Here we go again.  According to Black Knight Financial Services, cash-out residential refinances jumped 68% in the second quarter from a year ago, the highest volume of this type of refinancing in five years. As home values increase, homeowners are seeing paper increases in equity, which, when combined with unusually low mortgage rates, creates an … Continued

By now we are all generally aware that the cost of a four year college degree continues to increase and student loans are a growing problem.  There may also be some greater recognition that an undergraduate college degree is not an automatic ticket to an above average income. College represents a significant investment of time … Continued

The Sticky Wage Theory is an economic hypothesis that describes how the pay of employed workers tends to respond slowly to changes in the economic environment.  Employers are slow to increase wages during an economic expansion, so as to not get caught off guard by a subsequent downturn.   On the flip side, wages tend to … Continued

If it isn’t, it probably should be.  Properly managed, a home can be a shelter and part of a long term financial plan.  For many people, the purchase of a house is their largest and earliest significant foray into the world of finance. Finding the right home, obtaining a mortgage and then managing the monthly … Continued

Starting a family is a huge time and financial commitment.  The greatest gifts you can give your children are love, a happy and safe home, and security.  We all strive for financial security and to achieve that goal requires diligence, planning, and common sense.   Obviously, the earlier you start planning the greater chance for success … Continued

Steps to take during each decade of your life: In your 20s Your 20s are a time for figuring out who you are and what you want to do with your life.  Most people enter the workforce for the first time in their 20s.  They move out of their parents houses and are on their … Continued

I have three twenty-something daughters – all college graduates in the past few years. The choices they make now can greatly change their future prosperity. Both their friends, and my daughters, periodically ask for my guidance to help with their early financial decisions. So, here is my advice: Debt is your greatest enemy! Taking on … Continued

The Society of Actuaries has revised its mortality assumptions for the first time since 2000.  The new data estimates that the average 65-year old man today will live 86.6 years, up from the 2000 estimate of 84.6 years.  The same data for women has increased to 88.8 years from 86.4 years. These changes have significant … Continued

Having worked as a financial professional since the mid 1980’s, I have worked with many families with a vast assortment of dynamics: “normal” families, “dysfunctional” families, and everything in between.  There is nothing that will drive a family to dysfunction quicker than money or transitioning the responsibility of financial decisions.  In this, the final installment … Continued

Thus far in this series I have discussed organizing your important documents, consolidating assets, and the Medical Power of Attorney.  In this, the third installment, I will discuss the Financial Durable Power of Attorney (DPOA), Executor and the Successor Trustee. A Financial DPOA is a legal document authorizing someone to act for you.  It may … Continued

Imagine yourself planning a road trip across the country.  The route has been mapped out with projected stops based your vehicle’s fuel efficiency.  The amount of time, as well as the cost, has been estimated based on the price of gasoline and your expected speed.  Unexpected events like traffic, weather, or vehicle maintenance will be … Continued

In the first installment of this series I discussed organizing your important documents and consolidating assets.  Today, in Part II, I will begin to outline the various documents that may be part of your estate plan. The most important part of Personal Succession Planning is having complete and up-to-date Estate Planning documents that clearly express … Continued