Editorial Results (free)
1. Keeping Your Information Private (and Safe)
- Friday, March 24, 2017
Ray’s Take We live in an increasingly online world. You can trade stocks, buy groceries, pay bills or order a ride, all on your computer or smartphone. Almost any financial transaction you need to make can be done in the comfort of your own home. With identity theft posing a real threat, keeping financial data private requires that consumers be proactive in the way they approach online security.
2. What’s Wrong With the 4 Percent Strategy?
- Friday, March 17, 2017
Ray’s Take: When you finally reach your retirement date, one of your first questions will be: How much of my savings can I spend?
The seat-of-the-pants guideline for retirement withdrawals has been 4 percent for many years. That’s all well and good when 10-year treasuries were yielding 6 percent. Now they are under 2.5 percent so that approach and the rule are less clear. Retirement readiness is too complex to be bound by a simple rule of thumb. Further, that rule doesn’t necessarily take into account investment expenses.
3. Keep Your Finances on Track
- Friday, March 10, 2017
Ray’s Take Not being careful about precisely where your money is going can leave you struggling to pay for necessities like groceries now and retirement later. Taking just a small amount of time to do some tasks now can lead to big financial wins all year long – and into the future.
4. Midlife Insurance Audit
- Friday, March 03, 2017
Ray’s Take Owning the right type of insurance policies at the right price at the right time of your life is a crucial element to your financial planning. Preparing for retirement is a particularly important time to do a full risk management evaluation, as you may no longer need some types of coverage you’ve had for years. You might be overpaying for others or might be inadvertently underinsured against some potential risks.
5. Overestimate Health Care Costs for a Healthier Retirement Budget
- Friday, February 24, 2017
Ray’s Take It’s not news that health care costs are increasing. Whether you’re just in the planning stages or you’ve already left the workforce, estimating your health care needs is a major cost to consider during retirement.
6. Retirement Spending Budget
- Friday, February 17, 2017
Ray’s Take How much you spend from your retirement savings from year to year is arguably the most important piece in the retirement finance puzzle.
Before developing your spending strategy, you should understand an important overarching philosophy: You can’t control financial market fluctuations. You can only control how much risk you take, how much you spend and how to adapt. When you stay invested during retirement, there will be times when market volatility makes it feel like you’ve lost control. Maintaining a plan can help rein in this feeling.
7. Exercise Care When Taking Distributions
- Friday, February 10, 2017
Ray’s Take With few exceptions, the IRS requires that investors in traditional tax-deferred accounts begin to draw them down when they reach age 70 1/2. Most people are inclined to think about required minimum distributions (RMDs) once they start having to take them. It’s a good idea to start some projections well in advance of that deadline. If you miss the deadline, the IRS will access a penalty of 50 percent of the amount you should have taken.
8. Create a Cash Flow Plan With Taxes in Mind
- Friday, February 03, 2017
Ray’s Take When you head out the door on the last day of your job, you want to know that you've made a solid plan to take care of finances during your retirement years. And, even though that regular paycheck from your employer is out of the picture, Uncle Sam will still want his share of your money. Understanding the tax repercussions of distributions from various retirement vehicles and planning accordingly ahead of time can help you be more tax efficient in your planning.
9. Incorporate Life Planning in Your Financial Plan
- Friday, January 27, 2017
Ray’s Take You may already devote considerable attention to the financial side of retirement planning: how much to save, how to invest, different ways of turning your nest egg into a reliable retirement income, etc. But have you given thought to retirement lifestyle planning?
10. Retirement Budget Busters
- Friday, January 20, 2017
Ray’s Take When you’re working, emergencies seem to happen fairly regularly. Whether it’s a new roof or a special vacation, they come up. If there’s not enough money in the emergency fund, you can always adjust the plan – earn a little extra, delay retirement, etc. But after you retire, there’s not as much margin for error.
11. Saving More – Can It Be Done?
- Friday, January 13, 2017
Ray’s Take When you’re busy focusing on living your life, it’s easy to fall into spending habits that aren’t exactly consistent with your long-term goals. Marketing departments hire some very smart people who can get you to buy things that you didn’t even know you wanted!
