Hope for your financial life and beyond

Should I Retire Early? – 9 Questions to Help You Decide

November 25, 2023 by 48 Comments

What do the numbers 61, 65 and 73 have in common? You might guess they are the home run records set during various Major League Baseball seasons by Roger Maris (1961), Mark McGwire (1999) and Barry Bonds (2001) respectively. However, for our purposes here those numbers represent peoples ages. Specifically, the age they may be looking at to mark the beginning of their retirement. In fact, we could also put in numbers like 55, 50 or even younger as even people at those ages are asking could I or should I retire early.

couple in retirementLet’s just get this out of the way right at the beginning – clearly a person can retire at any age they choose. However, to receive full financial benefits from the Social Security Agency will require a person to work until a certain age (based on when they were born). For example, I was born after 1960, so full retirement age for me isn’t until age 67 according to the Social Security website.

I could begin to receive benefits as early as age 62. However, those benefits would come to me at a reduced rate. The calculation used by Social Security is based on the number of months once I retire until full retirement age is reached. In my case that would be 60 months if I retired at age 62.

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The Best and Worst Places to Save Money When Getting Out of Debt

July 22, 2023 by 26 Comments

Lets assume that you’ve finally decided getting out of debt is a priority. You know that saving money in the monthly budget by cutting expenses is a key component to the debt payoff process. But where do you start? What is the best place to start chopping away at your budget?

getting out of debt

The Headache Factor Equation will help you determine which spending categories to cut first.

Not all categories are created equal. For some expenses, you can find money savings quickly. Others are going to take a little more time and effort. Some budget cuts will be easy to endure while others might lead to some family frustration at the lack of spending for that category.

In order to better identify the best places to save money in the monthly budget, I’ve created what I call the “Headache Factor Formula.” This equation takes into consideration three factors that are each scored on a scale of 1-5, with 1 being positive and 5 being negative. The lower the cumulative score of the three factors the better when determining where to start saving money first.

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13 Encouraging Bible Verses for Men

May 31, 2023 by 18 Comments

Let’s face it – men need encouragement. We try to act tough like we can handle everything on our own. But if we are honest, we need to be lifted up just like anyone else. So it’s a good thing there are many encouraging Bible verses for men from which we can draw inspiration.

encouraging bible verses for menThe Bible is full of encouragement to all people. There are so many stories and verses that give us inspiration, strength and comfort in our time of need.

But are there verses that speak a little more directly to men and our issues? I think so. Men have challenges that women don’t face on the same scale or level of intensity. There is nothing wrong with that as we are all made differently. And some Bible verses may mean more to one person over another or one gender over another based on what we struggle with.

So today I’d like to highlight a few encouraging Bible verses for men that stand out to me and share a little about why they do.

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Is the Bible Really Clear About Paying Taxes?

March 26, 2023 by 5 Comments

“Render therefore to Caesar the things that are Caesar’s, and to God the things that are God’s.” – Matthew 22:21

taxes in the bibleLike you, my tax paperwork is due to be filed by April 15th. There is no doubt that doing the tax return is no fun to fill out every year. It has become a much easier task though since my wife became a CPA.

Talking about taxes sets our blood to a boil. We despise the fact that we work so hard only to see so much money taken from each paycheck. “Isn’t there a way to avoid it?” we ask.

That question should raise alarm bells for everyone. While certain maneuvers with money are legal, many others are not. If we are not careful, that question can lead us down a path of handling our money in a way that we might regret one day.

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Start Investing Your Money Smartly: 6 Common Investment Mistakes to Avoid

March 26, 2023 by Leave a Comment

Have you decided it’s time to get smart and start investing your money in stocks? For those who are ready, investing is key to building long-term wealth. It’s hard to find another investing vehicle that has produced greater long-term returns than the stock market. 

Maybe you have invested in the past only to make mistakes. Perhaps you were disappointed with the results. But as they say in the investing world, “past performance is no guarantee of future results.” In other words, just because you’ve had one bad experience in your mind, doesn’t mean that you can’t succeed going forward with a different perspective. 

On the other hand, you may be relatively new to the world of investing and feeling a bit overwhelmed. There is so much terminology to learn. And, how do you sort through all the investing options? 

The good news is that you can do it. Millions of people have. The focus here will be on avoiding six common investment mistakes. If you can learn to steer clear of these issues, you’ll be much more likely to have positive results and meet your investment goals. Let’s take a look at how you can invest your money wisely.

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8 Questions to Ask When Setting Up A Family Inheritance

February 2, 2023 by 21 Comments

It’s hard enough to deal with the topic of our own death let alone what will happen to our possessions once we pass away. Setting up a family inheritance can get complex and technical. That’s why most people don’t deal with it.

family inheritanceThe aftermath of what we do could lead to a potential mess as this 2012 article from Fox News demonstrates:

“Heirs of a wealthy New York art dealer were left a $65 million sculpture [named “Canyon”]…The bequest comes with a $29 million tax bill, but since the piece includes a stuffed eagle, it can’t be sold…federal law makes it a crime to possess, transport, sell or otherwise convey a bald eagle, whether it is alive or, as in this case, stuffed…The venerable auction house Christie’s placed the value of “Canyon” at zero. The IRS initially put it at $15 million, then jumped the figure to $65 million…”

Most of us will never deal with numbers that large. But it’s no wonder we get confused with our heirs, the courts and the IRS all to think about. It all seems like a big tangled mess.

