A few weeks ago I wrote a column on one of the most common questions I get: “How do I accumulate wealth?”  Apparently the topic resonated with a number of readers.

One of the Yahoo blogs, Shine, picked up the article from another blog, Quizzle.  Quizzle picked up the column from another blog I write for called MyFinancialAdvice.  I send MyFinancialAdvice.com my weekly column that appears on this blog.

I have an open policy regarding the reprinting of my blog articles.  If you like something you read here, you are welcome to reprint it.  I only ask you give me attribution and a link back to my blog. 

I guess you could say this is one area where I like to spread the wealth around!

By my experience, about one-third of Americans do money well.  They understand how to save more, spend less, and make wise financial choices. 

That leaves a staggering two-thirds of Americans that do money poorly.  They struggle to save, spend too much, and often make the same poor money decisions time after time.  They are stuck in a money rut.  Being stuck in a money rut does not favor the rich or poor.  It can affect everyone equally. 

Fortunately, there is help for people who know what to do, but have grave problems actually doing it.  Rick was recently interviewed by Sara Brodhead of Fox17 on what you can do to get unstuck and on the road to making good money decisions.  To watch the three-minute interview click here.

Rick’s next Financial Wellness Workshop will be April 22nd – 26th in the Black Hills of South Dakota.  You can find out more information here.

I am back from a three-day trip to Grand Rapids, Michigan, where I was honored to co-facilitate a financial therapy workshop with therapist Amy West, founder of The Center of Unlimited Possibilities, Spring Lake, Michigan.  In addition to the workshop, I met with some clients and did an evening speech in Grand Haven, Michigan. 

We also managed to squeeze in four media interviews (WZZM, Fox, WOOD, and WGVU) thanks to my PR associate, Pam Kassner. The first interview was at 6 am ET on Friday meaning I awoke to my alarm at 2:50 am MT.  When you are up before Starbucks opens, you are up way too early! Continue Reading »

In some ways, financial planning is simpler for a single person than a couple. For example, I’ve never had a single client get into a money fight in my office that made me want to hide under my desk.

At the same time, singles have some unique planning needs. If you have never married, are divorced or widowed, or if you are living with a partner but not married, here are some things to consider:

1. Unless you are widowed or divorced and have minor children, or are wealthy and want insurance to cover estate taxes, you probably don’t need life insurance. Put the money you would spend on premiums into your retirement fund instead.
2. Living as a single can be almost as expensive as it would be for a couple. Finding a roommate is one obvious way to cut costs. You might also consider possibilities like sharing a duplex with a family member or owning a house jointly with two or three other people. In any home-sharing situation, have clear agreements in writing, and consult an attorney for any complex arrangements.
Continue Reading »

There is a great posting of a speech given by Christopher Munsey of the Monitor on the American Psychological Association blog that’s worth a read.  Here are three tidbits from the posting I found interesting:

It’s not marriage that makes you happy, it’s happy marriage that makes you happy. Marriage seems to buy you a decade or more of happiness.  However, one study finds people in unhappy marriages experience a spike in happiness once the marriage is dissolved. Duh!

If you hear someone say “money can’t buy happiness,” say “give me yours.” Money’s ability to buy happiness levels out for people in the United States, with huge increases in happiness for people who vault into a middle-class income of $40,000 to $70,000. Once that level is reached, increases in wealth generate smaller rises in happiness.

Happiness falls for both men and women after the first child is born. Some 20 years of research shows that people without children are happier than people with children and that people with young children living with them are the least happy of all.

Honey, I sold the kids.

How refreshing it’s been to follow the recent elections in the UK.  The new coalition government made a promise that, if elected, they would balance their budget that would result in several years of economic pain.  They were voted in and now they’re delivering on that promise.

Today, the UK announced they will terminate 490,000 public jobs over the next four years in order to get their financial house in order.  The US government currently refuses to even think about serious spending cuts.  They’ve decided to go the route of raising taxes so they can keep the spending party alive.  Eventually, the chickens will come home to roost for the US.  Like the UK, we will eventually be forced to take our medicine.  The longer we wait, the more painful it will be. Continue Reading »

Dying isn’t getting any easier. The federal estate tax rules changed radically in 2010 and could change radically again in 2011 unless Congress passes new laws in the lame duck session after the mid-term elections.

In 2001, Congress passed legislation which provided for lower tax rates and significant phased-in increases in the federal estate, gift, and generation skipping tax (GST) exemptions. As a result, in 2009, the estate exemption increased to $3.5 million per decedent, with a flat 45% estate tax on any excess. Continue Reading »

The Journey of the Petals

I

In a beautiful forest far away,
Where powerful wolves and mule deer play,
Where the mountains echo nature’s song,
A tiny flower sits alone. Continue Reading »

This week my father, age 80, completed a 33-mile ride on the historic Mickelson Trail from Pringle, SD, to Edgemont, SD.  In doing so, he is now 10 miles away from riding the entire 109 miles of the trail. In past years he’s ridden many parts of the trail several times, but his goal this year is to do the entire trail.  He plans to do the last 10-mile segment from Crazy Horse to Hill City in the next week or so.   He looks forward to doing it all over again next year, when he is 81!  I hope I am going just as strong at 80 as he.

This is a reminder to all our clients who have traditional IRA’s.  Be sure to call your accountant and find out if you should convert a portion of your IRA to a Roth IRA by November 15th.

The person who can benefit most from this is someone in a low tax bracket, 15% or under.  If your taxable income is under $68,000, you are in the 15% tax bracket.  The idea is to “fill up” your tax bracket with additional income from doing  an IRA conversion, so none of the 15% bracket goes to waste.  Continue Reading »