12. 2016 – What Can We Learn From the Big Events?
- Friday, January 06, 2017
Ray’s Take One of the most important disciplines in financial planning is the annual review. A time to look at what worked, what didn’t, what needs adjusting and what we learned. As we look back on 2016, we can learn some financial lessons from the big events of the year.
13. Fixed Costs: Overhead That May Be Costing You Too Much
- Friday, December 30, 2016
Ray’s Take There’s an old cash flow joke about having too much month at the end of the money. It’s usually more a function of spending than earning. For most people there’s a lot more control over the expenditures side of the equation than there is over the income – at least in the short run. So cutting how much you spend on extras sounds great. But how much of your spending can really be reduced or eliminated? Too much “overhead” can result in disaster.
14. Taxable or Tax-Deferred?
- Friday, December 23, 2016
Ray’s Take Tax planning is an essential part of any budgeting or investment management decision. Generally there are two types of accounts to consider: taxable and tax-deferred. But which one will work best for you? The answer is usually both, but there are definite strategies to consider when choosing.
15. Setting Financial Priorities in Your 50s and Beyond
- Friday, December 16, 2016
Ray’s Take Every phase of life has its challenges – financial and otherwise. Your education gives way to career, which is often followed by marriage and children. Next comes educating those children. It would be great if all of these phases were managed and balanced as we pass through them, but most of us have a few detours along the way.
16. Financial Recovery Regrets
- Friday, December 09, 2016
Ray’s Take When the market went into meltdown in 2008 a lot of investments and property values went south. People are recovering from losses to the value of their homes and losses in portfolios, but some still need to dig their way out. Getting out of a hole always takes a lot longer than falling in.
17. Retirement Drawdown – Which First?
- Friday, December 02, 2016
Ray’s Take It’s not what you earn, but what you keep. That old saying is true when saving for retirement, and it’s just as important – if not more so – when it comes to withdrawing money from your various retirement accounts.
18. Estate Planning for Women
- Thursday, November 24, 2016
Ray’s Take Women have special estate-planning needs that may sometimes be overlooked. Statistically, women live longer than most men and also tend to choose husbands who are older.
19. Protecting Your Parents From Financial Exploitation
- Friday, November 18, 2016
Ray’s Take Financial abuse against elderly victims is nothing new. With an aging population and more access to personal information online, it’s a crime that’s reaching epidemic proportions.
20. Splitting Your Savings – Retirement or College?
- Friday, November 11, 2016
Ray’s Take After purchasing a home, the two biggest expenses most couples encounter are saving for retirement and saving for kids’ college expenses. In a perfect world, parents would estimate how much each goal would require, make a conservative estimate about returns, and then invest enough money each month to reach those goals on target.
21. Prepping for the Next Market Correction
- Friday, November 04, 2016
Ray’s Take Stock market corrections are an inevitable part of investing. Since 1932, declines of 10 to 20 percent have occurred every two years on average. It might happen next week, three months from now, or next year.
22. Digital Assets – You Need a Plan
- Friday, October 28, 2016
Ray’s Take With all the technological changes that have happened in recent years, digital assets need to be a part of your estate plan.
From bank accounts to Facebook, PayPal and more, a good chunk of our personal and financial lives are online. What about eBooks, iTunes and frequent flyer accounts? According to a 2013 McAfee survey, the average person has roughly $35,000 worth of assets stored on digital devices. That’s a lot of digital property to be left floating around.
23. Financial Accounts and College Fees
- Friday, October 21, 2016
Ray’s Take We are now seeing total undergraduate degree costs well in excess of the cost of a new home. We could talk about whether it’s worth it, but that’s another column. Today we want to discuss ways to save for it. First thing–start immediately. You should get going the moment you have a social security number for your child. Second–run the numbers honestly. It’s not realistic to assume scholarships before potty training. A multi-faceted plan will probably work best.
24. Invest In Yourself With Vacation Days
- Friday, October 14, 2016
Ray’s Take Vacation time is an investment in your future. Studies show that many Americans leave vacation days on the table every year. We’re too stressed to take a vacation because we’re stressed by the thought of all the work that will accumulate while we’re gone and make the whole vacation worthless.