So what should we do?

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How to Get the Most Out of Christmas

December 19, 2022 by 1 Comment

Weeks ago, at the beginning of November, stores already had Christmas decorations on display. I know those stores are just trying to get the most out of Christmas season. But it’s too early at that point for me to think about Christmas.

get the most out of christmasFor me, December 1st officially starts my holidays. That’s because I know that in the 31 days of December, my family will attempt to cram more into each 24-hour period than is usually desired. For me, the annual cramming revolves around two specific lists – my December To-Do List and my Present Wish List.

The To-Do List for December is very important. It’s filled with kid activities, social get-togethers, Christmas programs and of course shopping. Additionally, home chores are also part of the To-Do List. So, because I’m a teacher, I get a “vacation” during Christmas break which gives me a greatly needed window to do these activities and catch up on all that I’ve let slip by.

The other list – the Present Wish List – is all about what I would like to receive on Christmas day during our annual gift exchange. This one is a little tricky and here is why.

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Operation Christmas Child: Changing Lives One Shoebox at a Time

November 27, 2022 by 16 Comments

I believe the Bible when it says, “He who has a generous eye will be blessed, for he gives of his bread to the poor” (Proverbs 22:9). Spiritual and emotional blessings come when we give to others, especially those in challenging life situations. And this time of year I can think of nothing better to give to than Operation Christmas Child. 

operation Christmas childCan you imagine living in a world with no Christmas? What does that look like?

There are no kids eager to wake you up at 7:00 am. No smiles when a gift is received. No feelings of being special. And no comforting thoughts that someone cares for you.

What an unattractive and dismal scenario that paints. Sadly, millions of children all over the world experience a Christmas just like this. Their Christmas is bitter, meaningless and without hope.

That’s where Operation Christmas Child steps in. But they are only able to do so with your help. Here is how.

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Stay the Course: Success Happens One Step at a Time

October 5, 2022 by 24 Comments

Are you unable to stay the course? Many people have difficulty with this when it comes to completing a task. Somewhere along the way, for whatever reason, they give up, never to reach their goal.

stay the course

It happens for big things and small things. For things we would consider hard and even for things that might be easy. Whatever the goal, it’s challenging to push through and achieve the success you are looking for.

I remember years ago when I shared that we had finally paid off our mortgage early and the four big reasons why we did that. Many people on this blog and on my Facebook page were excited for us. Believe me, so were we. It had been a conviction of our to push through that final debt and knock it out in the span of four years.  

But I also remember some of the comments shared with us were from people who were discouraged. They talked about how long it would take them to pay off their mortgage and that they couldn’t imagine ever reaching that goal. To them, our victory was a reminder that their end was nowhere in sight.

If you feel that way, like the end is never going to come, I’d like to encourage you by saying three things:

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6 Signs You Are Living Above Your Means

September 2, 2022 by 3 Comments

Let’s face it. We live in a fast paced, consumer friendly, debt-driven society. Spending money has never been easier.

above your meansThat might be why more than 60% of Americans deal with credit card debt on a daily basis. Access to credit has never been more available to the general public. Unfortunately, it is a main reason why living paycheck-to-paycheck is an unfortunate reality for nearly half of Americans.

However, that reality doesn’t have to be inevitable. Your situation can improve with some quick refinements to your spending habits. I’ve done it before and so can you. You don’t have to live above your means.

It does come down to a simple choice. But first you must be able to recognize that you have a problem. With that in mind, here are a few warning signs that may indicate you are living above  your means.

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The Ultimate Guide on How to Make the Best Monthly Budget

July 8, 2022 by 13 Comments

I’ve written a lot over the years on how to make a monthly budget. It’s really been important to me because creating and successfully living on a budget turned our life around. My wife and I would not be where we are financially had we not admitted the problem and took the time to learn how to budget.

So I’ve decided to pull all my knowledge about doing a monthly budget into one post. And I’ll tell you right now, it’s going to be a long one. But it’s also going to be really helpful. If you are new to budgeting, struggling with budgeting or a veteran at budgeting, you’ll learn something from this post that you can apply right away.

To help with organization, I’ve divided the post into several segments. Here is what you can expect to find:

  • monthly budgetWhat are budgets?
  • The real reason you need a monthly budget
  • Why people resist budgets
  • The one tip that started our success
  • The basics expenses of a monthly budget
  • What percentage to spend in each budget category
  • How to make your monthly budget zero-based
  • What to do with the left over budget money
  • Why your monthly budget isn’t working
  • Three helpful strategies for spending
  • Budgeting resources that work

With that as our outline, let’s get started.

What is a Budget?

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