K. W. Callahan
K. W. Callahan graduated from the nationally top-ranked Indiana University Kelley School of Business with a degree in management and a minor in criminal justice.
He spent over a decade in the hospitality business in both operations management and finance before turning his attention to freelance writing and fatherhood. He has had articles published by Chicago Parent Magazine, Stressfree Living Magazine, Life123.com, Poweropt.com, and is a featured contributor for Yahoo! Lifestyle and Finance.
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He spent over a decade in the hospitality business in both operations management and finance before turning his attention to freelance writing and fatherhood. He has had articles published by Chicago Parent Magazine, Stressfree Living Magazine, Life123.com, Poweropt.com, and is a featured contributor for Yahoo! Lifestyle and Finance.
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Education/Experience
Degree in business management from Indiana University with a minor in criminal justice.Motto
Efficiently. Effectively. Economically.
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First Person: The Average U.S. Retirement Age Is Rising, and So Are OursA recent CNBC article noted that, “The average U.S. retirement age has climbed to 61, up from 57 two decades ago, and it's likely to age higher, according to Gallup's Economy and Personal Finance survey.”
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First Person: There’s More to Home Appreciation Than Just Purchase and Sale PriceHere are some of the costs that have tacked tens of thousands of dollars onto our cost of home ownership and certainly added to the price we paid to live in our most previous home.Also published on:
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First Person: The Solution to 0.03% Interest on SavingsWith rates on savings low, it raises the question as to where to put savings. Sure, there’s always the stock market, but it isn’t always the safest spot for savings nor does it necessarily guarantee a set rate of return.
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First Person: Our Emergency Fund Includes More Than Just CashWhile I can’t deny that cash can certainly be a good way to stash emergency funds and have them at the ready, there are other aspects to consider when creating an emergency fund.
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First Person: It’s the IRS Calling, They Want to Give Us More MoneyWhen I pulled that IRS-labeled letter from our mailbox, I was immediately concerned. I’ve never received any sort of notification from the IRS, and of course, I immediately figured it couldn’t be anything good, but I was wrong.
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First Person: Why a 15-Year Mortgage Is Better Than a 30-Year MortgageHaving recently had a 15-year mortgage, I can tell you first hand that I really liked it, and I found that -- at least in my opinion -- a 15-year mortgage is better than a 30-year mortgage.
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Where to Turn for Quick College CashIf you’re in need of funds, or would at least like to have a few options in your back pocket just in case, here are some of the money-making opportunities that could be open to you for making some quick college cash. -
Creative Ideas Don’t Last Long Anymore…Don’t Get BurnedI’ve been writing since 2005. Before that, I was working in the hotel industry both in operations management and finance. What got me truly interested in writing and in particular, personal finance writing, was an idea I had for a book. -
First Person: Diversification Is About More Than Just StocksI’m a big fan of the diversification of investments. However, while Jim Cramer’s article focused largely on diversification of stock-related investment options, I feel that diversification should involve more than just stocks or stock-related investments
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First Person: Home Values Are Rising, but Not OursIn the past year, our home’s value has dropped by about 20 percent, falling from $140,000 to just under $112,000. However, we’re not giving up on our home just yet.
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First Person: Our Home Is Not Our Nest EggWe hope not to have to use our home as part of our retirement nest egg. We’d prefer to go into our golden years with our home paid off and rely upon other assets to foot the bill for our retirement needs.
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First Person: How We Cut Our Food Costs by 30%Besides finding a great discount grocery by the way of Aldi, here are some of the food consumption tips that have made it easier for us to keep our food costs down.
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First Person: Work Perks Can Mean More Than Just MoneyA job is often more than just a paycheck. Sure, a paycheck is probably the main reason most of us work, but there are plenty of other things about a job or career that can drive ambition.
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First Person: Running the Numbers on When to Take Social SecurityIn the study of my own Social Security benefits as well as my wife’s, I have come to some interesting conclusions regarding our own Social Security benefit timeline.
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First Person: Understanding a Mortgage Good Faith EstimateOne tool in particular with which they provided us was a “good faith estimate”. This document helped us better understand our mortgage in several key areas.
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First Person: Our Home Purchase MistakesIf I had it to do all over again, these are the four things that I would definitely have done differently when it came to buying our home.
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Roadblocks We’ve Encountered when Buying HomesThere are a variety of issues that can come up when buying a home. While many of us are familiar with the usual items that can pop up during home inspections or credit checks, some issues are a bit less common. -
Cashing in on Our Kid’s ClosetWhile sometimes it just churns my stomach to look inside those hidey-holes of clutter that clutter can be turn out to be money in disguise. And over the years, we’ve converted a variety of these kids’ items into cash in a number of ways. -
First Person: Alternative Ways to Fund Our Child’s College EducationHere are a few alternative ways of funding a child’s college education that we’re considering for our kids’ futures.
