Have you ever worried yourself into a frenzy over something, only to find out you were worrying about the wrong thing? For example, researchers say that Baby Boomers are more worried about being financially devastated by unexpected health costs in retirement than they are about outliving their retirement savings. But isn’t the cost of health […]
Suppose you’re ready to take your career up a step, and you’re exploring opportunities in various parts of the country. You may easily be misled by the money script that a higher salary equates to a higher standard of living. As last week’s column pointed out, this is not necessarily true. What can you do […]
Suppose you earn $45,000 at a job in Rapid City, SD, and you learn that someone doing the same job in Redwood City, CA, earns $60,000. Your instant conclusion is likely to be that they enjoy a higher standard of living than you do. That assumption would be a money script. It is neither completely […]
Inflation is a common economic term and a relatively simple concept. One straightforward definition at thebalance.com by financial journalist Kimberly Amadeo is, “Inflation is the increase in the prices of goods and services over time.” Yet applying the concept of inflation to our income and expenses in a practical way seems to be incredibly difficult.
“Save more, spend less, and don’t do anything stupid.” According to the late Dick Wagner, CFP, this sentence summed up financial planning. Simplistic? Certainly. But it also contains a great deal of truth.