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Dear Olga: Financial Fraud

Apr 10, 2019
3 min

Dear Olga: Financial Fraud

Dear Olga, Can you explain a few simple guidelines on how to protect yourself from financial fraud? Thank you, Supporter Dear Supporter, Such a relevant topic, as the number of cashless transactions grow every year. Financial fraud is on the rise and the scams out there grow more intricate by the day, catching millions of people every year. Have you heard the generalization that identity theft impacts mostly older people? Times have definitely changed because that's no longer

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Making Money Smart Choices

Apr 7, 2019
3 min

Making Money Smart Choices

Just like many good choices, it doesn't actually always feel good making those decisions. I've learned the tougher it feels making a smart money choice, the better the choice is for your wallet. The hardest part about making smart choices, the chance of making a smart choice is 50% each time. Irrelevant of the choices you made up until this point, the wrong choice will always be on the table. If you're not careful, it can wipeout all of the hard work you've put in. A poor mon

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Dear Olga: Inexpensive Accounting Software

Apr 3, 2019
4 min

Dear Olga: Inexpensive Accounting Software

Dear Olga, Is there an inexpensive accounting software that is easy to use? Or would that be too good to be true? Thanks, Me Dear Me, Believe it or not, there are quite a few options that are cost efficient out there! One of the fabulous benefits of cloud computing is things like accounting software are available to more people and can be more affordable than ever. When I worked at a CPA firm for several years, the majority of our clients used QuickBooks because it has a soli

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Dealing with Financial Setbacks

Mar 30, 2019
4 min

Dealing with Financial Setbacks

Before we go into advice for dealing with financial setbacks, it's important to address that not all setbacks are the same. Types of Financial Setbacks There are minor setbacks like a car emergency that required you to dip into your savings or slipping from your budget, making a purchase you couldn't afford and now can't return. These setbacks don't drastically change your overall picture. Maybe your savings is $500 less or your total credit card debt is up by $200, but overa

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Dear Olga: Strategies to Pay for College

Mar 27, 2019
4 min

Dear Olga: Strategies to Pay for College

Dear Olga, I have a child in junior high. What are some things or strategies we can implement so he will be able to attend college without student loans? Thank you, Scott Dear Scott, College tuition costs have been growing at a rapid rate over the decades. It seems any time I read about the statistics, the numbers get scarier each time. US News reported at the end of 2018 that in-state tuition for public universities has grown 243% in the last 40 years! The good news is there

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Dear Olga: Maximizing Savings.

Mar 20, 2019
2 min

Dear Olga: Maximizing Savings.

Dear Olga, What is a good way to maximize savings? Thanks, May Dear May, The best way to maximize your savings is to build your savings goals into your monthly budget and set intentions for your savings. By building your savings goals into your budget, you will be paying yourself first each pay period and less likely to borrow from yourself in the future. If you're not using a budget already, the first step would be to review your income and spending. You can find a budget te

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Unclaimed Property. What is It?

Mar 16, 2019
2 min

Unclaimed Property. What is It?

Have you ever heard of unclaimed property? Some people I speak to are aware of it but have never really looked into it. The short version, it's your money that has been misplaced and is waiting for you to come find it! Unclaimed property is money that at some point was due to you and the agency that owed you a refund wasn't able to locate you to pay back the funds. This could be anything, an overpayment for tuition, a settlement from a medical claim, or a check that was sent

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Dear Olga: Annuities. What are they?

Mar 13, 2019
2 min

Dear Olga: Annuities. What are they?

Dear Olga, My retirement savings are in annuities and I'm wondering if I should keep them there. Ray Dear Ray, Before deciding what to do with your retirement savings, first it's important to understand what annuities are and their benefits. An annuity is a sum of money guaranteed to be paid out periodically to an individual over a span of time. Most financial advisors view annuities as supplemental savings for retirement, especially if you max out your 401k or IRA contributi

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Money Conversations. Do You Have Them?

Mar 9, 2019
2 min

Money Conversations. Do You Have Them?

Many people have been taught that it's inappropriate to talk about money. This mindset may be something you brush off as insignificant but it can impact many parts of your life. You may find yourself avoiding financial conversations until very last minute or when you're faced with a hardship you ignore all of the warning signs and once you're in the weeds you're too overwhelmed to face your mistakes head-on. I've been reading Activators: A CEO's Guide to Clearer Thinking and

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Dear Olga: Business and Personal Budgets

Mar 7, 2019
2 min

Dear Olga: Business and Personal Budgets

Dear Olga, I have a new business and have modeled my budget in a very similar way to my personal budget but now I am wondering if I should be using a different method. Are personal budgets vastly different from a business in its infancy? Data Gal Dear Data Gal, Congratulations on your new business! An exciting adventure 😊 Finance is one of those areas that is ignored at first by many businesses, because the focus is more on making money to have cashflow to continue developin

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Renting vs Buying

Mar 3, 2019
2 min

Renting vs Buying

We have all heard the blanket advice that it's better to own a home or an apartment than renting. But is it really better to own?

