The Better Move In this case, when life gives you lemons, make an economics lesson out of it. So let kids do the work themselves, make mistakes and have fun. “You can even offer to let them ‘hire’ you,” says Erin Baehr, a Certified Financial Planner™ based in Stroudsburg, Penn. And help them decide if your labor is worth it.
For example, Baehr says, if a 5-cent cup of lemonade costs 3 cents for the goods, 1 cent for mixing the drink and 1 cent for selling a cup, your child will have to decide whether to do the work herself and pocket the profits—or hire you and raise the price.
Should a Retiree Ever Take Out a Mortgage?
Yahoo Finance Aug. 27, 2014
Conventional wisdom says to time your mortgage to be paid off before you enter retirement, so you own your home free and clear.
Maybe you’ve done that, but now you’re moving or buying a second home. Does that rule still apply, or with interest rates still so low, should you look at financing? Or perhaps you’re downsizing and now’s your chance to be rid of that mortgage and pay cash. What’s the best move?
What Do You Learn From Budgeting?
Intuit Quicken June 12, 2014
According to Erin Baehr, a certified financial planner practicing in Stroudsburg, Pennsylvania, and Chester, New Jersey, “Many people think of budgets as something negative; something constraining or confining. But actually, having a budget, or spending plan, will give you freedom. A budget simply reflects the reality of your spending, while keeping it within the parameters of the money available to you.”
10 Financial Commandments for Your 30’s
Kiplinger April 15, 2014
7. Diversify and rebalance your investments.
Now is the perfect time to diversify. “Once you get into your thirties and you have the basics [such as an emergency fund and other necessities] settled, you can take on more risk overall,” says Erin Baehr, a financial planner in Stroudsburg, Pa., and author of Growing Up and Saving Up. We recommend sticking with mutual funds and exchange-traded funds. They offer much-needed diversification with relatively low costs. Index funds are simple and relatively stable, making them a good choice for the core of your portfolio. Depending on your comfort level and your know-how, you might consider investing in some members of the Kiplinger 25, our favorite no-load mutual funds, too. For other specific fund recommendations, see Great Funds for Young Investors and Funds You Can Own for $500 or Less.
Check year-end tax to-do list; some breaks expire
NBC News Dec. 4, 2013
We still have some time before income taxes need to be filed, but when the clock strikes midnight on Dec. 31, it will be too late to make these tax moves that just might save you some money.