enough money to consistently save some of it for emergencies—consistent, regular deposits out of every paycheck that go straight into a savings account—perhaps it’s time to consider that you’re handing over your savings to restaurants, drive-thrus, diners, and coffee shops. Think about it. No matter your lifestyle,…
Don’t Sell Yourself Short
Dear Dave, What’s the best way to invest a one-time lump sum of $2,500? My plan is to leave the money alone and let it grow for a long time. —Karole Dear Karole, Some people play single stocks on one-time investments like this, but I don’t like that idea. Single stock investments don’t consistently generate…
Choosing an Executor Is a Vital Part of the Estate Planning Process
Dear Dave, What exactly is an executor, and what part do they play in someone’s will? —Gabe Dear Gabe, Simply put, an executor manages the last will and testament of someone who dies. Acting as an executor is an honor and a huge responsibility. As the designated representative of the deceased, executors are responsible for…
Happy Valentine’s Day, Honey—Do You Want Flowers or Social Security Benefits?
I suppose it’s normal for husbands to give some extra thought to getting something for their wives around Valentine’s Day. And if my emails are any indication, these guys weren’t just thinking of getting them some flowers or candy. They were thinking about giving them spousal benefits from Social Security. (And before I go on,…
These Debt Reduction Strategies Are Bad Ideas
Dear Dave, I’ve been seeing lots of ads lately for debt consolidation companies, debt settlement companies, and the HELOC. Are any of these methods for reducing debt a good idea? —Brent Dear Brent, No. These are all bad ideas when it comes to getting out of debt. There’s a lot of buzz these days surrounding…
Family Real Estate Transactions Need Independent Guidance
Dear Monty: I have two brothers, Bill and Jerry. Bill and Jerry purchased a property together in October 2016. Bill, with his wife, also bought a property in September 2019. Jerry and I are looking to buy a property together. We plan to sell Bill and Jerry’s property to buy this property. Here are my…
Opting for the Minimum Payment Changed My Life
At the time, it seemed like a good idea. But going for the minimum payment option “just this one time” turned out to be the worst mistake of my life. The day I opened that door and walked through it, I altered the course of my life. I reasoned that I didn’t have enough money…
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