What Financial Legacy Are You Leaving? Part II

What Financial Legacy Are You Leaving?  Part II

We began this two-part series with What Financial Legacy Are You Leaving? Part I.  We shared that leaving a financial legacy is more than just leaving money to heirs.  We talked about enriching a financial legacy with financial education, integrity, stewardship, end of life preparation, retiring debts, and generosity. 

We covered the first three topics, financial education, integrity, and stewardship and we are continuing with end of life preparation, retiring debts, and generosity in this post.

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What Financial Legacy Are You Leaving? Part I

What Financial Legacy Are You Leaving?  Part I

Many people do not think about the financial legacy they are leaving to the generations following them.  If they do, it is usually not until they are nearing or in their retirement years. The topic is not common in conversations for obvious reasons.  Can you imagine how a conversation might go especially for those who haven’t given the topic any thought?  It could be rather uncomfortable.

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Ways We Waste Money

Ways We Waste Money

My Granny used to say, “Take care of what you have until you know where your betters are coming from” all the time.  I’m not sure if she picked up the saying from her mother or father, a book, or someone else, but it stuck with me.  Although, I have not always heeded her sage wisdom.  She was telling me not to waste money, which many of us do on a regular basis.

Here are some ways people waste money:

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Let’s Discuss MLM Opportunities

Let’s Discuss MLM Opportunities

Multi-Level Marketing (MLM) is a creative marketing strategy designed by Wachter in 1932 according to an article by Frank Ross at AllBusiness.  Multi-Level Marketing (MLM) opportunities are usually pitched by a friend, friend of a friend, or family member.  MLM’s cover a wide range of products from food to clothing to skin care to jewelry to household goods.  Some MLM’s recruit sales consultants to offer services such as booking travel and financial services.

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College and FAFSA

College and FAFSA

As high school students near their junior year, they begin to consider colleges.  Several articles recommend students narrow their choices to their top five to eight.  One of the critical issues for attending college is financial aid.  Financial aid is awarded to thousands of students each year to attend college. 

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Meal Planning on a Budget

Meal Planning on a Budget

Groceries and eating out has been the most difficult expenses to budget for our family.  Busy schedules for a family of five have led to many fast-food meals.  Meal prep is time consuming especially if you are trying to cook healthy meals from scratch which includes limiting or not using processed foods.  Preparing food on a budget can work, though, but it takes a a little bit of preparation.

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Is Your Teen Ready to Adult?

Is Your Teen Ready to Adult?

Parents spend a lot of time and effort preparing their children academically and socially to live healthy, productive adult lives.  Many times, parent’s efforts do not include ensuring their kids are financially literate.  Financial literacy goes beyond spreadsheets, calculators, retirement, and savings.  Many areas of our lives impact the financial path we travel.  The following non-exhaustive list includes important topics teens need to learn to adult successfully.

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Factors to Consider When thinking about Purchasing Year-end Assets.

Factors to Consider When thinking about Purchasing Year-end Assets.

As we approach the fourth quarter of the year, and especially after harvest, there is an annual event in the farm sector.  This is often driven by accountants who are being asked by a producer how they can avoid paying any income taxes on this year’s profitable production (if they are in a year where there is a profit).  One of the first suggestion is to purchase farm machinery.  This idea has gained popularity with the bonus depreciation in place with the current tax law. 

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Does Missing Debt Payments Improve Your Credit Score?

Does Missing Debt Payments Improve Your Credit Score?

Mike Brown of LendEDU shared the results from the survey Millennials & Credit Cards Survey & Report conducted by the company.  500 millennials were asked various questions regarding credit cards.  The results were remarkable and support my ideology that financial education should start in elementary school and continue every year through kid’s senior year in high school.

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What to Do About the Equifax Breach

What to Do About the Equifax Breach

Equifax announced last week a data breach involving potentially 143 million consumers occurred on July 29.  Louis Basenese states in his article, How to Survive the Equifax Hack, Equifax may have known of the hack as early as May.  It’s unclear why we are just now finding out about this in September just ahead of Hurricane Irma news, but it’s done.  Now, it’s time to determine the best ways to protect oneself against a month-old, or longer, breach.  In other words, the breach has a lengthy head start on whatever havoc it will render.

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