James C. Molet's Blog, page 65

Operation Money

Book: Operation Money (2014). Jean Chatzky  – a well-known financial journalist who serves as AARP’s personal finance ambassador, a contributing editor for Fortune magazine and the NBC Today Show financial editor – offers  this book, one of her most recent efforts, as a free financial guide for military service members and families. NBC Publishing describes the book as a mission-based guide that provides detailed resources to prevent money problems before they happen; gives service  – and former service – members the tools to manage through a tough situation if they are already facing Read the Full Story

The Looming Retirement Crisis

Book: Falling Short: The Coming Retirement Crisis and What to Do About It (2014). I purchased the Kindle version of this book last Saturday and have spent the last week, while on a business trip, reading it. The authors (Charles D. Ellis, Alicia H. Munnell, and Andrew D. Eschtruthnote) note, correctly I believe, that the United States faces a serious retirement challenge. Most people understand that many of today’s workers will lack the resources to retire at traditional ages and maintain their standard of living in retirement. The authors offer the Read the Full Story

Avoid New Year’s Resolutions

Hi, my name is SavvyJames and I used to make New Year’s resolutions. [Inaudible chatter and a collective, “Hi, SavvyJames,” is heard in the background]. It has been two years since I made a resolution. You know, particularly as it relates to diet and exercise, I often hear people say that they will get serious and start meeting their stated goals ‘next Monday.’ I can relate; that used to be me. Even though I was guilty, I often wondered why – if someone was serious about making changes in their Read the Full Story

Last Minute Gift Ideas

While there isn’t much time left, it isn’t too late to get friends and family gifts that encourage fiscal responsibility. Below are a few savvy suggestions for children, teens and adults: Children: These two gifts can introduce your children/grandchildren to the concepts of value, savings and interest. Piggy Bank – This simple, inexpensive product helps a child become familiar with the concept of money. Take the time to discuss the names and values of the different coins and bills when you add them to the bank. Periodically open the piggy Read the Full Story

10 Financial Lessons – An Infographic

Image courtesy of the Editors at Best Finance Schools

What is Your Pension Worth?

The defined benefit plan, more commonly known as a pension, is becoming more rare. I touch on this phenomenon in my book RENDEZVOUS WITH RETIREMENT: A Guide to Getting Fiscally Fit (I often use RWR as shorthand) and numerous posts on this blog, including the recent post, Pensions. Going, Going … . Although they are becoming more rare, some workers – including myself and my wife – are still on track to receive a pension from their current employer. If you are on track to receive a pension, it is likely that your employer has provided some guidance Read the Full Story

Pensions. Going, Going …

As Congress prepares to finish up the $1.1. trillion spending bill required to keep the government open, a deal that will significantly impact pension plans is coming into focus. If you believe this deal is about ‘saving’ or ‘fixing’ pensions,  you haven’t been paying attention. The Congressional proposal would allow plans that are projected to run out of money in the next 10 to 20 years to cut the benefits they pay to both current and future retirees. Provisions include those that would raise premiums, allow troubled pension plans covering Read the Full Story

The Silver App

Created by graduates of Wharton and the Harvard Business School, Silver was born out of the frustration of receiving an overwhelming influx of credit card offers. With constantly fluctuating rates and available services, the developers of the Silver mobile app understand how difficult and time-consuming it can be to research and compare the plethora of credit cards that exist in the market. This new mobile application helps users find the best credit cards in seconds, view relevant details and even lets users apply directly from their mobile device. With Silver, Read the Full Story

Build Your Fiscal Foundation

As with physical, mental, and spiritual fitness, achieving fiscal fitness pays tremendous dividends. The essential elements of a sound fiscal foundation? Maintain a spending plan, minimize debt, establish an emergency fund, and contribute to retirement plans. Maintaining a spending plan means itemizing current expenses. Doing so allows you to carefully track how much money you are taking in during a given period and figure out the best way to divide it among various categories. Moreover, a spending plan provides an opportunity to see where changes can be made with regards to expenses. A reduction in Read the Full Story

Thinking Money

Documentary: Thinking Money: The Psychology Behind Our Best and Worst Financial Decisions (2014). Now airing on public television stations nationwide in collaboration with American Public Television. In this film, produced by Rocket Media Group, LLC in association with the FINRA Investor Education Foundation and Maryland Public Television, host Dave Coyne leads viewers through an exploration of money and introduces viewers to behavioral economics. Innovative thinkers and professionals lead an exploration of  why we save – or in many cases, fail to save – and how we think about money. Their experiments and insights Read the Full Story