Intangible Financial Assets – Hint: It’s Not All About the Money
Because I don’t want the title of the article to intimidate anyone, let’s first define an intangible asset. Instead of citing detailed accounting guidance, here’s the simplest definition I could find: “an asset that lacks physical substance.” You see, it’s all too easy in the realm of personal finance to focus on those physical (read … Continue reading Intangible Financial Assets – Hint: It’s Not All About the Money
The Importance of Plan B
A couple of days ago, the Sow a Dime & Reap a Dollar household encountered a situation that reinforced the importance of having a financial Plan B. Thankfully, we had a backup plan ready and deployed it quickly; however, I wondered what could have happened had we not had Plan B on standby. First, let … Continue reading The Importance of Plan B
If I Had a Million Dollars…
“If I had a million dollars, I would…” Most of us have heard people make this statement on many occasions in our lifetimes. Think about the last time you heard someone say it—how did they complete the sentence? Did they have a real, tangible, detailed, actionable plan that followed the first part of the statement? … Continue reading If I Had a Million Dollars…
Part 3: Emergency Fund versus Emergency Strategy
As we embark on the last article in the three-part series, I want to cover what emergency savings are good for and what they aren’t. There are hundreds of benefits to emergency savings. A few examples are: Helps you sleep at night Lowers stress levels Encourages more diligent spending Manifests in better financial decision making … Continue reading Part 3: Emergency Fund versus Emergency Strategy
Part 2: Emergency Fund Emergency
My goal for the second part in this three-part series is to recommend actions for when you’re about to draw from your emergency fund, have been drawing from your emergency fund, or are nearly out of emergency fund money. The reality is the strategies for all three situations are nearly the same—the main difference is … Continue reading Part 2: Emergency Fund Emergency
Part 1: Emergency Fund – A False Sense of Security?
Recently, a headline grabbed my attention. That doesn’t happen often these days because I’ve vowed to be more aware of and intentional about ignoring sensational headlines, mostly because the articles typically don’t have much substance or meaningful analysis behind them. But this one caught me—hook, line, and sinker. The article I read was centered around … Continue reading Part 1: Emergency Fund – A False Sense of Security?
Paying a Premium
Have you ever pondered if the premium cleaning solution is worth the extra money? Is it truly THAT much better than the generic or store brand versions? On the opposite end of the spectrum, is the premium couch THAT much more durable than the cheaper versions? In this article, my goal is to explain why … Continue reading Paying a Premium
Financial Goal Setting
When is the last time you set a goal—be it for your spiritual life, professional life, family life, social life, physical or mental health, or any other areas? Has it been more than a week? More than a month? Hopefully not, but has it been more than a year? If so, it’s time to dust … Continue reading Financial Goal Setting
The Impact of Down Payments
The importance and impact of down payments toward a loan is a widely-debated topic, especially now while interest rates are some of the lowest on record over the past 60+ years. It’s hard to go a week without reading or hearing about falling mortgage rates, zero interest financing, or the like. Sadly, there are some … Continue reading The Impact of Down Payments
Tips & Tricks for Buying a Vehicle
Think for a moment about the last time you purchased a vehicle at a dealership. Does it bring back fond memories? For most people, the answer is no. In fact, Edmunds.com did a survey of over 1,000 people in 2014; to say the results were enlightening is an understatement. Let’s review a few of the … Continue reading Tips & Tricks for Buying a Vehicle
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