Buying an existing business that's close to what you want might be more eventually transformed into what you want than if you started from scratch -- and you'd already have cash flow coming from it.
Lately, I view everything through the prism of retirement. If we vacation in a new place, I envision what it would be like to live there after I retire. When I contemplate buying new clothes for work, I immediately amortize their value against the knowledge that I'll never wear them once there is no office to go to every day.
Many workers will depend heavily on Social Security for financial support once they retire. While Social Security makes up just one slice of the pie when it comes to retirement income, it tends to be one of the largest.
Want to become a millionaire? Making it happen in the next five years doesn't have to be a fantasy. In fact, people over 50 have the advantage when it comes to getting rich. That's right: 50 is the new 40.
Generally, Social Security retirement benefits (as well as disability and survivor benefits) are paid in the month after the month they are due. So, if you apply for your Social Security benefits in September, you will receive your September benefits in October.
Having a comfortable retirement is possible, but only if you adopt a long-term view, understand how to use the best savings vehicles, and plan ahead.
We need to maximize tax-favored savings opportunities as early as possible and for as long as possible. We need to save more and invest wisely, even if that wisdom includes taking measurable and reasonable risks, and deferring near term gratification that we really can't afford, such as that extended vacation or the living room furniture by a fine Italian designer.
A chance Uber POOL ride to the airport sparked a conversation about a doctor's retirement plan that most definitely needs patching up.
My visit with Jason followed on the heels of some extensive research I was involved in, to gain a better understanding of millennials' financial habits. That research illustrated a number of key themes that highlighted how to help millennials save money and prepare for the future.
The summer months allow most of us a chance to slow down and catch up -- on relaxation, on chores and with a bit of scheduling and focus, on our money goals.
If you're over 50 and worry about having enough money in your retirement and are losing sleep over it, you're not alone. And counting sheep and a new mattress aren't going to cut it.
As the 2016 American presidential campaign gets rolling, it will be interesting to see how the candidates outline their strategies for population aging.
Given the disappointing performance of most 401(k) accounts, the Pension Research Council estimates that more than half of U.S. retirees will rely on Social Security for more than 50 percent of their total income.
No doubt the face of financial planning will be much impacted by the ever-growing presence of legally recognized same-sex married couples and families across the country. In many ways it will be simpler, but in others more complex.
The past decade has been a time for personal reflection and growth. I've learned many important lessons and gained new insights, probably more so than in any other decade. I often find myself saying, "If only I knew then what I know now."