25. Spending Smart to Save
- Friday, October 07, 2016
Ray’s Take When we bring up the “B” word (budget), most people’s knee-jerk response is to think in terms of depravation – not spending. While that’s true to an extent, it’s more likely to be successful and sustainable if we slightly change our mindset from “less” spending to “different” spending.
26. Risk Management and Planning
- Friday, September 30, 2016
Ray’s Take Among the many balancing acts involved in professional financial planning is the trade-off between “certainty” and “risk.” While risk may not feel very good sometimes, given the current level of interest rates and inflation, a retirement plan without some level of risk will almost certainly leave you old and broke.
27. Estate Planning – It’s a Need
- Friday, September 23, 2016
Ray’s Take When talking about money and how it works in our lives, we often refer to the difference between wants and needs. The challenge being that when someone really wants something it can start to feel like a need.
28. Retirement Readiness – Positive Planning
- Friday, September 16, 2016
Ray’s Take At varying levels, most of us acknowledge that retirement planning is something that deserves some consideration. The challenge comes in the midst of day-to-day problems and distractions. We can lose focus or may not have a good grasp of what our focus is. It makes an often-difficult task even harder.
29. Mortgages: 15 or 30?
- Friday, September 09, 2016
Ray’s Take When thinking about mortgages, most people look at either the rate or the payment. Typically a 30-year mortgage offers lower payments but has a higher rate and more total interest cost. A 15-year mortgage offers a lower interest rate but has higher payments. Neither one is inherently right or better. When deciding on the mortgage that is best for you, take a deeper look at everything involved.
30. Retirement Planning When You’re Self-Employed
- Friday, September 02, 2016
Ray’s Take Most people who work dream of being their own boss at some point. While there are certainly some benefits, there are a good number of extra headwinds you don’t want to ignore.
31. The Money Mindset
- Friday, August 26, 2016
Ray’s Take We all have rules about how we live our lives, and we have rules about how we use our money. Whether you realize it or not, you have created certain rules around your spending, saving and giving of money.
32. Money Lessons They Don’t Teach in School
- Friday, August 19, 2016
Ray’s Take Less than half of states in the U.S. require the students at public high schools to take a personal finance class before they graduate. So, many young people learn through the “school of hard knocks” once they get out in the real world.
33. Rules Change Once You Retire
- Friday, August 12, 2016
Ray’s Take: Retirement is a time when a lot of the old financial rules get flipped on their head. Most people who retire don’t want to go back to work, and even if they did, they may not be afforded the opportunity. Wal-Mart needs only so many greeters. At this point there’s no turning back, and what money you’ve saved will be the lion’s share of what you will need to live off of.
34. Credit Card for Travel – Use Wisely
- Friday, August 05, 2016
Ray’s Take As a general rule, credit card debt is considered a bad thing. But, as with any rule of thumb, there are exceptions.
How about a travel credit card? These can be an asset as long as you take care to research them – and use them wisely. They can be a money saver, stretching your travel dollars and enhancing your travel experience, with the right research and planning.
35. Long-Term Care – Not for Everyone
- Friday, July 29, 2016
Ray’s Take With people living longer due to advances in medicine and lifestyle changes, chances are that most of us will become disabled for some time before we die and will need some long-term care. The projected numbers are at least seven in 10 Americans over age 65, and the vast majority underestimates the cost.
36. Emotions of Retirement – Are You Ready?
- Friday, July 22, 2016
Ray’s Take: How prepared are you for the emotional side of retirement?
Most of us see retirement planning as a quantitative exercise to be as certain as we can that the financial aspects are in good order. Everything else we tend to see through rose-colored glasses, envisioning it as a time when we are free to do the things we’ve been putting on hold for years. But there’s another side to retirement that few fully think through in advance.
37. Agreeing on Retirement Issues – Start Early
- Friday, July 15, 2016
Ray’s Take Communication is the key to avoiding conflict in any aspect of life. And retirement issues are no exception.
As more baby boomers prepare to retire, they’re increasingly facing complicated negotiations with spouses. Many live in dual-income households. And while each partner may have very specific ideas about when and how to retire, they often avoid discussions about retirement altogether.
