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Things to be thankful for

Wednesday, November 26th, 2008

Keith Tufte of Longview Wealth Management just sent me his list of things to be thankful for in this thankless economy. I added a few of my own at the end and hope you’ll do the same.

Thanksgiving 2008 things to be thankful for Top 10 List:
Be Thankful For . . . . . .
1. America is still the best country in the world (except maybe Norway). There are many worse places to live.
2. The price of gas is down huge. You can afford to drive your SUV and snowmobile again.
3. You still have a job (if you do). You still have your health (that’s what really matters).
4. AC/DC is touring again. Brittany Spears is not. (more…)

Happy with health savings?

Friday, November 7th, 2008

Believe it or not, I’ve always said I wanted the option of a health savings account tied to a high deductible health care plan. Fortunately, my family has spent little on health care in recent years with the exception of delivering a couple of babies.

I’ve thought in the years where there weren’t new family additions, that we would actually save money with a high deductible plan (hdhp) with lower premiums tied to a health savings plan, which allows you to put money away pre-tax for health care costs. Many employers even contribute money to the account for you.

But a story I read in the Washington Post years ago featuring Felix Meschke, a father and University of Minnesota business professor who has patiently explained stock market statistics to me on more than one occasion, makes me worry that an HSA would actually end up costing us a lot of money. (more…)

Money books on the horizon.

Monday, November 3rd, 2008

Every now and then I browse through dozens of pages of upcoming personal finance books on Amazon in search of trends or interesting concepts. Today, I found several books that aim to explain, or capitalize, upon our current financial crisis, books on being cheap, and your standard books on how to become rich by investing in real estate or the stock market or the particular author’s strategy.

Two oldies but goodies are also being revised. Finally! One is Beth Koblinger’s “Get a Financial Life,” a book geared towards teaching young adults about money. It was terribly outdated, so I was reluctant to suggest it in the past.The second, is “Your Money or Your Life,” the bible of frugal living with meaning. The new edition should be out in time for the holidays. The book also happens to be featured in this week’s Dollar Duo video, which will be released on Tuesday.

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Dollar duo: Financial literacy

Tuesday, October 7th, 2008

In this week’s Dollar Duo video, I visited the National Theatre for Children. The group travels to schools to present improv plays on important topics such as global warming, nutrition, and money.

As I mentioned in the video, the NTC relies on regional sponsorships to bring plays to schools and surprisingly despite having a lot of financial heavy-hitters in this town, no one has stepped up to the plate.

So if your school isn’t teaching financial literacy and you need some ideas for educating your kid at home, check out the following links:

The Jumpstart Coalition – a well-established group create to promote financial education.

Practical Money Skills for Life — Yes, it’s paid for by Visa, but it’s got a lot of flashy resources that appeal to multiple age groups.

Feed the Pig — Geared more towards young adults, this site, sponsored by the American Institute of Certified Public Accountants and the Ad Council, is worth a visit just so you can set eyes on Benjamin Banks, the creepiest PSA mascot you’ve ever seen.

Italladdsup.org — Financial education site from the National Council on Economic Education.

Hands on Banking — Wells Fargo’s site to teach basic money management.

Financial Planning Week

Monday, October 6th, 2008

It’s Financial Planning Week.

Here are 20 ways to celebrate courtesy of the Financial Planning Association.

20 Ways to Celebrate Financial Planning Week

* Balance your checkbook
* Make a monetary contribution to your favorite charity
* Start a savings account for a child, vacation or a gift for yourself
* Help teach your children how to save and spend wisely
* Get your estate in order: Create or revise your will and other estate-planning documents
* Call your financial planner and share your appreciation for their service
* Pay off a credit card
* Get a head start on college — investigate college planning options
* Establish an emergency fund
* Evaluate your employee benefits and begin planning for open enrollment
* Develop your holiday spending budget
* Plan for year-end tax strategies
* Purchase a session with a financial planner for a relative, friend or colleague
* Give a relative, friend or colleague a subscription to a personal finance magazine
* Invite a financial planner to speak at your workplace
* Review your insurance coverage
* Write down your financial goals and revisit them periodically
* Start using personal finance software to help you better understand your money
* Look up three financial terms that have baffled you and resolve to understand them
* Talk to a relative about their plans for long-term care

OK. So not as fun as watching new TV shows or taking a walk on fall leaves that make that wonderful, crunchy sound. But much of it is necessary.

The Minnesota chapter has a belated FP-week event next Tuesday. It’s a Health Care Reform forum being held at the Humphrey Institute from 12:30 to 2pm.