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Friday, March 31, 2017

Relax Boomer Parents; Millennials May Be More Financially Savvy Than You Realize A guest post

The following is  a guest post and does not necessarily reflect the views or values of this blog. 



Millennials came of age at a time when the job market was weak and their student-loan debt was high.
Such a dreary combination did not bode well for a rosy financial future.


But could it be, when all is said and done, that millennials will prove to be just as financially savvy as their baby boomer parents?


“Many millennials definitely have traits and experiences that could serve them well when it comes to planning their finances,” says Dennis Notchick, an Investment Advisor and Certified Financial Planner with Safeguard Investment Advisory Group (www.safeguardinvestment.com).


“Just to give you one example, many millennials are good about creating budgets. That’s a good habit to have because keeping track of your monthly expenses helps you do a better job of planning and saving.”


Millennials have become the largest segment of the adult population, and a Deloitte study reports they are expected to grow their wealth significantly in the next several years, at least in part because they are heading into their prime-earning years. (The oldest millennials are in their mid-30s.)


The fact they grew up in a time of fast-developing technology and are quick to adapt to the changes also gives them an advantage, Notchick says. In the financial-investing world, new technology now provides for an instant snapshot of an investment or an entire estate on an app on their phone, and that’s a domain they are comfortable working within.


Based on his experience, Notchick says other ways many millennials may fare well in the world of finance include:

• Millennials are proactive when they need advice.  Millennials brim with confidence when it comes to money, with 84 percent saying they are confident about their ability to handle their finances, according to a Bank of America/USA Today survey.


But as confident as they are, they realize there are some things they just don’t know or simply can’t learn through a Google search, Notchick says. Millennials also are willing to listen to their boomer parents when it comes to financial advice.


One study showed that 65 percent of millennials believe their parents provided a good example of how to have a successful financial future. They also realize that there is a cost to doing nothing and also a potential risk.  


• Millennials change with the times. Millennials adapt easily to change and new ideas, whereas a majority of boomers are slower to adapt as the world, and the markets, evolve. 


“What worked in the past may not work in the future, and the markets we are in right now are not the markets of the 80s and 90s,” Notchick says. On the other hand, boomers do have the advantage of experience, right or wrong, and one thing their experience has taught them is that it’s always important to keep learning.


• Millennials take a different route with retirement savings. While boomers were encouraged to contribute to a 401(k) or an IRA, millennials are increasingly looking towards Roth IRAs, Roth 401(k)s, S Corporations and a certain type of life insurance,


Notchick says. They see the giant tax liability that awaits retirees who used those traditional tax-deferred accounts, and they want to avoid it. They prefer to pay their taxes now so they can withdraw the money tax free in retirement.


“Because of the size of their generation, millennials are going to have a major impact on the economy and on investing in the coming years,” Notchick says. “Don’t sell them short because many of them are very much up to the challenge.”


About Dennis Notchick

Dennis Notchick, CFP is a Registered Investment Advisor Representative and Certified Financial Planner with Safeguard Investment Advisory Group (www.safeguardinvestment.com) in San Diego, Calif. 

He has nearly a decade of experience as a financial professional, and holds Series 3, 7, and 63 and 65 Securities Licenses and a California Life/Health Insurance License. 

Notchick has a Bachelor’s degree in business administration from California State University Northridge.



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I respond to all approved comments on this blog, ideally within 24 hours.  Please check back here for a response to your comment.  Thank you!

Please be advised that all the information in this course is provided to educate, enlighten, and broaden your views in life.  The information provided is not a substitute for medical, legal, dietary, financial/accounting, or religious professionals.

Always consult a professional before you act on any of the information you find in this course.  

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Disclaimer

The opinions or advice listed in this blog or website should be used as a place to start only. It is not a substitute for the use of a professional.

Please be sure to consult your attorney, accountant, and/or other professionals with any specific questions.

There is no one right answer to any business question that will cover all circumstances.

Thursday, March 30, 2017

Setting Up A Budget

We start with the income.  Ideally, it will be the larger of the two figures (income and outgo).  List any money that historically has come into the household and can be expected to come into the household again.  Things like
ü Salary or Wages from your regular employment
ü Tips
ü Dividends from stocks or interest payments from bonds
ü Interest on savings
ü Proceeds from mutual funds
ü Money from a part-time job
ü Royalties (you do own an oil well, don’t you?)
ü Commissions
ü Rents received.




List any money you can reasonably expect to bring into the household on a routine basis.  It might not be a good idea to list lottery winnings in your budget.  You cannot reasonably expect to win the billion-dollar Powerball payout. 

You probably should not list the repayment of the loan you made to your brother-in-law Bud since chances are good you will never see it again.

Add all your gross income together.  That is what you base your tithe and savings on.

