James C. Molet's Blog, page 66

Preparing for Homeownership

For many of us, a home will be the single largest purchase we will make during the course of our lifetime. Buying a home requires an understanding of all the factors that will impact a potential purchase and savvy management of finances to close the deal. Getting it done the right way, limiting emotion to the greatest extent possible, will serve you well. What follows is a one-year plan for preparing for homeownership. Suggested activities during the first six months: • Start saving and understand the different types of available Read the Full Story

A Savvy Holiday Season

I know it’s early, we haven’t even reached Thanksgiving yet. However, I wanted to put out my list of suggested gifts and give readers plenty of time to purchase the gifts and get them sent off to the intended recipients. First, some background on this post which is the result of a couple of factors. As my wife will tell you, I am not a fan of the hyper-consumerism that takes place between now and the end of the year. Each year I beg her not to buy me anything Read the Full Story

Veteran’s Resources

I wanted to honor veterans today by highlighting resources, financial and otherwise, that might be beneficial to those who have served. I believe the best place to start is with the United States Department of Veterans Affairs website. As noted in their Mission Statement, the purpose of the Veterans Administration is to fulfill President Lincoln’s promise “To care for him who shall have borne the battle, and for his widow, and his orphan” by serving and honoring the men and women who are America’s veterans. As you might imagine, this website Read the Full Story

Learn About the Economy

Documentary Series: We The Economy (2014). Paul G. Allen – the Microsoft co-founder – and Morgan Spurlock – of Super Size Me fame – have partnered through their production entities, Vulcan Productions and Cinelan respectively, to produce We The Economy, 20 short films. Each film focuses on a specific aspect of the economy and at 5 – 10 minutes each, they are easily digested. The series aims to drive awareness and establish a better understanding of the U.S. economy; and seeks to demystify a complicated topic while empowering viewers to take control of their own Read the Full Story

Cream City Hustle – Paperback Giveaway

Once upon a time I decided to try my hand at writing a book …. To say that I have learned a lot about the process over the last 20 months or so would be an understatement. As you might imagine, there is more to the process than just the writing. What I discovered during my first effort, RENDEZVOUS WITH RETIREMENT: A Guide to Getting Fiscally Fit, is that formatting can be tricky. Very tricky! What looks good in Word does not always translate well when converted to the Kindle Read the Full Story

Making Use of Found Money

Over the course of adulthood, particularly the older you get, you are likely to open multiple financial related accounts (e.g. checking, savings, CDs, insurance policies, etc.). The more accounts you open over a lifetime increases the odds that you may lose ‘contact’ at one time or another for one or more accounts. This is particularly true if you have moved frequently. Over the course of my 21-year Army career I moved – changed duty stations – 12 times. While I have had the same checking account for the last 14 Read the Full Story

Retirement Plans – Contribution Limits Announced

As most people are aware, the maximum amount of contributions an individual can make to her or his 401(k) plan is set each year by the internal Revenue Service (IRS). That number has not been adjusted for a couple of years. For the 2013 and 2014 tax years, individuals were able to contribute up to $17,500 as an elective salary deferral to a 401(k) plan. Additionally, an individual could contribute an additional catch-up contribution of $5,500 starting in the year they turn 50 years of age. Note that an individual Read the Full Story

Manage Your Fiscal and Physical Fitness

Just as being physically fit involves two critical components, controlling diet and exercising; being fiscally fit also involves two critical components, controlling debt and investing. Not only are both concepts built around two components, the two are linked in two key ways. First, the impacts from one often have similar consequences for the other. Second, people often have similar mindsets or beliefs about both concepts, which are often apparent in their actions. It is no coincidence that the same people who believe that the lottery is their road to riches Read the Full Story

Losing Our Way

Book: Losing Our Way: An Intimate Portrait of a Troubled America (2014). This new book by Bob Herbert, a former columnist at the New York Times and now a Distinguished Senior Fellow at Demos, a national think tank, serves as a much-needed wake-up call. As the title suggests, Mr. Herbert believes that the united States has lost its way, evidenced by our rampant unemployment and underemployment, neglected infrastructure, income inequality and the scourge of poverty. Following his departure from the New York Times three years ago, Mr. Herbert set off Read the Full Story

The Scourge of Student Debt

Scourge: noun [skurj] A cause of affliction or calamity. There is no doubt about it, student loan debt is a scourge, particularly for Millennials. A recent TransUnion study found that a decade ago, student loans accounted for only 12.9% of the total debt load carried by people ages 20 to 29. It now stands at 36.8%. Moreover, the average student loan balance for those with loans jumped to $29,575 from only $17,442 in 2005. Student loan and credit card debt is killing Millennials. If a young person is constantly focused on Read the Full Story