Setting Up a Budget Based on Your Values

Setting Up a Budget Based on Your Values

By:  Carl Richards At a recent breakfast, a friend shared the process he and his wife use in place of traditional budgeting. It takes them less than 15 minutes a month, and after the first month, it’s already had a massive impact on the way they use money. Think of this as a little case study, one that shows exactly how easy it can be to align your spending with what you say is important to you. First, they started by tracking their spending. You might call it budgeting. You might even use budgeting software. It doesn’t matter. Write it down. Use a spreadsheet. Download your credit card statement. Print your bank transactions. Whatever you do, put together a simple list of all your monthly spending. Second, they went through every transaction, one by one, and asked a series of three questions for each: 1. Does this expense align with our values? 2. What value does it align with? 3. Is there a substitute that might cost less? As they went down the list of transactions, they answered the first question with a “yes” or “no.” I suggest physically doing something for this part of the exercise. For example, if you printed your transactions, mark each transaction “yes” or “no” with a pencil. If you’re using a spreadsheet, you could add a column and type in “yes or “no.” I find the physical act tends to make the intangible nature of money a bit more real.  At this point, it’s really important that you don’t get caught up in shaming or blaming. Just answer the question and give your...
The Importance of Getting Clients Comfortable With Talking About Their Money

The Importance of Getting Clients Comfortable With Talking About Their Money

By:  Carl Richards As long as clients feel uncomfortable talking about money, advisers will have a hard time helping them learn how to make better decisions As financial professionals, we’re trained to talk about money. In fact, our training tells us it’s OK to talk about money. But for everyone else, it’s a different story. I can still remember as a kid that my parents didn’t talk about money, sex, religion, or politics in “polite company.” That just wasn’t done. Over time, it became clear that “polite company” included just about everyone when the subject involved money. I’m betting many of you had a similar experience.  Think about where that leaves people. We’ve been told for years to not talk about money.  To continue reading, please click here.   By clicking on any of the links above, you acknowledge that they are solely for your convenience, and do not necessarily imply any affiliations, sponsorships, endorsements or representations whatsoever by us regarding third-party Web sites. We are not responsible for the content, availability or privacy policies of these sites, and shall not be responsible or liable for any information, opinions, advice, products or services available on or through them. The opinions expressed by featured authors are their own and may not accurately reflect those of the BAM ALLIANCE. This article is for general information only and is not intended to serve as specific financial, accounting or tax advice. © 2016, The BAM...
The Millennial Future

The Millennial Future

By: Tim Maurer Given changes in the jobs market and retirement savings options, how can risk-averse millennial investors in their 20s and 30s secure their futures? Click here to watch this CNBC video.   By clicking on any of the links above, you acknowledge that they are solely for your convenience, and do not necessarily imply any affiliations, sponsorships, endorsements or representations whatsoever by us regarding third-party Web sites. We are not responsible for the content, availability or privacy policies of these sites, and shall not be responsible or liable for any information, opinions, advice, products or services available on or through them. The opinions expressed by featured authors are their own and may not accurately reflect those of the BAM ALLIANCE. This article is for general information only and is not intended to serve as specific financial, accounting or tax advice. © 2016, The BAM...
The Market Volatility Survival Tool: True Gift

The Market Volatility Survival Tool: True Gift

By: Tim Maurer Is recent stock market volatility bugging you? Do you wince with every headline announcing Greece’s demise, China’s bubble(s), the Federal Reserve’s indecision or the Dow’s down day? Do you sneak a peak at your portfolio’s performance more than quarterly (or perhaps even annually)? Does market volatility tempt you to question your investment strategy, even if it’s well thought out and carefully implemented? Does it weaken your resolve to resist the sky-is-falling siren song heard so frequently in the financial media, or the sales pitch du jour?  To continue reading, please click here.   By clicking on any of the links above, you acknowledge that they are solely for your convenience, and do not necessarily imply any affiliations, sponsorships, endorsements or representations whatsoever by us regarding third-party Web sites. We are not responsible for the content, availability or privacy policies of these sites, and shall not be responsible or liable for any information, opinions, advice, products or services available on or through them. The opinions expressed by featured authors are their own and may not accurately reflect those of the BAM ALLIANCE. This article is for general information only and is not intended to serve as specific financial, accounting or tax advice. © 2016, The BAM...
10 Common Spending Regrets

10 Common Spending Regrets

By: Jeff Yeager Wasted money on a purchase? Here’s a look at items people buy and wish they didn’t. Time-shares The time-share industry, known for its seductive marketing practices, plays on people’s fantasies of owning property in popular vacation areas and being able to travel the world by simply swapping time-shares. In reality, many time-share owners find that ever-increasing “maintenance fees” turn their fantasies into financial nightmares. Swapping — let alone ever selling — their time-shares is next to impossible. — Andre Jenny/Alamy To continue reading, please click here.   By clicking on any of the links above, you acknowledge that they are solely for your convenience, and do not necessarily imply any affiliations, sponsorships, endorsements or representations whatsoever by us regarding third-party Web sites. We are not responsible for the content, availability or privacy policies of these sites, and shall not be responsible or liable for any information, opinions, advice, products or services available on or through them. The opinions expressed by featured authors are their own and may not accurately reflect those of the BAM ALLIANCE. This article is for general information only and is not intended to serve as specific financial, accounting or tax advice. © 2016, The BAM...
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