38. Carrying Debt Into Retirement
- Friday, July 08, 2016
Ray’s Take: In a perfect world, when we retire, our debt should already be “retired.”
But when it comes to retirement these days, the picture is much different for the baby boomer generation than it was for their parents. According to the Consumer Financial Protection Bureau, older consumers are carrying more debt, including mortgages, credit cards and even student loans, into their retirement years. In 2013, the average household headed by someone age 55 or older had $73,211 in debt, according to the Employee Benefit Research Institute.
39. Money and Marriage – Have This Discussion First
- Friday, July 01, 2016
Ray’s Take It may not sound very romantic, but financial compatibility really is a key ingredient in building a lasting relationship. According to a GoBankingRates.com survey, the biggest deal breaker in a relationship is overspending, followed closely by debt and financial honesty.
40. Target-Date Funds, Questions to Ask
- Friday, June 24, 2016
Ray’s take: Target-date funds have become one of the most popular retirement plan investment choices in recent years. A target-date fund is a mutual fund that automatically changes its mix of stocks, bonds and cash based on a date of planned retirement. You just determine your retirement date and choose the one closest to that date.
41. Inflation’s Impact on Your Investments
- Friday, June 17, 2016
Ray’s take: Most investors place “safety” or “guarantees” on the list to consider when evaluating any investment. Too many don’t fully consider the risk of going broke safely on that list. That’s what inflation does to you.
42. Promotions and Money: Time to Review
- Friday, June 10, 2016
Ray’s Take: Congratulations on your promotion! You just took another step on your career path. Now you should take time to be sure you are on track with your financial plan based on your new situation.
43. Getting Financially Fit
- Friday, June 03, 2016
Ray’s Take: Spring has sprung and many are working hard to get physically fit, but how about financial fitness? A lot of the same tools that will keep you physically fit will also work well to keep you financially fit. If you’re often wondering how money slips out of your bank account, consider these tips to help you become lean and mean financially.
44. Downsize Your Expenses, Not Your Home
- Friday, May 27, 2016
Ray’s Take Millions of baby boomers are approaching, or have arrived at, retirement. Some may find themselves looking around their large homes where they raised their families and deciding they don’t need all that room anymore. The kids have grown up and moved out (maybe) and the money from a sale could really bulk up their retirement funds. It may also be time to consider a downstairs bedroom and other considerations for the next phase in life.
45. Family Planning – Beyond the Diaper Fund
- Friday, May 20, 2016
Ray’s Take: So, you’re planning to start your family. Have you considered the finances involved beyond painting a room and knowing it’s going to take a lot of diapers? Three can certainly live as cheaply as two – as long as one of them doesn’t eat or wear clothes.
46. Retirement Spending – Easy to Underestimate
- Friday, May 13, 2016
Ray’s Take: Conventional wisdom from cookie-cutter financial calculators about retirement is to aim for 70 percent of current income in retirement. But, when told about the 70 percent figure, people tend to ignore the implied message that it means a 30 percent cut in lifestyle. As a result, many people underestimate the amount they need.
47. Planning Your Second Act
- Friday, May 06, 2016
Ray’s Take When surveyed, many baby boomers say they plan to do some kind of work in retirement. The reality is that we are living longer, healthier lives than our parents and grandparents. When we reach the traditional retirement age, we probably have a lot of years of living (and spending) left. What to do with those years is changing with the retirement of the boomer generation.
48. Re-Evaluate Your Cash Strategy
- Friday, April 29, 2016
Ray’s take: When it comes to a cash reserve, the standard advice is three to six months of expenses. Do you think that’s enough? It might not be.
Emergency funds are no longer one-size-fits-all.
49. Financial Planning Is More Than Just Asset Management
- Friday, April 22, 2016
Ray’s take: A common confusion when looking for someone to help you make decisions about your financial future is understanding the difference between asset management and financial planning.
The alphabet soup of designations in today’s market can be confusing regarding what, specifically; a particular professional can do for you.
50. A Look at the Numbers
- Friday, April 15, 2016
Ray’s Take: The economy is in flux and there’s a lot of uncertainty over the direction of the capital markets and interest rates. It’s a familiar refrain by this point. Volatility has increased to a numbing level where perhaps we aren’t paying attention as closely as we should to what’s happening in the financial world around us.