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Dear Olga: Savings. HALP!

Feb 28, 2019
3 min

Dear Olga: Savings. HALP!

Dear Olga, What percent should one put aside for savings every month? I have a 401k and mutual funds that I pay into monthly, but how much should I be saving on my own for a "just in case" scenario? R.A.Y. Dear R.A.Y., Instead of telling folks what to do with their money, I prefer to teach the decision-making process that will help them to navigate their situation and provide tools that build money smart habits. I believe if your strategies don't resinate with you, then the

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How to Spend Additional Income

Feb 23, 2019
2 min

How to Spend Additional Income

Additional income is any income received outside of your regular stream of income. With tax season underway, some of you are receiving refunds in upcoming weeks! One of the biggest questions I'm asked around this time is what to do with a tax refund. Do you use all of it to pay down debt? Do you put it all towards savings? Spend it all?! There isn't a simple answer that can be applied as a blanket statement to everyone's life, but here are some things to keep in mind that wil

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Debt Repayment

Feb 16, 2019
2 min

Debt Repayment

Last week's blog talked about categorizing your debt. Now that you've thought about what kind of debt you have, let's talk about how to tackle your debt and set you on a path towards financial independence! The first step to tackling your debt is putting together a debt snapshot. A debt snapshot is a list of all of your debt and the minimum payment due for each. Here is an example of a debt snapshot: A debt snapshot allows you to see where you are today and what you're workin

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Categorizing Your Debt

Feb 9, 2019
2 min

Categorizing Your Debt

There is a tendency to classify debt into two groups: good and bad. "Good debt" is typically associated with investing in your future so that could be your student loans (as burdensome as they are) and a home. "Bad debt" doesn't add wealth or have any long-lasting value, a good example would be carrying high balances on credit cards and paying high interest. These classifications normalize debt and create shame around hardships that are out of your control. Unless you've inve

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Are You Setting Intentions For Your Savings?

Jan 26, 2019
1 min

Are You Setting Intentions For Your Savings?

When you have a specific goal for your savings, you're more likely to stick to your goals when your self-discipline is put to a test. Creating buckets for the most important areas will help you focus on building those safety nets for your future. Here are some groups you can break your savings into: Emergency savings - this amount should be enough to help you with an extreme financial hardship, like loss of a job. Consider your total monthly bills and how long it could potent

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How to Build Your Saving Habits

Jan 19, 2019
2 min

How to Build Your Saving Habits

Do you want to start working on your savings goals but you have no idea where to begin? Do you feel you have nothing to save so you don't?

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Are You Experiencing Lifestyle Creep?

Jan 12, 2019
2 min

Are You Experiencing Lifestyle Creep?

Lifestyle creep, or lifestyle inflation, occurs when items you once considered luxury become necessities. Just like the phrase implies, lifestyle creep starts to impact your life slowly, over a span of time. Often, without you realizing it. It could be adding a few premium channels, upgrading your car, or moving to a new apartment or house. All of a sudden, you're spending more when you're booking hotels and flights. The idea is, you've increased your monthly fixed costs with

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Don't Underestimate the Importance of a Budget

Oct 3, 2018
2 min

Don't Underestimate the Importance of a Budget

Outside of major purchases like buying a house or car and student loans, people get into debt because they for one reason or another spent outside of their budget. You may have had to make an unexpected, yet very costly, trip to the vet for your fur baby. Or, your car broke down and you needed to get it fixed right away so you make it to work every day. Maybe you went on a spending spree a little more than you could afford. This is where a good budget comes in handy. If you s

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Take Control of Your Finances

Sep 11, 2018
1 min

Take Control of Your Finances

In Q2 2018, total US household debt has reached $13.29 trillion. In June 2018, student debt in the US is up to a staggering $1.52 trillion with 44.2 million debtors. In July 2018, US consumer credit card debt is up to $1.04 trillion between 123 million households. These are pretty scary numbers, but the good news is that you're not alone. Making poor choices with money can have all sorts of consequences like poor credit score, debt burdens that are overwhelming and arguments

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