Add all your net income items together.  This is what you have available to you to cover the monthly expenses.


Out Go

Fixed Expenses


Fixed expenses are things like
  • *    Tithing 10% of Gross Income
  • *    Savings 10% of Gross Income
  • *    Mortgage or Rent
  • *    Homeowner’s or tenant’s insurance
  • *    Homeowner’s/Tenant’s association fees
  • *    Vehicle payment (purchase or lease)
  • *    Vehicle insurance
  • *    Vehicle Registration, taxes, parking, etc.
  • *    Tuition
  • *    Life and health insurance
  • *    Loan Payments
  • *    Furniture payments
  • *    Student loan payments


Variable Expenses

  • *    Electric
  • *    Water /Garbage
  • *    Gas/Fuel Oil/Propane/Butane
  • *    Fuel for vehicle
  • *    Groceries
  • *    Dining out
  • *    Entertainment: Movie Tickets, Memberships (club, gym)
  • *    Telephone (home and mobile)
  • *    Internet access
  • *    Cable/Satellite television (include programing on demand such as Netflix, Blockbuster, Amazon, Hulu, etc.)
  • *    Credit card and other revolving credit payments
  • *    Lessons: Music, Golf, Martial Arts, Dance, Art, Tennis
  • *    Kids Activities: Scouts, Sports, Club, Camp, Tutor
  • *    Day Care/After School care

When you are calculating your outgo, be sure to include things you do not have to pay every week or month.  This type of expense includes property tax and car registration. You may also have membership fees for clubs or organizations that are paid on a yearly basis.  What about back-to-school expenses for the kids?  Make sure you budget for those things as well.

When calculating your budget, you should set aside a little each pay period to put toward those items that you know will come up but are not paid out of each paycheck.

Add all of your outgo items up.  This gives you the starting point for your expenses in your monthly budget.

Now, subtract your outgo from your income.  Ideally this will be a positive number.  If not, you need to find a way to increase your income or decrease your outgo.  The next few posts will address doing just that.

You will continue to fine tune and adjust your budget as you learn more.


If you would like for me to pray for you, please drop me an e-mail by clicking prayer.

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Other posts you will love:






I respond to all approved comments on this blog, ideally within 24 hours.  Please check back here for a response to your comment.  Thank you!

Please be advised that all the information in this course is provided to educate, enlighten, and broaden your views in life.  The information provided is not a substitute for medical, legal, dietary, financial/accounting, or religious professionals.

Always consult a professional before you act on any of the information you find in this course.  


Do you have a frugal recipe?  Please e-mail it to me.



Help us reach 1,000 YouTube subscribers. Please watch some of our videos. If you like them, please subscribe. Also, please share our YouTube information with your friends.  We thank you so much for all your help. 

Disclaimer

The opinions or advice listed in this blog or website should be used as a place to start only. It is not a substitute for the use of a professional.

Please be sure to consult your attorney, accountant, and/or other professionals with any specific questions.

There is no one right answer to any business question that will cover all circumstances.

Wednesday, March 29, 2017

Adult Christianity for Today Book Review

Adult Christianity for Today is a collection of sermons written by a Lutheran clergyman.  The intention of the book is to make available a collection of sermons to uplift and inspire others. 

It is possible that these sermons could be preached in other churches with a little modification.  However, some are specific to this pastor’s church, so some wording would need to be changed.

I am Southern Baptist.  There is an old joke in the Southern Baptist church that implies that our sermons are longer than the Presbyterian’s.  Several times while attending sermons in an Independent Baptist church, along about noon, the preacher would say, “No need in getting in a hurry now. The Presbyterians have already got all the white meat.”

Well, it appears that Lutheran sermons are even shorter than that.  It is possible that this minister adds more to his message than he writes down.

That being said, these sermons are certainly inspirational and Spirit-filled.  We would have to say that if one is looking for sermon material, or if one is just looking for some great uplifting messages, this is a good source for that.

Young ministers should probably add a copy of Adult Christianity for Today to their bookshelves.  These sermons would do well in any Spirit-filled church.
If you would like for me to pray for you, please drop me an e-mail by clicking prayer.


Please Visit My Child Bride Suzanne's Blog








I respond to all approved comments on this blog, ideally within 24 hours.  Please check back here for a response to your comment.  Thank you!

Please be advised that all the information in this course is provided to educate, enlighten, and broaden your views in life.  The information provided is not a substitute for medical, legal, dietary, financial/accounting, or religious professionals.

Always consult a professional before you act on any of the information you find in this course.  


Do you have a frugal recipe?  Please e-mail it to me.



Help us reach 1,000 YouTube subscribers. Please watch some of our videos. If you like them, please subscribe. Also, please share our YouTube information with your friends.  We thank you so much for all your help. 

