Money Advice

One of the universal truths is that, while money can help meet your needs and provide you with the basic necessities of life, it can’t make you happy.

However, it can be a powerful weapon of self-satisfaction when used the right way, such as through philanthropic endeavors.  And since April 15 is around the corner, it is a good time to contemplate how you can integrate charitable giving into your tax-planning strategies.

Some 56 percent of Americans say they want a partner who provides financial security more than all-consuming love (44 percent) according to a survey of more than 1,000 people by Bank of America Corp.’s Merrill Edge. The good news is that couples can boost both their love and finances with my trust-building tips:

1. Acknowledge that talking about money can be emotional and prepare accordingly. Choose a time when you're both relaxed and not rushed. Begin the conversation with something like "I know that our finances can have a great impact on the health of our relationship. I'd like to start talking about money so that we understand each other and can get on the same page."

New Year's resolutions seldom change. Lose weight, save money, exercise regularly and spend more time with the family are all great starts to our yearly goals. With the economy experiencing ebb and flow, it may be a good time to include some office resolutions as well. Here are a few suggestions for those that already have a job and other's who may be looking for a one:

1. Get to work on time: Don't take for granted the importance of starting the work day off on the right foot. The excuse, "bad traffic," can only be used so many times before your boss and coworkers start catching on.

You can never plan too soon for your later years in life, I tell all my clients, because our later years tend to sneak up on us sooner than we think.

In my ongoing six-part series on financial planning, I am covering almost everything a couple needs to know on the subject, but were too uniformed to ask.

This second part is no exception: What you should expect your financial advisor and/or his/her team of advisors. And, as I cautioned you in my first installment, it is important that after your advisor(s) asks you questions that you continue to ask questions for clarity and a complete understanding of how to plan for your "golden years."

In continuing on in the six-part series on financial planning, part three addresses the review of one’s portfolio—what you should expect from your financial advisor as he/she goes over it with you—and what you should have prepared and ready in the way of paperwork prior to a meeting with them.

A quick review: The first installments in this series covered questions you should come to expect your financial advisor to ask you when taking you on as a client in order to become familiar with your financial situation. In the second segment, I discussed what questions you may want to answer as you go about planning for retirement.

Buying a home is a priority for many couples, but bad credit scores often thwart the plans of prospective home buyers. If you have a credit score below 700 with a high debt-to-income ratio (above 30 percent) and you’re applying for a loan worth more than 78 percent of the value of your desired home, your chances of getting a mortgage are only 68 percent, according to an Urban Institute study. This means that your odds of being turned down are nearly one in three.

The holidays are upon us, bringing all those personal and family images and sensations we cherish. But for many of us, there are a few not-so-joyous holiday sights (a purse overflowing with credit card receipts) and sounds (the ca-ching! of cash registers marking our escalating debt). These negatives can easily outweigh all that we love about the holiday season, especially during this less-than-prosperous economic period.

Overall, the Great Recession brought about a renewed dedication to saving. Before the recession, our national personal savings rate was close to zero, and now it’s around 6 percent.