Is it possible to discuss spending and saving without mentioning the word “budget”?
Many people—and plenty of so-called financial experts—insist you can’t pay your bills, set enough money aside for retirement or understand your spending unless you create and follow a strict budget.
Their rationale is that when you see where your money goes, you can then trim your spending and siphon off cash for fun stuff like vacations or obligations like paying off your mortgage or credit cards. (more…)
Graduation time is nearly here, which means that many high school seniors will hear two questions again and again: “Where are you going to college?” and “What are you going to study?”
Some students may say that they’re thinking about becoming a petroleum engineer, a software developer or a computer programmer. All those careers fall under the so-called STEM (science, technology, engineering and mathematics) umbrella. When those students earn their degrees, they’ll have little trouble finding well-paying work with long-term career potential.
A 2014 Bureau of Labor Statistics report predicts that STEM jobs will grow 13 percent between 2012 and 2022, a pace exceeding the 11 percent growth rate of other occupations. If your teen has her sights set on becoming an information security analyst, recruiters will be lining up: Demand for workers who can fill that role is projected to grow by 37 percent by 2022. (more…)
Although a number of studies have focused on the effect of income on happiness, Elizabeth Dunn, a social psychologist at the University of British Columbia, also wanted to understand the effect of spending choices on happiness.
For example, previous research clearly demonstrated that income has a predictably positive effect on level of happiness, but these levels remain flat over time even as income increases. This finding puzzled Dunn and she wanted to find out why happiness did not increase along with income. (more…)
In a recent editorial for the National Endowment for Financial Education (NEFE), Brent Neiser commented on “Financial Stacking: A Modern American Burden.” He wrote:
Myriad choices, opportunities, and expectations generated by the financial services industry, media, advertisements, experts, employers—and even family and friends—create an amassment of jumbled priorities that often leads to inaction, frustration, and despair. (more…)
If you have been named as a beneficiary of a trust, you probably have many questions about what comes next. Trusts can take many forms and may be governed by unique provisions established by the creator of the trust or “grantor.” As a trust beneficiary, you have certain rights. But to ensure that your financial and other interests are fully protected, you need some basic information about different trust structures and their management. (more…)