51. Student Loans: The Next Subprime Disaster?
- Friday, April 08, 2016
Ray’s Take: If you Google the words “student loan crisis,” millions of hits should convince you that this is a very hot topic.
According to the most recent Department of Education report released in September 2015, the federal loan default rate stands at 11.8 percent for borrowers who were required to start making payments during the 12 months prior to October 2012. While this is slightly lower than the previous report, it’s still not good. And the rate doesn't include borrowers who have been able to defer payments. Additionally, the most recent graduates will face the highest costs and will be emerging into what continues to be a very poor job market. We have every reason to believe that defaults are not only understated, but they will increase.
52. Financial Advice is Not a Luxury
- Friday, April 01, 2016
Ray’s Take: There’s an old saying that if you don't know where you're going, it's difficult to get there. That is never truer than with your financial goals.
Financial goals give you something to strive for and help you course correct along the path. They also help you focus on the purpose of your efforts. The accumulation of money will do very little for your happiness unless you have a carefully constructed and regularly reviewed plan for what you’re going to do with it.
53. Should Parents Be In The Home Loan Business?
- Friday, March 25, 2016
Ray’s Take: Owning our own home is still a big part of the American dream. Achieving that dream has changed a bit since the Great Recession when significantly tighter standards were put in place.
54. Assisting Elderly Parents With Finances
- Friday, March 18, 2016
Ray’s Take Millions of elderly Americans suffer from dementia, Alzheimer’s disease and other disabilities that make them unable to make decisions about their finances. If this happens to your parent, it could mean that you will need to step up and take control for them.
55. Money is Emotional
- Friday, March 11, 2016
Ray’s Take You know yourself better than anyone else. You know what motivates you. You know what frightens you. But it is probably something very different for your friends.
A lot of personal finance books will tell you the best way to handle your finances from an unemotional perspective; this advice is worthless if it doesn’t work with your personality. You are not a robot and shouldn’t make important decisions like one.
56. Don’t Panic Over The Market Drop
- Friday, March 04, 2016
Ray’s take: The stock market has had one of the worst starts of the year ever, and the roller coaster shows no sign of letting up. Market naysayers have stolen the spotlight and are further inciting panic with their rhetoric.
57. Debt After Death
- Friday, February 26, 2016
Ray’s Take You can’t take it with you. Debt, that is. And most debt does not get passed to a spouse or other heirs. But debt collectors may try to get the money from family members anyway. For this reason, it’s good to know what happens to various forms of debt that may be left behind when a loved one dies.
58. Callahan Breaks Down UT’s 'Pretty Impressive' Recruiting Class
- Saturday, February 20, 2016
Tennessee football coach Butch Jones keeps his pulse on recruiting year-around, along with his SEC counterparts and other FBS coaches.
Chasing recruits is an endless cycle, the lifeblood of championship football teams.
59. Investment, Consumption and Financial Planning
- Friday, February 19, 2016
Ray’s Take Investment and consumption are two sides of the same coin, but sometimes there can be a blurry line between the two. Sometimes our intense desire for something can make it difficult to see which side your expenditure falls on.
60. Tackling Debt Confusion
- Friday, February 12, 2016
Ray’s Take If we’re honest, we should admit that debt is only incurred when we want something that we haven’t saved for. That said, there are two types of debt – good debt and bad debt. And it’s important that you know not only the difference between them, but how they affect your lifestyle and financial plans. This gives you confidence to know when it’s prudent to go ahead and borrow money.
61. Financial Steps for Executors
- Friday, February 05, 2016
Ray’s Take The death of a spouse is high on the list of the most stressful events in life. But, as bad as the emotional trauma can be, the financial fallout can be equally traumatic – and can last much longer. Most spouses name each other as their executor, which makes sense. But the job is not an easy one, and few are fully prepared for the responsibility.
62. Things to Consider Before You Invest
- Friday, January 29, 2016
Ray’s Take The great recession of 2007-2009 and its associated bear market seem like a long time ago. The relatively small setback of 2015 seems very tame in the context of the gains since March of 2009. This is a good time to take a few steps back and review investment goals and expectations.