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Potentially Costly Pitfalls of a Job OfferGetting that first job offer was an amazing feeling. However, a first job can also come with a variety of costs. -
Getting a Mortgage EducationWe took out the mortgage on our first home in 2008, just before the bottom of the housing market fell out and the financial crisis started in full. I’ve heard a lot of blame put on the banks for not presenting enough information about mortgages though. -
Publishing My First E-books…What an Experience!Publishing my first e-books through Kindle Direct Publishing was more work than I ever expected. Not that the Kindle Direct portion was that difficult, but there were a lot of steps prior to this portion of the publishing process. -
First Person: I'm Already Preparing for a Social Security Funding GapThe Social Security Administration is projecting funds enough only to pay about 75 percent of estimated benefits after 2033. But I’m not waiting around to see what will happen. I’m taking steps to prepare for this shortfall now.
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First Person: I Could Retire on $250,000. Here's HowI personally think that $250,000 is a reasonable number to shoot for as a base for retirement income, but I have some ideas on how I'd use it to generate income.
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First Person: Helping a Single Parent Plan for RetirementPlanning for retirement can require a different sort of preparation for a single-parent as opposed to a two-parent situation.
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First Person: Delayed Gratification Saves Us MoneyI’ve been amazed at how just a little delayed gratification can go a long way in bolstering our finances. Sometimes it does so with big savings, other times, just little amounts here and there.
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First Person: I'm Investing Like a Billionaire Hedge Fund ManagerInvesting like a billionaire hedge fund manager was not as difficult -- or as costly -- as I thought it would be.
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First Person: Is the Recession Haunting My Generation?My own family hasn’t been exempted from the pain the recession has inflicted on Generation X. In fact, we’ve taken a significant financial hit from the recession, but in some ways, we’re making an effort to rebound.
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First Person: The Downsides to Resale and Consignment BuyingI’m a big fan of buying resale. I’ve literally saved thousands of dollars over the years by buying stuff that other people no longer wanted or needed. This isn’t to say that I haven’t encountered some downsides to buying other people’s leftovers though.
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First Person: It's True, Salary Isn’t EverythingSome students looking for their first full-time job after graduating college might place salary at the top of their potential job benefits list. However, while pay can certainly be important, it might not be all there is to consider of a first job.
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First Person: Rising Health Care Costs Are a Terrifying TrapWe have really good employer-sponsored health insurance through my wife’s employer. The premiums are high though and have gone up significantly year-over-year. This is extremely worrisome and has had a significant impact upon our family finances.
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First Person: Forming Great Money Saving HabitsWhile I don’t necessarily consider myself a “big-time saver”, with the housing market collapse and ensuing recession consuming most of my savings, the characteristics of a big-time saver are still there somewhere inside me.
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First Person: Why Work Past Age 65?According to a recent MSN Money article, “The U.S. Census Bureau says (.pdf file) the rate of participation of people 65 and older in the workforce increased from 12.1% in 1990 to 16.1% in 2010, and was 16.2% in 2011.
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First Person: Stress-Testing Our Retirement PlanThe following are some of the strengths and weaknesses that arose in the grading process and that made for the major determining factors in the stress-testing of our retirement plan.
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First Person: Factoring Taxes Into Retirement PlanningRetirement to me is more than just about saving money. It’s about understanding that money and knowing how it’s working and what can affect it over time and when it comes time for me to draw upon that money.
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First Person: I'm Investing, But Not in the Stock MarketWhile I think that the stock market should play some part of an investment portfolio, this doesn’t mean that I don’t look for other alternatives to stocks.
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First Person: Tips for Buying Physical MetalsNot knowing exactly what you’re doing when investing hard-earned money can be somewhat intimidating. This means that it can pay off in both peace of mind and good financial decision-making to research investment options before jumping in head-first.
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First Person: I Prepare for Garage Sales Year-RoundWe typically have at least one garage sale each year…sometimes two. And over the years and our various garage sale experiences, we’ve picked up a few tips and tricks that have helped to make our sale preparations easier and more efficient.
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First Person: Boosting My Savings With Micro-InvestmentsNot everyone has the money to make big-time investments, and I’m one of those people. This doesn’t mean that there aren’t some great investment opportunities for us to take advantage of though.
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Building a Revenue-producing BlogAs the revenue begins to trickle in, and I being to near a small but acceptable income from my efforts, here are a few of the things that I’m finding are helping me to maintain and grow my blogging income. -
Trickledown FreelancingAs a freelancer, not every project I undertake or article I write is a perfect match for my main clients. It doesn’t necessarily mean that these pieces are bad work; they just might not be what these particular clients are looking for. -
Will Self-employment Make Me Less Attractive to Employers?Does my self-employment make me less attractive to employers, and if so, why? -
First Person: Is a Condo Association Fee Worth the Cost?Before we ever bought our condo and had a monthly association fee to pay, I was under the impression that I’d really dislike such a regular financial obligation. However, I’m now finding our association fee is surprisingly beneficial.
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First Person: We’re Chickening Out on Pricey BeefAs beef prices hit there all-time price highs, some people are starting to shy away from the meat in preference of cheaper options.
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First Person: Tricks and Traps of Buying SilverWhen I’m on the lookout for good (physical) silver buys, I watch out for the following tricks, traps, and seller “techniques”.
