Each phase of life
comes with its own set of financial circumstances, goals and
necessities. The question is, how should we be spending, or
saving, our income as we move through different stages?
Locally grown. Locally
sourced. These days it is all about going local. But what about
investing? Can a portfolio be locally sourced? Is it a good idea?
want to start a business, but don’t have the start-up money or the
collateral to ask the bank for a loan? And you don’t want to ask
friends or family? Do the next best thing — ask a stranger.
for your retirement
retirement plan on track? How do you know? According to a survey by
Employee Benefit Research Institute, 60 percent of Americans aren’t
sure they’re on track to retire successfully. Unfortunately, many
of them may be right.
credit card companies and financial institutions are becoming
smarter about protecting people’s personal information online,
credit card fraud and identity theft are still very real threats.
and managing money
millennials have been labeled with negative stereotypes like
materialistic and entitled, the reality is that crippling debt and
lack of employment opportunities have significantly impacted this
generation’s financial future.
this. You’ve been invited to a meeting; when you get there you
realize it’s the first meeting after your own death. You can’t
say anything. You can only observe. What do you see? Is your family
celebrating your life or are they sitting there helpless not knowing
what to do or whom to trust."
the hot seat
an aspiring entrepreneur seeking money from angel investors, you’d
better be prepared with a snappy pitch to get their attention.
Great Recession becoming a distant bad memory, people are once again
thinking about the future — including retirement planning.
But the recent economic
setbacks have left many wary of the market and the security of their
comes to wealth management, there are several ways good intentions
can go awry. Our panel of experts outlines five common mistakes and
advises how to avoid them. Knowledge is power, and in this case, it’s
up in Glendale with six siblings in a single-parent household, the
Bendfeldt sisters learned to be resourceful at an early age.
"We were forced to
be MacGyvers," says Amy Bendfeldt Barnum. "If there was
something we wanted, we had to get creative."
employment in today’s marketplace depends on the ability to offer
relevant skills, especially those considered "nonroutine
analytical," says Dennis Winters, chief economist for the
Wisconsin Department of Workforce Development.
us have financial goals, whether it is to retire at a reasonable
age, fund our children’s education, do some traveling or simply
manage debt. While overall plans haven’t changed, people’s
attitudes have gone through a period of adjustment — and that’s
occurring across all age groups, local industry experts say.
Journey: Overconfidence leads to mistakes in retirement planning 05-13-19
Among 55-plus working
households, four in 10 have saved at least a quarter-million dollars
for retirement, according to a long-running retirement confidence
Tompor: ‘One Ring’ phone scam comes in middle of night, luring
you into costly callback 05-13-19
And now the scammers are
calling in the middle of the night — repeatedly. A
wave of what’s called the “One Ring” phone scam has been
waking up consumers at night and trying to prompt them into making a
Tompor: Elizabeth Warren’s plan for student loan forgiveness:
Don’t bank on it 05-06-19
Caution: If you’re
someone who grabs money management tips after a quick read of a
headline or two on Twitter, take note. Don’t bank on getting a big
break yet on your college debt.
star of personal finance, Dave Ramsey uses gruff love to lead others
out of debt 05-06-19
advisers can’t get Minnesotans to pay $19 to $149 to hear them
speak. Most are lucky to attract people to a free meal at a local
major shift, Vanguard says it’ll allow active fund managers to
vote independently 05-06-19
For decades, Vanguard
Group appeared to exercise its voting rights, in companies where it
holds shares, as a monolith.
Journey: Facts to know about survivor’s benefits 04-29-19
Choosing the best time to
claim Social Security benefits can be tricky, mostly because we
don’t know precisely how long we’ll live to collect.
Tompor: Need to adjust your W-4? Here’s how to do it 04-29-19
Wait, don’t just stuff
a copy of your 1040 in your files now that April 15 is over. You may
want to sit down right now and do a paycheck checkup.
Philanthropy: Giving to charity in the last third of your life 04-29-19
Today, the U.S.
population includes nearly 50 million adults over the age of 65.
Members of this demographic control substantially greater assets and
net worth than any younger generation.
Tompor: These must-have apps can help you save money online 04-22-19
The thrill of shopping on
your phone or online, of course, is that it makes stocking up on
groceries, buying a rug for the apartment or even shopping on a
Friday night after a glass of wine or two all that easier.
Journey: Are socially conscious funds a good bet for retail
Investors are throwing
more money into funds with a social mission, but do these funds
belong in your retirement account?