63. Equity Crowdfunding: What’s It All About?
- Friday, January 22, 2016
Ray’s Take A new avenue for investing is garnering some media attention. It’s called equity crowdfunding, and it’s a vehicle for small entrepreneurs to expand their businesses.
64. Are You Part of a Sandwich?
- Friday, January 15, 2016
Ray’s Take Being a member of the sandwich generation – adults who simultaneously care for children and aging parents – is becoming an increasingly familiar challenge.
It’s tough trying to make financial decisions to take care of loved ones today that may have a negative impact on your own future.
65. Back to Basics: Investing 101
- Friday, January 08, 2016
Ray’s Take Learning how to invest your money is one of life’s more important lessons. You don’t need to be Warren Buffet to start investing. But you do need to have a basic understanding of investment and investment terms along with the confidence to make a plan.
66. Resolutions Not to Make in 2016
- Friday, January 01, 2016
Ray’s Take New Year’s Eve is traditionally a time to make resolutions about what we will do in the coming year. But, since investing is one of those topics that don’t come easy to a lot of people, let’s do something different. Make resolutions of what you will not do.
67. Protect Your Retirement From The Unexpected
- Thursday, December 24, 2015
Ray’s Take We plan carefully during our years in the workforce to create a solid income for our retirement. But how can we protect that plan after we retire and have less flexibility and increased vulnerability to unexpected events? We want to avoid finding ourselves in the position of having to go back to work.
68. Prepare for Debt Surprises
- Friday, December 18, 2015
Ray’s Take Conventional wisdom says that the money in your emergency fund should be set aside for unexpected expenses. By definition, an emergency is unexpected. But sometimes it is more difficult to maintain that fund.
69. It’s a Balancing Act
- Friday, December 11, 2015
Ray’s Take Work-life balance is something we’ve talked a lot about in recent years. It feels as if we all have to work harder and longer to get what we want in life. It’s hard to say if whether we’re earning less or wanting more. So how do you balance the work part with the life part?
70. Avoiding the Scammers
- Friday, December 04, 2015
Ray’s Take It is an unfortunate fact that retirees only make up 15 percent of the population, and yet they are the victims of almost one-third of all reported scams. Identity theft in particular is on the rise as the elderly often have a good credit rating and little or no debt. Make no mistake; falling prey to an identity thief can be a financial disaster in addition to being an emotional one.
71. Planning Ahead for the Rate Hike
- Thursday, November 26, 2015
Ray’s take: So far, the Federal Reserve has not raised rates. It may be a while and it may be slow, but sooner or later rates will go up. Before they do, it could be a good idea for you to review how the rate hike will affect you personally.
72. Taxable vs. Non-Taxable Retirement Income
- Friday, November 20, 2015
Ray’s Take The taxable status of an investment account refers to whether any income earned in the account is taxable at the time of earning, or possibly not at all.
A good example would be a 401(k) or IRA. These accounts are considered tax-deferred because earned interest, dividends or capital gain distributions are not taxed until money is withdrawn – there is a payday someday. Other accounts, such as a cash account, high-interest savings accounts or non-qualified mutual fund accounts would be taxable in the year interest money is earned.
73. Urban Planning Practice Shows How Design Can Combat Crime
- Monday, November 16, 2015
What if, instead of piling on security guards and higher fences, developers combatted crime through design?
That’s the theory behind Crime Prevention through Environmental Design, an urban planning practice that studies how the built environment impacts social behavior.
74. Give Your Retirement A Raise
- Friday, November 13, 2015
Ray’s Take People used to not worry very much about their retirement. They tended to work for the same company all their lives, and at 65 they got a watch and a pension.
They learned how to live on their monthly check and didn’t know or care what the Dow Jones Averages were. Life expectancy was shorter then as well. But those scenarios have changed.
75. Won’t be the same without the head ball coach
- Saturday, November 07, 2015
I miss Steve Spurrier.
It won’t be the same without Spurrier coaching South Carolina when Tennessee (4-4, 2-3 SEC) plays host to the Gamecocks (3-5, 1-5) on Saturday.