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Financial Benefits of Living Close to ParentsOver the years, our family has lived close to parents on both sides of the family. While we’ve made our own lives along the way, as our family expands, we find that living close to parents has certain benefits. -
Why I’ve Never Paid These FeesI hate wasting money. And I think that paying fees is one of the worst ways to waste money. Therefore, I make sure that I do my best to avoid throwing my money away through ridiculous fees. -
First Person: The When, Where, Why and How of RetirementDiscussing retirement with a spouse or significant other can be critical to getting on the same page when it comes to goals and progress. It’s not always easy to find the time to sit down and delve into a full retirement plan though.
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First Person: I’m a Big Fan of the Shadow EconomyHere are a few examples of how I’ve legally used components of the shadow economy to help my family financially.
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First Person: We’re Part of the 'Stagnating' Middle ClassLately, our family has been feeling less and less a part of the middle class. We’re finding it harder to get ahead, and sadly, we’ve always been pretty good at getting ahead…until now.
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First Person: Preparing for Retirement Without a Stock-Based PlanI haven’t given up on looking for ways around stocks as the only path to retirement. And here are some of the things that I do to stay focused on a secure retirement future yet not necessarily make the stock market the only path to get there.
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First Person: Teaching Our Son Proper Money AppreciationThere are certain things that we do in an attempt to teach our son a strong, yet balanced appreciation for money.
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First Person: Living on One Income Is Still Doable, Even With KidsWe’ve been living on the equivalent of about one income for the past five years now. And amazingly, while there are of course things we’d like to have a bit more money for, the act of living on a single income isn’t really all that much of a hardship.
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First Person: 4 Signs We Weren’t Prepared to Buy a HomeWe had an idea of what it took to be homeowners from what we’d seen on television, what people had told us, and what we’d read about online, but until we actually undertook the role, we didn’t have a true understanding of what it would be like.
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First Person: Staying Home With the Kids Is Still PossibleStaying home with the kids is an experience I’m willing to trade career advancement and a steady paycheck for. It’s a tough trade to make, but our family manages. Here’s how we do it.
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First Person: How We Avoid Wasting FoodOther than the occasional handful of grapes, mushy strawberry, sprouted potato, or forgotten onion, we do pretty darn well at not throwing out food.
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First Person: Developing My Retirement Income PlanThe better grip I have upon the components that comprise my retirement plan now, the better I can work to ensure that I build them as I work toward retirement and utilize them most efficiently and effectively once there.
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First Person: Considering DRIPs for My RetirementOver the years, I have moved from funds that move more with the market’s ups and downs into a fund that drips. What’s a “DRIP”? DRIP stands for “(D)ividend (R)e(I)nvestment (P)lan.
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First Person: Is Land the Only True Wealth Protector?It seems like almost every investment option out there is either too unstable, doesn’t provide enough of a return, or puts my money at risk of being lost in a bubble or through market manipulation.
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Outlining Vacation and Travel CostsWhen we’re preparing to travel, I do my best to cover our bases when it comes to outlining our costs for the trip. From start to finish, I do a timeline of sorts with associated costs. -
7 Fabulous Aspects of Coin CollectingI’ve toyed with coin collecting since I was a kid and my uncle gave me my first ounce of silver. -
First Person: Why I Don’t Get Fired Up About Fund Management FeesI’ve looked at other investments that tend to avoid such fees though and I’ve found that the costs to carry these investments are often built into them whether we actually consider these costs “fees” or not.
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First Person: Reselling Books: What Are My Options?I love books. And while it’s a great passion to have, when you live in a small condo like I do, bulky books can also take up some valuable living space. Therefore, sometimes I have to downsize my literary collection.
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First Person: 4 Sites I Use for Metals Investment InformationI’ve been making a push lately to learn more about metals and metal investment. In the process, I’ve come across a few websites that have been particularly helpful in this education.
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Why I’m Planning to Take Social Security EarlyWhile it’s impossible to see the future and how our family finances will progress along the way, I hope that doing my best to plan for this future could allow me to set our children up well upon our passing. -
First Person: The Benefits of Going 'No-Buy'My own family is quite accustomed to going no-buy regularly. We have taken this savings route on a number of occasions and have found some quite beneficial aspects to the process.
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First Person: My Faith in Banks Is ShakenIt’s not that I don’t use or have a general trust in the US banking system; but in my opinion, it’s always good to have a backup plan. I’m not going to put my full faith in any one institution or type of institution, especially when it comes my finances.
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First Person: Why I Like Doing Our Taxes“A national survey by the Pew Research Center…says more than half of Americans have a negative reaction to doing their income taxes. More surprising, however, is the one-third who said they either like (29%) or downright love (5%) doing their taxes.”
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First Person: Memorial Day Entertainment Options That Won’t Break the BankHere are a few ways that we’re able to enjoy the long Memorial Day weekend without breaking the bank.
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First Person: Our 4 Pre-Retirement GoalsWhen it comes to retirement, goals can be useful in a number of stages. From the pre-planning and planning stages to entering and continuing through retirement, goals can help us create an overall picture of what retirement could and should be.