Have low investment returns become normal? 04-15-19
The Federal Reserve just
signaled that the financial world is not going back to normal, not
websites expand health plan shopping options while glossing over
Some websites consumers
use to buy their own health insurance don’t provide full
information on plan choices or Medicaid eligibility, and appear to
encourage selection of less comprehensive coverage that provides
higher commissions to brokers, according to a report released in
March by the left-leaning Center on Budget and Policy Priorities.
lenders put small banks in a bind 04-08-19
The boom in internet
lending is taking a toll on traditional commercial banks, especially
smaller ones, suggesting that they’re going to have to have to
find ways to adjust to the changes wrought by financial technology.
Tompor: How student loans can fatten or shrink your tax refund 04-08-19
Most of us know we need
to pay attention to things like our mortgages when doing our taxes.
But who would imagine that student loan debt could possibly help you
get a bigger tax refund?
Tompor: No, you can’t pay to remove ID from the dark web. Here’s
what to do 04-01-19
Lately, we’re all
worried about what crooks might find out about us on the “dark
web.” Given high-profile data
breaches at places such as Blue Cross Blue Shield of Michigan and
Health Alliance Plan, as well as Marriott and Equifax, it’s not
surprising that consumers are running scared.
advisers flock to ETFs 04-01-19
Exchange-traded funds, or
ETFs, are usually passive investments, because they automatically
track an index or a basket of assets.
to override your bank and make 40 times more on your savings account
Since 2013 consumers have
been squeezed with savings rates hovering near zero percent. Many
banks still aren’t paying much more than 0.05 percent even today
on savings, despite several recent interest rate hikes by the Fed.
Tompor: IRS warns: That windfall in your bank account might not be
Fraudsters are rolling
out a glut of legitimate-looking but fake text messages, emails and
social media posts this tax season, according to the Internal
Journey: Is your adviser steering you into fee-heavy 529 plan? 03-18-19
Retirement savers with
kids should pay attention to a new crackdown on brokers who sell
college savings plans.
Tompor: Millennials buried in debt can’t buy into American Dream 03-18-19
Amanda Hill, 27, deals
with big student loan debt by doing everything she can to keep her
other bills small.
Tompor: With credit card debt up 7.5 percent, next financial
disaster could be you 03-11-19
We all seem to be on the
lookout for clues that we’re on the verge of another widespread
effect? SoFi launches ‘free’ ETF as fee war flares among brokers
Anyone paying down
student loans may recognize the name SoFi from ubiquitous mailers
and Super Bowl ads.
Journey: Investors in or nearing retirement should pay attention to
the markets 03-04-19
The very young and very
old needn’t worry so much about market turbulence, we’re often
told. Over a long time, volatility smooths out quite nicely for the
young. Older retirees, hopefully, have tamped down enough risk in
their portfolios that a stock shock shouldn’t cause much of a
Tompor: Online romance scams cost victims thousands 03-04-19
Day candy is nearly gone from store shelves, romance –– and the
scams that go with it –– goes on year-round.
Tompor: Smaller tax refunds darken an already grim consumer debt
The U.S. economy may be
strong. But we continue to see signs of financial stress that
indicate that just having a job may not be enough to pay the bills.
Journey: New post-retirement job: making the world a better place 02-18-19
Retirement experts often
recommend working longer as a way to make savings outlive the saver,
but it isn’t always easy.
Tompor: How to avoid the Social Security scam that makes you out to
be a criminal 02-18-19
Maybe con artists are
inspired by the movie “The Mule” where Clint Eastwood plays an
octogenarian who hauls cocaine shipments in a Lincoln pickup for a
paycheck to paycheck? This San Diego startup wants to help you shop 02-18-19
SAN DIEGO — Buy now and
pay later. It’s an irresistible offer, especially for
cash-strapped Americans living paycheck to paycheck.
Tompor: New tax deduction cap could turn big refund into big tax
The big tax question of
the year: Will you get a super-sized refund or suddenly discover
that you’re going to end up writing one monster check?
Journey: Where is the safe haven for retirees? 02-04-19
Q. My wife and I are both
66. She has retired and started Social Security; I am working part
time, receiving a small pension from a previous job, taking dividend
income from a rollover account where I put my 401(k) funds, and
putting off starting Social Security.
Tompor: Tax refund advance often too good to be true: What to know 02-04-19
Plenty of people would
jump at the chance to speed up getting some of their tax refund
cash, especially in light of the government shutdown, job cuts and
other financial headaches.