It wasn’t the same this week without Spurrier throwing a jab or two at UT leading up to the game.
76. Distribution Diversification – The Flip Side of the Coin
- Thursday, November 05, 2015
Ray’s Take We talk a lot about saving for retirement and the importance of diversifying your portfolio. As a result, you’ve diversified the assets in your portfolio and you’ve saved regularly and often, and invested in a balanced mix of stocks, bonds and other assets. And because of those smart moves, you’ve reduced risk and improved your odds of enjoying a great retirement.
77. Traits That Lead to Better Finances
- Thursday, October 29, 2015
Ray’s Take Saving money isn’t all about whether or not you know how to score the bargain of the century every time. It has more to do with your habits and attitude toward money. Understanding the impact of personal traits on finances is essential for building wealth.
78. Things You Should Invest In
- Thursday, October 22, 2015
Ray’s Take It’s important to save where you can, but it’s just as critical to spend where you should.
Given the market volatility in the past decade, many have focused on spending less and saving more, being more frugal and thinking things through before making purchases. But there are some exceptions, times when you should spend money. Because, in the long run, you’ve invested not only in yourself, but also in lowering future costs.
79. Home… Free?
- Thursday, October 15, 2015
Ray’s Take Wikipedia defines a mortgage-burning party as a 20th-century American custom that is the ritual burning of a paid-off mortgage document by homeowners often including a party in which extended family and friends are invited to celebrate.
80. Autopilot For Faster Accumulation
- Thursday, October 08, 2015
Ray’s Take Out-of-sight, out-of-mind saving and investing is a great way to increase your money.
Automatic money transfers can be your best friend when it comes to investing and saving. By setting up an “autopilot” for your investment and saving accounts, you don’t touch, or see, the money. It goes directly into your savings and investment vehicles. This is a great way to pay yourself first (PYF) with no effort beyond setting up the money transfer from your paycheck.
81. Fed Rate And Your Retirement
- Thursday, October 01, 2015
Ray’s Take After the biggest buildup to a meeting of the Federal Reserve in 10 years, they decided to do – nothing. The Federal Reserve left the federal funds rate right where it’s been since 2008, which is just above zero. Anyone who has an (theoretically) interest-bearing checking or savings account knows that already. Despite the inaction, the Fed still claims that rates are going up, someday.
82. ‘Set It and Forget It’ Investing
- Thursday, September 24, 2015
Ray’s Take: Creating a retirement plan is a very personal thing because no one but you knows what you want for your future. But a plan is a must-have for everyone, and there are numerous ways to create a retirement plan as individual as you are.
83. Planning for Lifestyle Creep
- Thursday, September 17, 2015
Ray’s take: Investopia defines lifestyle creep as a situation where people's lifestyle or standard of living improves as their discretionary income rises either through an increase in income or decrease in costs.
84. Investing in a Low-Return Environment
- Thursday, September 10, 2015
Ray’s take: In these days of lower returns on investments, the markets and interest rates in particular haven’t been providing as much of a helping hand as in the past. So, in order to achieve your goals, you may need to do more of the “heavy lifting” yourself. This means reviewing your accounts regularly to determine if you’re saving enough to meet your financial goals.
85. Making the Money Last
- Thursday, September 03, 2015
Ray’s Take: Are you ready to live to age 95 or beyond? According to the Society of Actuaries, for an upper-middle-class couple, there is a 43 percent chance that one or both will reach at least age 95.
86. ‘Punching Out’ for the Last Time
- Thursday, August 27, 2015
Ray’s take: According to AARP, baby boomers are turning 65 at the rate of 10,000 per day. That means a lot of people are looking at the traditional retirement age coming up fast. Whenever you plan to not have to work anymore, there are some basic financial decisions you should make as you near that age.
87. Fisher, Other Familiar Faces Return for Preseason Play
- Saturday, August 22, 2015
The Tennessee Titans welcome back a familiar face Sunday night when Jeff Fisher rolls back into Nashville as coach of the St. Louis Rams.
88. Changing For The Better
- Thursday, August 20, 2015
Ray’s Take Nobody cares more about your financial well-being than you do. The good news is that handling your money is a learned behavior. The bad news is that you might be making some financial decisions that are not moving you towards your goals.