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First Person: We Go 'No-Buy' Almost Every MonthA recent MSN Money article discussed what happened when one family went “no-buy” for an entire month. The author discussed how her family of three took the “no-buy” challenge which entailed, them buying, “…nothing extra -- only the bare necessities”.
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Critical Elements of Selling a HomeSelling our first home was not a fun experience. And while we’ve only been through the process once so far, it was enough to teach us some valuable lessons about selling a home.
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First Person: What to Do Before Contacting a Real Estate AgentWhen we started contemplating putting our home on the market, there were things that we did to prepare in hopes of gaining a better understanding of the real estate market and our particular situation before ever contacting a real estate agent.
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First Person: 5 Crucial Elements of Buying a HomeHaving purchased several homes now, there are some things that I’m realizing come with the home-buying territory. While each home purchase is somewhat different, I’ve found that there are certain commonalities among our experiences.
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First Person: 3 Easy Ways Our Family Saves Money on Summer ActivitiesWe look for creative ways to save money while out and about and that help us continue to take part in the things we like to do together but don’t end up overextending our summer budget.
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Cashing in Paper Government Savings Bonds: What a Pain!I’d heard stories about the process of cashing paper bonds being a tedious one; and afterwards, I realized why I’d been avoiding it.
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Summer is a Great Time to Teach the Kids About Personal FinanceAs our first child gets older, I’m starting to find that summer can be a great time for us to teach him about certain aspects of personal finance.
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Super Simple Ways to Save when Going Out to EatEating meals out can get costly in a hurry and while our family has the means to afford such opportunities in larger quantities, we try not to overdo it in an attempt to live below our means.
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How We Save Money CampingHere are some of our top ways to reduce our camping expenses while not diminishing -- and maybe even enhancing -- the camping experience.
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A $25 Weekly Dinner MenuWe’ve actually been able to build a menu not only provides us with some variety in our meals but that saves us money too.
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Laying Out a Perfect Retirement ScenarioI doubt that many people experience a “perfect” retirement. However, I also don’t think that it’s a bad idea to at least plan for such a scenario.
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Money-saving Reasons We Don’t Fit in with Our NeighborhoodWe don’t really fit in with many of the other residents, and it’s our money-saving ways that really set us apart from a large portion of the rest of the community.
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Laying Out a College TimelineHaving an idea of what needs to get done and when can help you stay on track and avoid any costly missteps along the way to obtaining your college degree and graduating on time.
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First Person: The Downside to Resale and Consignment SellingWhile I still think resale can be a great way to earn extra cash and get rid of old or unwanted stuff, here are some of the downsides of selling things by way of resale or consignment options.
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Need Motivation to Pay Off Debt? Read These ArticlesFor as much as people like to complain about not being able to pay off debt or not knowing how, there are wonderful examples all over the Internet to help educate us.
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Not Burning Employment BridgesBeyond just working my tail off for my employers, there are other reasons why I’m welcome back at previous employers.
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Steps After College that Solidified My IndependenceHere are some of the steps that I took soon after college that helped to solidify my independence and kept me from turning back to the safety and security of the parental wing for shelter and support.
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What I Can Do with My Lifetime Income NumberHere are some of the things that having that lifetime income number helps me do using numbers and examples that don't pertain exactly to my actual financial situation.
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Handling an InheritanceSome close friends of ours recently came into an inheritance. The grandchildren in this family each received a government savings bond and a share of an IRA, the combined total of which came to about $10,000.
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Cutting Travel Costs by Thousands of DollarsAs travel destinations, costs, and distances can vary, and certain other travel variables are beyond my control, I tend to look for certain constants in my travel where I know I can cut costs.
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Turning Money into TimeIt’s relatively simple to convert my time to money. But can I do the opposite? Can I actually turn money into time?
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First Person: Yes, Inflation Is Out of ControlHaving tracked my expenses for going on two decades now, while inflation may not have been out of control, it certainly appears to be heading that way…at least in our family’s case.
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First Person: Spend Now or Leave an Inheritance LaterIt’s kind of a dilemma. Do we spend what we have now while we’re able to or do we hoard our money like misers to pass along to our kids one day?
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First Person: Extra Costs to Consider in an Investment PropertyWhile I like to plan and consider how I would use my property, and how it might even earn me some extra income, there are some extra costs to consider in an investment property as well.
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Paying Off Our Mortgage Saves Us Thousands Each YearThe savings from not having a mortgage can add up. But there can be more than just the financial aspect of such a situation to consider.
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Making New Year Tax AdjustmentsThis year, there have been some adjustments to my tax planning. Here are some of the steps that I’ve taken to update our tax planning situation and ensure things remain on track for the rest of the year.
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Retirement Location Considerations: What Tops Our ListEven with lots of time still to go before we reach retirement age, thinking about and planning for retirement is still an important aspect of our financial lives.
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Relying Upon Myself for RetirementRegardless of what the federal government does or doesn’t do to remedy the Social Security issue, I’m not going to let it “goof up” my retirement.
