Have you had the financial independence talk with your parents? (No, I don't mean the one about college costs and student loans, or the one about helping out with your down payment on your first house.) I'm talking about the one where you hope they'll talk about their health and tell you how to manage their finances. The advice is in … [Read more...] about The Pitfalls of Your Parents’ Finances
Archives for May 2014
Here's a great Twitter question from a servicemember: So how big should an emergency fund be for anyone in the military? I understand the concern. The conventional advice is to keep at least six month's expenses saved in an account that you can tap at a moment's notice, and invested in liquid assets that won't be hurt by stock-market … [Read more...] about Do Military Members Need An Emergency Fund?
Now that the 2013 tax planning is over, let's talk about 2014. A reader asks: I think you mentioned before that you set up an IRA for your daughter. How did you account for wages and a W-2? Did she work for you or earn income from someone else? I've set up a Roth IRA for our teen for work done around the house, but my accountant is telling me that … [Read more...] about Start a Roth IRA For Your Kid
I've carried a military ID card since 1978. I'm financially independent. You would expect that I'd understand my benefits by now, but a few months ago I was nearly dis-enrolled from Tricare for not paying my premiums. To make matters even worse, I managed to thoroughly screw up our college daughter's Tricare benefits. I'll explain how this … [Read more...] about How To Get Kicked Out Of Tricare
The Mainland weather is getting warmer and most of you seem to be thawing out. I wouldn't torture you with this post in January, but now that spring has sprung it seems to be a good time to answer the urgent financial independence question that I get several times a month: "Hey, Nords: what should we see & do in Hawaii next week?" That's a … [Read more...] about Lifestyles in Retirement: Hawaii Vacation