Disclaimer

The opinions or advice listed in this blog or website should be used as a place to start only. It is not a substitute for the use of a professional.

Please be sure to consult your attorney, accountant, and/or other professionals with any specific questions.

There is no one right answer to any business question that will cover all circumstances.

Friday, March 24, 2017

Don't Divorce Book Review

This book was given to us in consideration of a review.

This book is not a quick read, nor is it an easy read.  It is a book written by a Ph.D. and it feels like it is written like a textbook in some places. 

 However, that might just be exactly what is necessary to combat all the literature out there that is based upon opinion and made-up statistics.


As you know, statistically speaking, marriages don’t last.  You have a higher chance of divorcing before you die than you do of staying married the rest of your life, or that of your spouse. Is that really true?


Don’t Divorce offers studies that prove divorce is misrepresented in the media, that it isn’t as common as one may think.

In fact, Don’t Divorce shows that much of what is presented in the media as fact is just plain wrong.  This book not only dispels the myths, it gives the name of the studies that disprove them.


Don’t Divorce offers readers information to help them stay together.  It reminds readers of how the divorce industry thrives on people’s misery and how much potential cost there is, in money and the lives of not only the couple involved, but also their children and other family members.

 
We hope that no one reading this is ever faced with the possibility of divorce.  But if there is a possibility, both members of the couple should read Don’t Divorce.
Don’t’ Divorce is well-written, and although a slow read, should be read by anyone who has a potential divorce in their future, whether it be their own, or that of someone they love. 


We don’t like the subject matter, few would, but we think it is an important book for anyone who has divorce enter their life or the life of a family member or friend. 



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I respond to all approved comments on this blog, ideally within 24 hours.  Please check back here for a response to your comment.  Thank you!
Please be advised that all the information in this course is provided to educate, enlighten, and broaden your views in life.  The information provided is not a substitute for medical, legal, dietary, financial/accounting, or religious professionals. Always consult a professional before you act on any of the information you find in this course.  

Do you have a frugal recipe?  Please e-mail it to me.

Help us reach 1,000 YouTube subscribers. Please watch some of our videos. If you like them, please subscribe. Also, please share our YouTube information with your friends.  We thank you so much for all your help. 
Disclaimer The opinions or advice listed in this blog or website should be used as a place to start only. It is not a substitute for the use of a professional. Please be sure to consult your attorney, accountant, and/or other professionals with any specific questions. There is no one right answer to any business question that will cover all circumstances.

Thursday, March 23, 2017

Budgeting Outgo

You will need to look at your financial forensic evidence to determine your outgo.  Outgo is any money that you pay out. Whether it be daily, weekly, monthly, quarterly, semi-yearly, yearly or just a once in a lifetime thing, you have to figure it into your budget.

You must figure it in so that you can plan on when you have to pay it again.  If the expenditure is truly a once in a lifetime payment, then you will not need to include it in a budget for the future.

You have two types of expenditures: fixed and variable.

Fixed expenses are things that do not NORMALLY vary from month to month, such as mortgage or rent payments, car payments, insurance, etc.

Variable expenses are those bills that vary somewhat.  You may be able to exercise some control over your variable expenses.

Some examples of variable expenses would be utilities such as gas and electric, groceries, entertainment, vacations, etc. 

To help you budget a little better, you may wish to look into equal payment plans with your utilities.  Some utility companies will set up a plan of equal payments based on your last year’s utility bills.
If using an equal payment plan, pay attention to your actual usage each month.  In the present year, you may be using more than you did in the previous year.  If that is the case, you will have a large bill to settle at the end of the year.

For now, we are going to focus on budgeting for these variable expenses, but later we will discuss ways of bringing those expenses under some type of control.
Gather together all your bills and let us get started. 

If you would like for me to pray for you, please drop me an e-mail by clicking prayer.



Please Visit My Child Bride Suzanne's Blog










I respond to all approved comments on this blog, ideally within 24 hours.  Please check back here for a response to your comment.  Thank you!

Please be advised that all the information in this course is provided to educate, enlighten, and broaden your views in life.  The information provided is not a substitute for medical, legal, dietary, financial/accounting, or religious professionals.

Always consult a professional before you act on any of the information you find in this course.  


Do you have a frugal recipe?  Please e-mail it to me.



Help us reach 1,000 YouTube subscribers. Please watch some of our videos. If you like them, please subscribe. Also, please share our YouTube information with your friends.  We thank you so much for all your help. 

Disclaimer

The opinions or advice listed in this blog or website should be used as a place to start only. It is not a substitute for the use of a professional.

Please be sure to consult your attorney, accountant, and/or other professionals with any specific questions.

There is no one right answer to any business question that will cover all circumstances.