My wife and I had a chance to sit down with a good friend of ours who recently discovered her husband’s credit card debt problem. I was shocked to hear about the financial situation she and her husband were in. Jeanie and Victor have been together for over seven years now. She’s an architect and […]
How to Have a Financial Life After Divorce
Divorce can be a traumatic emotional experience. But it is also frightening from a financial point of view. Everything changes and many people find they have to reinvent themselves after the split. On top of that, some people have to deal with problems they never had before like budgeting, getting out of debt etc. Neal’s […]
Debt After Death – Are You Responsible?
Are you responsible for someone else’s financial obligations once they pass away? What happens to debt after death? Does it disappear or can creditors come after the family? Like most questions financial, the answer is “it depends”. The first issue to consider is if you are a co-owner or co-signer on the account. If you […]
Don’t Buy Investments From Your Bank – Here’s Why
Banks are great places to store your short-term money but they are lousy places to get financial advice from or buy investments. That’s because they have a very strong incentive to sell you high-cost (which often means low-return) alternatives. Here’s why. Most banks are publicly traded companies. That means they need to make higher profits […]
How To Create Passive Income
We’ve talked about passive income before. Now let’s get to work and start getting that big money wheel to turn your way. There are 3 things you need to do in order to start building your passive income empire: A . Educate Yourself Even if somebody offers you a “deal of a lifetime” don’t throw […]
What is Confirmation Bias and Why It’s Ruining Your Investments
Confirmation bias is a very important concept – especially for investors. It is the tendency you and I have to look for proof that we are right rather than look for the truth even if that means we are wrong. Along the same lines, that same bias leads us to downplay information if it is […]