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First Person: Combining Finances After Marriage, Not 'All-or-Nothing'Many new couples -- married or not -- wonder about combining finances. Combining finances -- as my wife and I found -- doesn’t have to be an “all-or-nothing” proposition though.
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If We Had it to Do Over, We’d Rent-to-own Our HomeIf I had to do it over again, I would definitely have rented our home first before considering purchasing it.
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How To Stay Out of DebtPersonally, even though my wife and I fit the 35 and under age category, our situations is not one of “no house, no car, less debt,” but one of “house, car, no debt”. While it wasn’t an easy path to get to this point, here is how we did it.
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First Person: Determining Proper Insurance Coverage LevelsThere is that delicate balance between having enough insurance coverage to secure our personal possessions should a fire, flood, or theft claim them, but not so much coverage that we’re overpaying unnecessarily.
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First Person: I’m Part of the Lost Labor ForceI was watching CNBC the other day when I heard the host asking, “Where are the Workers?” in regards to the news that labor force participation rates are at their lowest point since 1979.
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First Person: Deciding to Go Back to Work Full TimeI’ve been debating going back to work full time for the past few years. However, the same arguments -- and the same costs -- keep deterring me from attempting to make the crossover back to the working world again.
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Questions I Consider Before Pursuing New Income OptionsAs a freelancer, I’m continuously looking for and open to new income options. However, in a business world that’s constantly changing, exploring new options can be costly in time, effort, as well as money and monetarily.
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Money-saving Foods We Take when TravelingWe typically look for items that are convenient to take along on travels, are light and don’t take up too much space, that aren’t consumed too quickly, and that are affordable and help us save on travel costs.
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Is Our Country Becoming a Federal Truck System?As the power of the federal government continues to grow, and their mandates push further into the facets of our everyday lives, it makes me wonder, is our country becoming a federal truck system?
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First Person: Ebook Marketing TipsWith advancements in publishing and publishing platforms seemingly changing and evolving all the time, but here are a few tips that I’ve stumbled across over the past year of publishing and promoting my personal ebooks.
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First Person: When Budget Cuts Are Like Squeezing Blood From a TurnipAs I started looking at the numbers, I began to realize that the process of cutting more from my budget was going to be like trying to squeeze blood from a turnip, but that didn’t keep me from trying.
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First Person: Overcoming Retirement HurdlesHere are some of the major hurdles I expect to encounter along my road to retirement and how I hope to combat them.
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First Person: Benefits of Resale and Consignment SellingOver the years, I’ve learned a lot about the art of resale and consignment selling, and there are certain aspects of the process that I find stick out to me as the main benefits to making money in this way.
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Valuable Retirement Lessons from ParentsOur family has given us several retirement examples by way of our parents; and here are some of the major points that I’ve picked up from them along the way.
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“Why Marrieds Tend to Be Richer”: I’ll Tell You WhyAs a married person myself, I can’t say I’m exactly “rich”; however, I’d definitely agree that it’s easier to save and stay out of debt with a financial partner at my side.
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If Practice is the Way to Get to Retirement, I’ll Have Plenty of ItA recent Wall Street Journal article discussed people delaying retirement and working later in life. According to the article, “Working longer allows you to start playing sooner, says Christine Fahlund..."
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I Plan on Retiring Later but Not “Feeding” the EconomyPersonally, I have no problem with people working longer, and at this point in my life, I’m planning to work part-time well into my retirement years myself. However, this doesn’t necessarily mean I plan to be “feeding” the economy in the process.
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First Person: Why Having a Real Estate Agent Was BeneficialWhether buying or selling a home, finding the real estate agent that fits best with our needs can make the process simpler, less stressful, and hopefully less costly as well.
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First Person: We’ve Never Missed a Payment…on Anything!While I’m not bragging, there are reasons for our success in the area of bill payment.
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First Person: Social Security and My Retirement PortfolioWith at least 30 more years until I reach retirement age, it’s so difficult to determine how large a role my Social Security benefits will or will not play by that time.
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First Person: Why We Bought Less House Than We Could AffordWhen we bought our first home, we bought more than we needed. However, what that experience taught us was that we don’t need nearly as much space as we thought we did, and the costs that came with that larger home were a real eye opener.
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First Person: Our Biggest Retirement RisksWhile there’s almost always bound to be some risk in our retirement planning no matter what I do, this doesn’t mean that I can’t work to cut as much of that risk out of the equation as possible.
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How Having Confidence Has Made Me MoneyHere are a few of the areas in which confidence has helped me make more money.
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Depression-era Ways We Maximize Savings and Minimize WasteIt’s not always a matter of saving money though that leads me to do such things. Sometimes it’s just a dislike of seeing things go to waste that pushes me to look for new ways to renew and reuse.
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Why I Recently Did an Updated Insurance Home InventoryI recently updated our home insurance inventory. It only took me about ten minutes to do a walk-through video of our home and its contents. This way I have a video recording of our home and the majority of our possessions.
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Why I Pick Silver Over GoldGold is obviously the more glamorous option of the two, and it -- or its cousin, platinum -- often get more attention when people are discussing investing in metals.
