James C. Molet's Blog, page 72

A SavvyInterview – Antoinette

Not only is Antoinette a new reader of this blog, she recently started reading “RENDEZVOUS WITH RETIREMENT….” and it just so happens that I work with her at my day job. She is a relatively new investor that possesses great enthusiasm. I appreciate that she has taken the time to sit for an interview. What was the catalyst that started you on the road to fiscal fitness? The main encouragement that motivated me into taking steps on the road to fiscal fitness is being surrounded by people who have made the Read the Full Story

SavvyPoll Number Two

The vast majority of Americans that contribute to retirement plans do so through either a defined contribution plan (the 401(k) being the most widespread and most well-known), an Individual Retirement Plan (IRA) – either Traditional (tax-deferred) or Roth (tax-exempt) – or a combination of the two. Defined contribution plans such as the 401(k) offer at least one distinct benefit and one potential benefit. The benefit? The money you contribute to a defined contribution plan is done so on a pre-tax basis, meaning your annual tax liability is reduced. The potential Read the Full Story

Talking Personal Finance in Public Forums

It has been just over a year since I sat down and started writing my first book, RENDEZVOUS WITH RETIREMENT: A Guide to Getting Fiscally Fit. As I noted in the book then, and in this blog which came later, my foray into writing about personal finance in public forums was born out of my desire to share what I had learned over the previous 13 years about achieving fiscal fitness and securing my financial future. Simply put, I wanted to share the joy of being free of the scourge Read the Full Story

Preparing for Retirement in America

Survey: Retirement Confidence Survey (RCS) Fact Sheet #6 – Preparing for Retirement in America (2014). I love this annual survey from the Employee Benefit Research Institute (EBRI) and Greenwald & Associates. In fact, I referenced the 2013 survey quite extensively in my book to help paint a picture of the retirement landscape. This survey is an excellent source for getting an overview of how Americans are preparing for retirement and their confidence level. The survey takes a look at who is saving, how much they are saving, if they have Read the Full Story

SavvyPoll Number One

It is an uncomfortable feeling knowing that we owe a given sum of money to a person, a bank, or a company. Unfortunately, very few of us are able to get through life without debt touching our lives. It is nearly impossible not to accrue some debt in pursuit of higher education, an automobile, or a home. The worst kind of debt? Credit card debt. For most people, the single greatest impediment to attaining wealth and financial freedom. This week’s SavvyPoll asks, “how much do you believe the average American household Read the Full Story

GnuCash

Software: GnuCash. I’ll start this week’s recommendation with a couple of confessions. First, I have not had an opportunity to try this software. While I have tried to carve out some time to check it out, I just have not had a chance. However, it comes recommended by Brian, a long-time SavvyReader. In fact, his specific Tweet was, “At your convenience, check out GnuCash. It might be helpful to a few RetirementSavvy readers.” Second, it is highly unlikely that I would use this software, or any other finance related software, for Read the Full Story

Is it Ever too Late to Start Investing?

The short answer is no. It is never too late to start investing, particularly if you have access to a defined contribution plan, such as a 401(k), through your employer. These types of plans offer at least one distinct benefit and one potential benefit. First, the money you contribute to a defined contribution plan is done so on a pre-tax basis, meaning your annual tax liability is reduced. Second, if your employer provides matching contributions, that is free money. Why would anyone pass up free money? However, I would offer Read the Full Story

My Mountain of Debt

Application Game: My Mountain of Debt (2014). I have discussed debt on numerous occasions – here, here and here - because it is an insidious beast which negatively impacts retirement plans. Therefore, I was pleased when I discovered My Mountain of Debt, an ios app that looks at debt reduction in a new way. It brings visual fun to debt reduction! I’m pleased that Chris, from Fun with Data, has taken the time to discuss this week’s recommendation. If people have fun working out, will they be more likely to stick to their fitness goal? If people Read the Full Story

A SavvyInterview – Tyrell

I was first introduced to Tyrell through social media and we soon realized we share a mutual passion for personal finance and connecting with others to spread the word on financial freedom. I’m glad he has taken some time to sit down with me and share some of his personal finance insights, beliefs and practices. What person – known to you personally or via a book, website, etc. – has had the most profound impact on the way you view and interact with money? The person that had the most Read the Full Story

Living Frugally: Dollar Shave Club

If you are like me, and spend any amount of time cruising around the Internet, you have likely come across an advertisement, in one form or another, for the Dollar Shave Club — Shave Time. Shave Money. I have used the Gillette Mach3 for as long as I can remember. And while I have always been satisfied with the quality of the handle and blades, the price is ridiculously high! The catchy viral campaign – and the reasonable price and convenience for blades delivered to my doorstep – were enough to Read the Full Story