Hope for your financial life and beyond

7 Financial Hurdles to Becoming a Stay at Home Dad

August 4, 2014 by 12 Comments

Today I’m guest posting and commenting at the personal finance blog Reach Financial Independence. Click the link below to read about the financial challenges my wife and I decided to check off our list before I became a stay at home dad.

sprinters jumping hurdles

Image at Wikimedia Commons

So, you want to be a stay at home dad? Great! I’ve recently become one after several long years of planning and deliberation. Needless to say, it’s a decision that cannot be taken lightly.

In order to reach this point, my wife and I desired for several things to happen. First of all, my wife needed to REALLY aspire - out of her own conviction - to work outside the home. I didn’t pressure her or twist her arm to make this happen. In fact, on many levels, she wanted it more than I.

Secondly, there were of course financial matters to consider. Going from two incomes to one is no picnic. We both had to focus on…

Click here to keep reading at Reach Financial Independence…

Next Post: Back to School Savings I Don’t Care About

Prior Post: Celebrating a Milestone With My Top 10 Favorite Proverbs About Money

 

Filed Under: Goals, Marriage, Planning Tagged With: , , ,

Building Trust With Your Audience: Should a Blogger Care?

July 30, 2014 by 38 Comments

word trust spelled in blocksShould a blogger care about building trust with their audience?

I’ll admit to not thinking about this much when I first started Luke1428. The only care of my infancy involved getting my ideas into print. That was stressful enough. Who had time to think about whether or not my audience would trust me.

The deeper I go into this journey though, the more I’m realizing the importance of this issue. Trust is the basis of all relationships. Without it, relationships disintegrate.

Don’t believe me? Then think about the last time someone you trusted and believed in took a misstep.

Your teen who broke curfew.

Your significant other who cheated on you.

The pastor who became involved in an indiscretion.

A co-worker who threw you under the bus to save their own skin.

How did that make you feel? Betrayed? Cheated? Disappointed? Wary going forward?

Whether we like it or not, we are developing a relationship with our audience, whether that is in a business setting, in a non-profit organization, in our families and yes, right here in a blog. And I would suggest that the more trust we engender from others the more potential for success we will have.

Trust Is Built Over Time

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Filed Under: Blogging, Leadership Tagged With: , ,

5 Life Changing Moments That Lead to Lifestyle Inflation

July 22, 2014 by 46 Comments

In simplest terms the concept of lifestyle inflation refers to a person’s spending going up as their income goes up.

lifestyle inflationSome lifestyle inflation may be unavoidable but it’s a good thing to keep it in check as much as possible. Otherwise you end up living paycheck to paycheck and having little or no money let over to pay down debt, save for retirement and use for other investments.

When a person is at that point, with no money left to create a cushion, life gets really stressful.

Moments of Lifestyle Inflation

We can be drawn to increase our lifestyle at any point in life. As I see it though, there are five instances when we are most susceptible to increasing our spending. Here’s how it often works.

1. After college graduation at the first real job

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Filed Under: Career, College, Marriage, Spending Tagged With: , , , ,

The Lemonade Stand Book Review Plus An iPad Mini Giveaway

July 14, 2014 by 19 Comments

The lemonade stand book reviewToday I have the pleasure of assisting my friend Shannon Ryan from TheHeavyPurse.com as she kicks off the release of her new book The Lemonade Stand. In addition, you can sign up below for the chance to receive a free iPad Mini. How cool is that!

Before you get to the giveaway, I’d like to briefly share my review of The Lemonade Stand, a book geared toward children ages 4-9.

The book follows the adventures of sisters Lauren and Taylor and their friends Ryan and Christopher.

The Storyline

As they shop in preparation for a beach trip the following day, Christopher discovers a toy he wants really bad. Guess what? His brother Ryan also finds something in the toy aisle. Both beg their mother for their desired toy that they must have “right now!”

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Filed Under: Book Review, Kids and Money Tagged With: , , , ,

The 3 Money Topics Teenagers Most Like to Discuss

June 25, 2014 by 3 Comments

Today I’m guest posting at The Heavy Purse, a blog that focuses on parents teaching their kids about money. Click the link below to read the rest of this post.