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Financial Things I Cringe to Hear Elderly Relatives SayAs some of my relatives begin to near or enter retirement, I tend to listen closely to some of the things they say regarding their finances and financial situations.
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New Business Ideas Don’t Always Require Substantial RiskI’ve found that sometimes I can get a good feel for what such an opportunity entails without having too put myself out there and risk much in the way of time, effort, or money.
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First Person: Is a Working Retirement All That Bad?I’ve started working on developing a career that I can move into retirement with easily and without having much of an impact upon my enjoyment and quality of life.
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First Person: We’re Part of the Middle Class That Is Losing GroundWhile we don’t have credit card debt to the extent of many people, our income has been dropping and has dropped dramatically since 2000. But we’re doing our best to forge ahead in these tough times.
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First Person: Why I Chose Paying Off Debt Over SavingIt can seem like the choice between saving money and paying off debt is six one way, half dozen the next. It’s like I’m saving money so that I can pay bills or I’m paying bills now so that I can save money down the road. But this isn’t always the case.
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First Person: Practicing Living on One IncomeSome people choose to live on one income to help them save for the future. Other people live on one income due to necessity. Our family has done both at one point or another.
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First Person: How to Buy 'Junk' Silver CoinsI’m the proud owner of several rolls of junk silver, and I’ve been studying up lately on silver as an investment. And while I like junk silver as an investment, there can -- as with many investments -- be some things to watch out for when buying it.
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First Person: 3 Ways We Paid Off Our Home FasterHere are three things that we did in an effort to get our mortgage on that first home paid off faster and allow us to eventually own a home outright in less than five years.
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First Person: Make Saving FunI’m not into collecting certain things just for the money though, but for the fun and enjoyment that I get out of them. And now that we have kids, it makes it even more fun to share these types of items with them.
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First Person: 5 Plans to Have in Place Before RetirementI still have plenty of time until retirement, but this doesn’t mean I’m not planning for my golden years. And part of this planning includes breaking down my overall view of retirement into plan subsections.
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First Person: Deciding When to Take Social SecurityThere are so many factors that can come into play when planning for retirement and when to take Social Security. What makes it even more difficult is that no one knows for sure what the future holds for the Social Security program as a whole.
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First Person: The Financial Side of DownsizingA recent MSN Money article looked at some of the questions to ask before downsizing in retirement. But retirement isn’t the only time in which downsizing can be a good option. In fact, we recently downsized, and we’re a younger family of four.
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First Person: Making Room in Our Budget for ExtrasOver the years, I’ve become quite adept at budgeting. Starting as a college freshman has given me plenty of time to get a good feel for all the little quirks and bobbles that can come along with creating and maintaining a budget.
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First Person: Rehiring an EmployeeGoing back to a previous employer can be a somewhat strange situation, as can rehiring a previous employee. And determining whether a rehire situation is right for all parties involved can take some careful consideration.
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First Person: Doing a Retirement Self-AssessmentHere is how I did our retirement self-assessment and why I gave us the grade I did.
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First Person: The Downsides to Living Mortgage-FreeWe sold our larger home, downsized, and purchased a small condo outright. And while it might seem like a dream come true not to have a mortgage (and I have to admit there are certainly benefits to the situation), there are some downsides.
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First Person: We’re Part of the 75% of Consumers Cutting BackAccording to a recent CNN Money article, “Nearly three-quarters of respondents said they were cutting back to cope with tax changes this year -- including dining out less, limiting travel plans and skipping everyday indulgences...”
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First Person: I’m Aiming for a Working RetirementAn MSN Money article entitled, “Over 55 and desperate for work” reviewed the subject of those nearing retirement age, but desperate for work. I don’t want this to happen to us in retirement.
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First Person: Making Up for a Lesser IncomeWhile I manage to carry half of most costs regardless of what they are or how much, my wife handles the majority of the health insurance and transportation costs. Therefore, I feel an obligation to make up for her added support in these areas.
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First Person: Why We Pay Our Kids an AllowanceIf handled in the right way, we feel that an allowance can be a valuable teaching tool when it comes to kids and money, and therefore, we do it (on a small scale). In the process, we tend to find that there are a number of benefits for the kids.
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First Person: The Positives of Paying Off a MortgageI was recently reading an article on MSN Money about the possible demise of the mortgage tax break. My first reaction to seeing the title though was: I don’t really care. Why? Because I don’t have a mortgage.
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First Person: Responding to the “5 Retirement Choices”I found an interesting article on CNN Money the other day regarding five big decisions author Walter Updegrave feels need to be gotten right before retirement. Here is how I responded to the five retirement choices Mr. Updegrave laid out.
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First Person: My 3 'Rs' of Retirement InvestingHere are the three “Rs” that our family follows when making decisions regarding how to put our retirement money to work for us.
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First Person: Why I Don’t Go with a 'Magic' Retirement NumberFor a while now there’s been talk about “magic” retirement numbers. These numbers supposedly help put some clarification to what can often be a muddied and ill-defined area…retirement.
