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Got all your eggs in one basket? Or, in the case of this video, got all your buckets in one tub? You may want to make sure your investments are well diversified. I love this scene from “The Money Pit”. This gets me laughing every time. Find more Money Funnies at financialexcellence.net! This week’s money saving tip: Buy generic vs. name brand foods. The nutrional value and ingredients are often the same as name brand foods and there is little or no diffence in taste. Find more money saving tips at financialexcellence.net. Podcast: Play in new window | Download
 Click here to subscribe or leave a review on iTunes for Living In Financial Excellence Living In Financial Excellence Episode 17: Things to avoid buying new (Part 2) Plus things to avoid buying used, July 28, 2010. There are just some things you are better off buying used, and we covered some of them last week. We finish the discussion today. Most of us make excuses to buy things new instead of used but we poke some holes in those excuses in this episode. Buying used in many cases provides you with like new or near new items at a fraction of the cost of buying new, plus you don’t take the hit on depreciation as the item loses value. On the other side of the coin there are things you should never buy used and we discuss them today as well. Some of these are for safety reasons, some for health reasons, and some just don’t make sense to spend the money because new is nearly as cheap and are better quality. Show notes: - We did a lot of the research for this show on wise bread, a top-rated personal finance blog. As with everything you need to do your research and don’t take everything you read for granted, but there is some good info on their site. - Special thanks to Brad Dassey of affordableradiovoiceover.com who created some professional intro and outro liners for a very low price. He did a super job and we recommend him to anyone who needs some professional recording done. Yet another great book for helping you become debt free and stay that way. In fact, I recommend Debt Free Living by Larry Burkett as a great book to start with in your journey to Living In Financial Excellence! You can find Debt Free Living and other great financial books recommended by Matt Wegner at our online bookstore designed to help you Live In Financial Excellence! Written by Matt Wegner, Founder and Lead Counselor, Matt Wegner Financial Coaching, www.financialexcellence.net
Myth: My expenses will go down when I retire so I don’t need to save as much for retirement. Truth: With inflation, taxes and medical bills, your expenses will go up when you retire so you need to be prepared! Quite a few financial planners out there recommend a future nest egg value that will produce 80% of your current income when you draw a percentage of the dividends and earnings out of the account each month. The assumption is that your expenses will decrease by 20% when you retire and you will need less income to continue with the same standard of living. This means when you reach retirement age, you will have your debts paid off (including your house) and your dependents are gone, with your health remaining good and your taxes decreasing because you’re pulling the income out of a tax-deferred retirement account, pension, or social security. Now, if you follow the L.I.F.E. Ladder and start early enough, you indeed should be debt free by retirement age and have fewer expenses in terms of debt. But the sad fact is, not very many of us actually follow those steps and we end up facing retirement with a huge drop in income but no drop in expenses. Actually, 43% of Americans have less than $10,000 saved for retirement. 27% have less than $1,000 saved. This is a problem. read more 53% of Americans have less than $25,000 in retirement savings. 43% of those people are over 55! 30% believe that they only need $250,000 or less in total retirement savings. Find more fun facts and statistics about money at financialexcellence.net. During Money Smart Week financial professionals across the state of Wisconsin volunteer to teach classes to the public to help them increase their financial knowledge. Classes cover a wide range of topics including taxes, insurance, investing, budgeting, and more. Find out more at www.moneysmartwi.org. Ok, this didn’t make it out on Friday due to some site maintenance but here it is. My apologies for posting the Friday Money Funnies on Saturday! This is a short, funny video illustrating the stark reality that if you venture nothing you gain nothing, while if you bet it all, you might just lose it all. Find more funny money videos and other resources at financialexcellence.net This week?s money saving tip:? Eat before you go to the movie theater, so you don’t spend money on expensive treats. Find more money saving tips at financialexcellence.net. Podcast: Play in new window | Download
Click here to subscribe or leave a review on iTunes for Living In Financial Excellence Living In Financial Excellence Episode 17: Things to avoid buying new, July 21, 2010. There are just some things you are better off buying used, and we cover them today. Most of us make excuses to buy things new instead of used but we poke some holes in those excuses in this episode. Buying used in many cases provides you with like new or near new items at a fraction of the cost of buying new, plus you don’t take the hit on depreciation as the item loses value. Show notes: - Special thanks to Brad Dassey of affordableradiovoiceover.com who created some professional intro and outro liners for a very low price. He did a super job and we recommend him to anyone who needs some professional recording done. - During a seminar at a weekend retreat at Camp LuWiSoMo, Matt was asked about nerds and free spirits in a marriage. read more |
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Matt Wegner Coaching | 2808 Kohler Memorial Drive | Sheboygan, WI 53081 | 920-331-0941
Matt Wegner Coaching is a financial coaching service. The information on this website is designed to provide accurate and authoritative information in regard to the subject matter covered. It is provided with the understanding that the counselor/coach is not engaged to render legal, accounting or other professional advice. Since your situation is fact dependent, you must additionally seek the services of an appropriately licensed legal, accounting, or investment services professional.
Our goal is to provide help with debt, budgeting and all areas of personal finance. We teach the truth about credit and how to live without debt. |
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