Category - What I’m Writing

When Is it a Bad Idea to Write Your Own Will?

Like it or not, you may want to contact an attorney before drawing up your will (and refer back to that attorney if you plan to revise the document). This could cost anywhere from a couple hundred dollars to a few thousand dollars, depending on the complexity of your estate. However, a well-written will can save your beneficiaries a lot of time and hassle, and it can help ensure your assets are distributed according to your wishes.

Find Out How Your Retirement Savings Compare to Others in Your Age Group

The Transamerica study suggests that my retirement savings might be higher than my generation’s average for two reasons: my annual income is over $50,000, and I have a graduate degree. (The more education you have, the more money you are likely to save for retirement—or so the study reports, anyway.)

I’d argue that my retirement savings are higher than average because both my undergraduate and graduate degrees were fully funded, because I have no children and live in a low cost-of-living area, and because I’ve spent the past five years writing about personal finance.

In other words: I’ve had some financial advantages that the average millennial hasn’t.

Let Your Kids Go Into Debt

There are a lot of reasons to give children allowances. Letting children earn and manage small amounts of money teaches them about budgeting, spending, saving, and giving.

Plus, if you’re in a home where allowances are tied to chores—or a home where allowances are given freely but extra money can be earned by completing certain tasks—children learn what it feels like to earn fair financial compensation for a job well done.

However, you should also teach your children what it feels like to go into debt.

Tie Your Financial Goals to Results, Not Numbers

There are two reasons why focusing on what you do with the money is more important than focusing on how much money you have.

First, because it’s always a smart idea to have a plan for your money. Sometimes there’s a specific plan: maybe you’re saving for retirement, for a down payment, or for a once-in-a-lifetime vacation. Other times, you’re saving and investing money now because you want more options in the future. (That still counts!)

How to See Beyond the ‘Money FOG’

If you let fear, obligation, or guilt control your decisions about money, you’re stuck in the Money FOG.

What does that mean? Essentially, instead of making thoughtful financial choices that help you achieve your long-term goals, you make more impulsive financial choices based on these three negative emotions.

When to Splurge on Your Kids

When are your children’s activities worth the money they cost? What about that big family vacation you’re planning—is it something your kids will remember fondly, or will they only remember it as a waste of money?

Research Mortgage Lenders the Way You Research Restaurants

I don’t know about you, but before I choose a restaurant, I like to look at a lot of photos and reviews.

Even if someone else chose the restaurant—even if they say it’s their favorite restaurant and I’m going to love it—I still like to check the menu online and then look for food photos on Yelp or Facebook, to give myself the best chance of ordering something I’ll enjoy.

Find Out Your Real Hourly Wage With This Calculator

Khe Hy, at RadReads, has put together a spreadsheet to help us calculate what we’re actually earning. You input your income, the number of hours you spend at work, your commute time, the amount of work you do on the weekends, and how much time it takes you to unwind from work every day—plus a bunch of other figures such as your effective tax rate and the amount of money you spend on work-related stuff, from clothing to happy hours.

Here Is TurboTax’s Actual Link to File for Free

If you’re looking for TurboTax’s free file option, you probably won’t find it by visiting TurboTax.Intuit.com.

Instead, you’ll want to visit TurboTax.Intuit.com/TaxFreedom.

Don’t Go Into Debt for Your Kid’s Extracurriculars

A new survey suggests that over half of Americans have gone into debt for their kids’ extracurriculars—and that might not be such a good idea.

According to CompareCards.com, 62% of American parents have picked up debt in order to let their children practice soccer or ballet. Nine percent of those parents owe more than $5,000, and nearly a third owe more than $3,000.