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First Person: We Don’t Save for College, a Home, Paying Off Debt, or RetirementWe don’t have college savings accounts for the kids. We don’t contribute to defined retirement accounts anymore. And we don’t have a variety of accounts labeled “vacation”, “new car”, “home repair”, or “renovation”.
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Can a Kitchen Kill a Home Sale?Here are some of the things that we did -- and didn’t do – to our kitchen that I think affected our ability to sell our home quickly.
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I’m on Board with Silver…Are You?Here are some of the reasons why it appears silver is becoming so popular as of late.
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What If I’m Wrong About Silver?Lately, I’ve been hot on investing in silver. I think it’s a good time for buying physical silver and have purchased some myself.
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SNAP on the Chopping Block?Personally, our family lives in the Chicagoland area where food prices can be fairly high, and we spend nowhere near the maximum SNAP (Supplemental Nutrition Assistance Program) allotment for a family of four.
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First Person: Tax Evasion or Tax Aversion?Now I’m not a tax evader, but I do consider myself a tax averter. Here are some of the ways I look to reduce our tax bills and be smarter about the taxes we do pay.
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First Person: We’re Not Conforming to the 'Younger American' NormPersonally, even though my wife and I fit the 35 and under age category, our situations is not one of “no house, no car, less debt,” but one of “house, car, no debt”. While it wasn’t an easy path to get to this point, here is how we did it.
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First Person: When Being Too Financially Conservative Really Hurt MeThe following are a few examples of times when being just a little too financially conservative really hurt me.
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First Person: Forecasting for Recurring Baby CostsIt can be hard knowing what baby cost will be and how much they will be. There are the doctor bills, baby supplies, clothing, accoutrements, furniture, and all the rest. And that’s just the beginning. Then there are the ongoing costs!
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First Person: Determining Our Expense-to-Income NumberWhat I realized is that I should be focusing more on our expense-to-income number -- what we spend compared to what we earn -- to determine whether I should really be feeling too bad about myself or not.
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First Person: A College Town Retirement?Having lived in a college town several times myself, and having a mother near retirement who lives in one as well, I can see some of the benefits of residing in such a location during retirement.
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First Person: Social Security 'Shockers' Have Me Re-thinking RetirementI know that the direction in which Social Security is currently heading is not a positive one; however, I did think it would be there at least in part when I reached retirement age. Now I'm not so sure.
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First Person: Cold-Weather SavingsOver the years, I’ve learned a thing or two about combating this season while saving myself a few bucks in the process. Here are some of the investments that I’ve made in an effort to recognize cold-weather savings in the Chicagoland area.
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The 5 Strangest Things We’ve Sold, Where, and for How MuchHere are a few of the odd items we’ve sold, how we managed to do so, and how much we received in the process (as best as I can remember considering I’ve misplaced a few of the receipts over the years).
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Revelations from Outlining Total Family CostsHaving been a personal finance writer for several years now, I find it interesting that I’ve never done a total family cost outline before now.
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Benefits of Retirement TrackingThe following are some of the things I’ve done -- and in turn, learned -- about my retirement and retirement tracking.
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Communicating About Retirement with a Spouse Who Doesn’t CareIt’s not that my wife totally doesn’t care about retirement; but she really doesn’t care about dealing with it. She is content to let me handle our retirement preparations, which is nice since I feel it shows a trust in me and my handling of our money.
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Justifying the Costs of a Breast PumpHaving had a child that didn’t take to breast feeding the first time around, we know how expensive store bought formula can be. With our second child though, we lucked out and were more successful with breast feeding.
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The Good and Bad of Long-Distance GrandparentsIt’s been interesting having one grandparent for our children who lives thousands of miles away, and others who lives just a few miles away.
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Child Safety Issues We Considered when Buying Our HomeWhen we purchased our first single-family home several years ago when our son was just one, we found ourselves considering several issues that pertained to keeping him safe in our new home.
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Realizing that My Son is Different from Me… and DealingFrom personal experience, I know that it can sometimes be frustrating for a parent when a child veers off course and shows little interest in a passion a parent was hoping that they’d pursue or at least share.
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First Person: Cash Can Be a Good ThingI’m a firm believer that holding some cash as an investment is not that bad of an idea. Sure, I acknowledge that inflation will eat into it over time, but I think there can be some real benefits to doing so.
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First Person: My Emergency Fund Saved Me After CollegeBefore I even started my senior year of school, I had lined up a job in what I thought would be my future career. I thought I had everything ready upon graduation for a job that would last me years.
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First Person: The Tax Implications of Having a BabyOur second child was born in 2012. And while we are extremely excited about adding another family member to our ranks, it also raises certain financial issues.
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First Person: The Impact of Going Green on Retirement CostsThere was an interesting slideshow on MSN Money recently regarding going green in retirement. It touched upon several major ways in which retirees can go green and save themselves some money in the process.
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First Person: Inflation Protected Retirement Investments Aren’t Working for MeFor many years, I felt that one great way to combat inflation was through government series-I savings bonds. Lately though, I’ve been somewhat disillusioned with these investment vehicles and they just don’t seem to be working for me.