89. Rise of The Telecommuter
- Thursday, August 13, 2015
Ray’s Take: Telecommuting is on the rise and, for many people, being able to work at home gives them the best of both worlds. They have the job security and income of a regular full-time job, without the time, expense and hassle of going to an office.
90. Preseason Analysis: Vols Will Defeat Oklahoma, Finish 8-4
- Saturday, August 08, 2015
Tennessee’s football team has something to prove as it concludes the first week of preseason practices and moves forward to the 2015 season.
The Vols must prove they belong in the national picture in Butch Jones’ third year as coach.
91. The Power Of Money
- Thursday, August 06, 2015
Ray’s Take We talk a lot in this column about how to handle your money. Your choices really do matter. We didn’t make the rules. But sometimes it’s important to remember limitations as well.
92. Spending Every Dime – Is It Feasible?
- Thursday, July 30, 2015
Ray’s Take In the good old days, when you retired you got a gold watch and a pension and didn’t worry about much else.
Investment management was somebody else’s problem. You watched the sunset, not CNBC. This gave way to more recent retirement planning where you worked 30 or 40 years, saving along the way and when you got to 67 (or older) you quit, and lived on your Social Security and 401(k) savings and sometimes some part-time work. If you did it “right” you withdrew a set percentage of the funds and lived comfortably until age 85, as long as you didn’t hit some kind of devastatingly expensive health event.
93. Pre-Planning For The End
- Thursday, July 23, 2015
Pre-planning your funeral may well be the most important and considerate gift you leave your family.
When you plan in advance, there is time to contemplate decisions such as what type of service you would like – traditional or unique and related to the life you have led. You also limit costs when you plan in advance, limiting the trauma and “upsell” risk to your family. When you plan in advance, you decide the priorities.
94. Life Events and Your Financial Plan
- Thursday, July 16, 2015
Ray’s take: The Greek philosopher Heraclitus said, “Nothing endures but change.”
When it comes to creating a financial plan, there’s always room for change. There are major events that occur in life that will require a review of, and revision to, your existing financial plan.
95. Building Blocks of Estate Planning
- Thursday, July 09, 2015
Ray’s take: Estate planning is one of the most important steps any person can take to ensure their final property and health care wishes are honored when the time comes. You may not be able to take it with you, but you can have a say about where it goes.
96. Timing the Market
- Thursday, July 02, 2015
Ray’s take: I once had a client tell me that all she wanted me to do was have her in the market while it went up, and get her out of it before it went down. Sounds great! The only problem is that an honest person can’t do that on a consistent basis.
97. Things or Experiences: Which Mean More?
- Thursday, June 25, 2015
Ray’s take: We talk a lot about budgets in financial planning, but less often about the type of spending we should do. Finances, like so much in life, are personal.
Some prefer to spend money on things. A newer, bigger TV. A nicer house or car. These things are items that should take some thought before buying. But what about impulse buying? Does that make us happy in the long term? For some the answer is yes.
98. Managing an Inherited IRA
- Thursday, June 18, 2015
Ray’s take: I remember when the original law went into effect creating IRAs. It was a short read. Now it’s a monster with more options, opportunities, and risks than anyone ever imagined. Here are a few of the most common mistakes made with inherited IRAs:
99. Deadlines Everyone Should Know
- Thursday, June 11, 2015
Ray’s Take: Deadlines are good for the soul. It’s always important to keep track of significant ones in life. At 16, we can drive, and at 18, we can vote. Your taxes are due on April 15. But what about other significant deadlines that may not be as familiar?
100. Gift It or Will It?
- Thursday, June 04, 2015
Ray’s take: Is it better to give now or leave items in your will to beneficiaries? This depends on your own plans, but here are some things to consider.
You can currently make annual tax-free gifts of up to $14,000 per recipient. If you are married, you and your spouse together can give $28,000 per recipient per year. You can either give $14,000 each, or one spouse can make a $28,000 gift with the consent of the other spouse on a timely filed gift tax return. You can also give an unlimited amount for tuition and medical expenses, if you make the gifts directly to the educational organization or health care provider.