Teenage student holding credit card

Image at FreeDigitalPhotos.net

I’ve had the privilege for the past 17 years to be engaged in a challenging and never-dull career, the educational instruction of teenagers. Until giving up my high school teaching position recently to become a stay at home dad, part of my instructional responsibility was teaching Basic Economics and Personal Finance classes. I used some really good material over the years, including the high school curriculum published by Dave Ramsey’s team.

My economics classes were enjoyable enough. The students were able to understand the historical trends of economics, the basic concepts of supply and demand, and how governments can promote or hinder economic growth. I would say as a whole, that class was met with only average, C+ levels of enthusiasm.

But mention the words “Personal Finance” and the kid’s eyes would light up…

Continue reading at The Heavy Purse…

Next Post: How to Play the “Take This Money - No Thanks - I Insist” Game

Prior Post: How I Increased My Facebook Reach For Blog Posts By Over 700 Percent

 

Filed Under: Kids and Money Tagged With: , , ,

Four Big Money Issues For Couples to Settle Before Marriage

June 19, 2014 by 2 Comments

Today I am guest posting and commenting at Young Adult Money. Please follow the link below and enjoy the rest of this post.

My wife and I spent a lot of time getting ready for marriage. We dated for several years, attended pre-marriage counseling, and talked for countless hours about likes and dislikes, our families, children and careers.

We didn’t talk a lot about money though. We might have touched on it briefly during our counseling sessions but I cannot remember sharing deep discussions about our views on debt, spending, or saving. It simply wasn’t on our radar.

I believe our experience is representative of many couples…

Continue reading at Young Adult Money…

Next Post: The Two-Faced Giver: When It Looks Like Rain It’s Supposed to Pour

Prior Post: How Being Flexible Saved Our Vacation

Filed Under: Marriage Tagged With: , ,

Why I’m So Excited to Spend Money Again on Cable TV

June 2, 2014 by 53 Comments

cable TV

I revealed last week in “The Fear of Spending Once the Debt Is Gone” that my wife and I haven’t begun to wildly spend now that we have paid off all of our debt. It was a relief to know the discipline that drove us to pay off our mortgage early has continued to define our post-debt lives. We have no inclination to spend, spend, spend now that more money is available in our monthly budget

In all honestly though, we have loosened the reins on our spending a little bit.

We’ve brought back cable TV!

What? That’s blasphemy in the frugally-minded personal finance world. Cutting cable TV is always the first expenditure to go in those “10 Ways to Save Money and Pay Off Debt” posts. I’ve surely even said that before myself.

If cable TV is the first thing to cut, why can’t it be the first thing to bring back? Seems logical to me.

Needless to say everyone in the house is thrilled with this decision.

Short Term Cable TV Sacrifice For Long Term Gain

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Filed Under: Kids and Money, Spending Tagged With: , , ,

Why I’m Quitting My Job To Be A Stay At Home Dad

May 19, 2014 by 109 Comments

stay at home dadYou read that right. It’s not a misprint or a trick to get attention. As of Friday, May 23rd 2014, I will no longer be formally employed. I’m becoming a stay at home dad.

After 17 years in education serving as a principal, teacher, coach and mentor, I’m quitting my job to be a stay at home dad.

Those are the most exciting words I’ve ever typed on this blog! I’m starting a new journey.

They are also the scariest words I’ve ever typed on this blog because I’m starting a new journey.

I’ve waited a long time to share this news and start talking about what has brought our family here. It hardly seems real even after formally declaring my intentions. Maybe my new life as a stay at home dad will me next week as I start to clear out my classroom. My guess is I won’t feel it’s full impact until sometime next fall, probably on the first day of the new school year.

The decision to be a stay at home dad appears to have come out of nowhere to those in my circle of influence. Obviously the students were surprised last week when I shared the news with them. I hadn’t hinted at this at all, even though I’ve known for some time this was going to be my final year. What appears to those outside to be a surprise, is actually the culmination of a multi-year prayer journey.

That’s right…I don’t make decisions quickly. Especially when it comes to leaving a place to which I’ve committed my entire adult working life.

I can’t unpack all there is to share about this move in one single post. So if you came here looking for a step-by-step tutorial on how to become a stay at home dad or the financial challenges associated with it, that’s coming later.