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First Person: My Confidence in Social Security Is Starting to WaverAfter seeing the Congressional Budget Office’s (CBO) recent numbers on Social Security, I have to say my confidence in this fund is starting to waver.
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First Person: I'm Not Counting on Retiring by 65Here are some the benefits of my being able to look past 65 as the date for my “official” retirement.
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First Person: We Make Saving a Full-Time JobHere is how I translate our savings into the equivalent of a full-time job, using the US Census Bureau’s 2009 Consumer Expenditure Survey as a partial gauge for certain expense categories.
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First Person: I’m All for Alternative CurrenciesA recent article in the Washington Post discussed the state of Virginia’s contemplation of developing its own currency.
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First Person: Could I Use Gold and Silver as My Retirement Savings?While there often seems like there aren’t many other options out there, the stock market is not the end all and be all of retirement savings.
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First Person: How Career Satisfaction Defines My RetirementWhile others around me try to scramble to fund their retirements as quickly as possible, like the tortoise in the Aesop’s Fable “The Tortoise and the Hare”, I’m content to plod along -- slow and steady, yet happy -- toward my retirement goals.
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First Person: I’m Not Content With the 'Standard' Retirement PlanPersonally, I don’t feel we have to conform to the norm anymore when it comes to retirement planning, and many of us aren’t…or can’t.
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First Person: Moves We’re Making Now for a Simpler Retirement TomorrowI’m all for a simple retirement, and my wife and I are taking steps today for a simpler retirement tomorrow.
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First Person: Moving to Real Assets Sounds Good, but How?In a recent MSM Money article, “bond king” Bill Gross -- managing director of PIMCO -- discusses the current economy and voices his opinion that the credit based financial markets are running out of steam.
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First Person: The Idea of More Bank Branch Closures Bothers MeAccording to a recent CNN Money article, in an effort to cut costs, “Overall, banks closed 2,267 branches last year and opened only 1,149, according to research firm SNL Financial."
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First Person: Budgeting for Our Biggest CostsPart of handling our bigger costs comes with examining all our costs, not just those everyday items that come along like food, utilities, clothing, and transportation.
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First Person: Our Budget Breakdown: Figuring Fixed from FrivolousI recently laid out all our family costs in order to get a better budget breakdown. In the process, I was able to get a better feel for figuring our fixed costs from frivolous in an effort to find further savings.
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First Person: I'm Changing My Financial OutlookI’m a firm believer that as I grow and age, I can’t blindly stick to my convictions, and sometimes it takes a re-evaluation of my outlook to determine whether it is indeed the right outlook for my particular situation.
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Breast Milk Storage Tips that Made Our Lives EasierIn an effort to maintain the breast milk supply, my wife pumped extra milk like crazy to create a reserve for when I was home alone with baby. This process of building up our breast milk reserve took a little bit of planning and organizing though.
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Safety Steps I Took when Our Son was Around DogsAnimals are well…animals. And you just don’t know what’s going through the mind of an animal, even one who has had the most wonderful demeanor with people over the years.
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Steps We Take for Safe Co-SleepingWe typically start off the night alone in our bed, just my wife and I. However, with a newborn and a five-year-old it often doesn’t stay that way for long.
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Why I Love Being Married when it Comes to Our FinancesDon’t get me wrong, I love my wife in more ways than just financially, but being married can bring with it certain financial strains if a couple is not financially compatible.
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Items that Save the Day for This DadI’ll admit it; it’s not always an easy task having to work at home while also caring for a baby. This work-at-home dad has already been through it once, and now I’ve come back for round number two.
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How Parents and Family Help Us Plan for RetirementHere are some of the ways in which I’ve found our particular parents have been important in helping to teach us more about retirement, whether they mean to or not.
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That Cardboard Box is an Awesome Gift!Over the years, I’ve been amazed at just what kids will find to play with. It’s not always the latest and greatest toy that just hit the market…just ask my son.
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First Person: This Is Exactly Why I Gauge Our Personal Inflation RateA recent article on Marketwatch, by Dennis Miller (no, not the well-known comedian), highlighted something I’ve known for a long time, that government statistics regarding inflation don’t always align with our own personal inflation rates.
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First Person: How I Got so Good at BudgetingWhile it’s taken some trial and error to figure out best practices when it comes to the budgeting aspect of our personal finances, I think I’m finely getting it down to a fine art.
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First Person: The Chinese Like Silver ... I Like it TooAn article from Marketwatch recently noted that, “Silver’s drawing more and more attention as an investment these days, especially from China.”
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First Person: Boomerang Kids Aren’t Always a Bad ThingWhile I’m sure most parents would prefer to see their children not only survive but thrive on their own, I also think that as a society, we have lost sight of many of the valuable things that can come with multi-generational living.
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First Person: Is My Vision of Retirement a Mirage?I’m not whining here, I think I’m just beginning to realize that what reality may bring with it during my “golden years” may be a bit harsher than I previously envisioned, and here’s why.
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First Person: Making Sense of Our Retirement FutureI’ve discovered some very simple things I can do to make our retirement picture much clearer.