James C. Molet's Blog, page 83

Have you Settled on a Definition of Wealth?

There are many different opinions about what constitutes wealthy.  Some consider investable assets ($500,000, $1,000,000, more?), some think in terms of income ($100,000, $150,000 or $400,000 per year?), while others might consider some combination of investable assets and income, while also mixing in consideration of a home’s value when forming their definition.  While there is not necessarily a right or wrong definition, none of those strike me as providing deep insight into how a given figure translates into providing a quality of life, or lifestyle, in retirement for an individual Read the Full Story

Managing a Financial Windfall

I have always wondered what I would do if a generous billionaire, a Bill Gates or Warren Buffett, gave me $500,000.  Or maybe $1,000,000?  While I am sure I would not have known what to do with it 12 or 13 years ago, I absolutely know what I would do with the money today.  Being financially literate is not something that comes with a financial windfall.  It is something that should be attained while you are working toward achieving financial freedom; and it is knowledge that will serve you well Read the Full Story

Living Frugally: A Tale of Two Men

Here’s a simple statement many folks do not think about…once money is spent, it is no longer in your bank account.  I did say it was simple. Why do I mention this obvious fact?  Because those who are aiming for the most expensive, high-priced status symbols don’t think to themselves that once they purchase that expensive luxury vehicle with all its bells and whistles, they are left with less money for retirement. This is a crucial piece of information for one simple reason: when you reach the age when you Read the Full Story

Has the 401(k) Been a Failure?

Report: The Failure of the 401(k) (2010).  Written by Robert Hiltonsmith of Demos, a non-partisan public policy research and advocacy organization, the research report examines the retirement security – or more accurately, the lack of security – provided to American families by 401(k) plans.  The report concludes that retirement security has deteriorated in the past generation and that workers retiring in the next two decades can expect to receive only 65 percent during retirement of what they made during their working years; far below the amount required for Americans to enjoy Read the Full Story

Financial Tips for Retirees

Guest Contributor Barbara Delinsky is a writer who loves to write for different financial websites.  She has covered various topics such as debt, budgeting, managing personal finance, and retirement. Retirement is the golden period of your life when you retire from your job and want to lead a peaceful life.  To make your retired life more relaxed, individuals should save enough during their working years, preferably starting a savings program as soon as they get their first job. Unfortunately, many do not and suffer under the burden of debt and Read the Full Story

The Impacts of Debt

Debt: noun\’det\ An amount of money that you owe to a person, a bank, a company, etc. The state of owing money to someone or something. The fact that you have been influenced or helped by someone or something. When we hear that word – debt – most of us think of the first definition and cringe.  It is an uncomfortable feeling knowing that we owe a given some of money to a person, a bank, or a company.  Unfortunately, very few of us are able to get through life Read the Full Story

Living Frugally: Nothing but the Best

In my first Savvy blog post, Living Frugally: Less Waste, I spoke on the concept of less is more.  Unfortunately, some have come to believe that living a frugal life forces us to settle for less than the best.  I find this idea very curious and believe that it is important to address this concept.  I disagree that shopping for bargains, checking out the clearance rack, and browsing thrift stores is settling for less than the best.  In fact, I believe it helps to free us in such a way Read the Full Story

Debt Free and Retirement Planning

Earlier this week, I reached out to SavvyReaders to get their suggestions for recommended content…content from any medium that inspired them, or provided good guidance, in their effort to get fiscally fit.   Among the three books recommended by SavvyTaz was Debt Free for Life: The Finish Rich Plan for Financial Freedom.  The Simple Retirement Spreadsheet that accompanies my book, RENDEZVOUS WITH RETIREMENT: A Guide to Getting Fiscally Fit, was recommended by SavvyBrian. Book: Debt Free for Life: The Finish Rich Plan for Financial Freedom (2010).  As the name suggests, the focus Read the Full Story

My Journey to Fiscal Fitness

Broke.  Touching down in Denver on a flight from Korea in 1994, that reality struck me like a lightning bolt.  Arriving at Fort Bragg, North Carolina a few weeks later – following a short visit with my family in Denver – the first observable instance of my new financial situation presented itself as I had just enough money for the first month’s rent and security deposit on a small apartment.  My wife and I had separated during the year that I was in Korea and I was placed in a Read the Full Story

Post College: Getting Started

One of the most common question for investors, particularly young investors is, “should I pay off debt or invest?”  That question is often asked by those that have accrued a lot of debt through student loans.  I subscribe to the theory that individuals should do both; service their student loan(s) and begin building their fiscal foundation.  I should preface the rest of this article by noting that I did not take the traditional route to a post-secondary education and did not acquire any student loan debt, so I do not Read the Full Story