For now, I’d simply like to focus on “the why.”

Following Through On the Stay at Home Dad Desire

Life is a series of choices. Sometimes those choices collide and cause friction no matter which option is chosen. Regardless of the situation, we can never say we don’t have a choice. There are always options.

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Filed Under: Career, Marriage, Work Tagged With: , , ,

The Real Secret to Developing a Work Ethic in Kids

May 17, 2014 by 6 Comments

Hidden Nuggets Series #41 - “Therefore, I urge you to imitate me.” I Corinthians 4:16

developing a positive work ethic

Like father, like son

The messages this week at Luke1428 have all centered around the benefits, both financial and emotional, that children can receive from doing work. My wife and I have been teaching our children that labor leads to profit and that if they don’t work they won’t get paid. Those are big messages and the sooner they learn them the better.

Have you ever wondered how a solid work ethic gets ingrained in a child? Is it something they are born with? Does it come through the hearing of verbal instructions given by adults? Or maybe it results as a reaction to punishment received for laziness or disobedience.

Those ideas have merit. However, I don’t believe any of them in and of themselves will ultimately produce a child with a strong work ethic. What will ultimately do it? The answer is simpler than you think:

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Filed Under: Inspiration, Kids and Money, Work Tagged With: , , ,

Why We Don’t Give Our Kids Allowance

May 13, 2014 by 30 Comments

My wife and I are not giving our kids allowance simply for existing. We’ve chosen a different path to reward them with money.

kids allowanceDoesn’t it seem our culture has lost the passion for hard work? I look around and see adults taking risky, unnecessary shortcuts in an attempt to get ahead in their career. I see people playing the lottery to get rich quick instead of choosing to build wealth over time.

Then there are those people in tough financial situations that won’t take certain jobs because they consider the position beneath their standards. Really? Must not be that desperate.

Our mindset has changed to thinking we should be given things simply because we deserve it. Someone else (like the government) will provide for me, right? So why work?

Sad thing is, these attitudes are being scooped up by our young people. We have a generation of kids who bristle at the idea of doing a 30-minute homework assignment on a Tuesday night. Cuts into their Snapchat time. If they do muster the desire to attempt the work, they only put in half the effort. They shut down if the answer to a problem causes them to think for more than two consecutive minutes.

More and more kids are refusing to push themselves to work. They are opting out of excellence. And when they fail, someone or something else is to blame.

If we are going to succeed in life and with money, we have to clearly embrace a concept found in the Bible - “In all labor there is profit but idle chatter leads only to poverty.” (Proverbs 14:23)

That’s why we are not giving our kids allowance.

Giving Kids Allowance Doesn’t Teach the Value of Work

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Filed Under: Kids and Money, Work Tagged With: , , ,

Moving Back In With Your Parents at 50? It’s Happening A Bunch

April 23, 2014 by 40 Comments

moving back in with your parentsHave you ever thought about moving back in with your parents? This past weekend the LA Times published an article detailing the number of Californians age 50-64 who are doing just that. You heard that right. Middle-age adults (and their kids) living back at their parent’s home, perhaps occupying the same bedrooms they had as teenagers.

The big details of the study are this:

“For seven years through 2012, the number of Californians aged 50 to 64 who live in their parents’ homes swelled 67.6% to about 194,000, according to the UCLA Center for Health Policy Research and the Insight Center for Community Economic Development. That jump is almost exclusively the result of financial hardship caused by the recession rather than for other reasons, such as the need to care for aging parents…”

It’s not all that uncommon for adult children to live with aging parents. My aunt has been doing that for years with my now 100 yr. old grandfather, and it’s been a beautiful situation for the family. This arrangement most often happens because of a health issue or the desire for the elderly parent not to end up in a nursing home. So, parent and child come together again in a single home and the child serves as caregiver in their parent’s later years.

According to the study, these middle-age kids are moving back in with their parents because of hard economic times. They lost their jobs as the economy collapsed and are now finding it difficult convincing employers to hire them. They have exhausted their savings and simply have nowhere else to turn.

Questions on Moving Back in With Your Parents

I have all sorts of thoughts and questions after reading this news:

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Filed Under: Current Events, Relationships, Retirement Tagged With: , , ,