Michael on August 31st, 2007
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Yesterday, Ryan Healy, co-founder of the immensely popular Employee Evolution blog, reviewed Beyond Paycheck to Paycheck. In addition to the review, you’ll find some thought-provoking questions by Ryan and my corresponding answers. Not surprisingly, this conversation led to some great comments to this posting that you just might enjoy reading. Take a look [...]

Continue reading about Employee Evolution Reviews Beyond Paycheck to Paycheck

You: Explain to me the difference between Social Security and a 401(k) plan again. Both of them are for retirement right?
Yes, but the similarities fade very quickly. In fact, it wouldn’t be an exaggeration to say that Social Security and a 401(k) plan are both retirement plans in the same way that a [...]

Continue reading about Strategy # 29: Social Security is to a 401(k) plan like a Walkman is to an iPod

Michael on August 29th, 2007
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On Tuesday night, Fox News Chicago aired a prime-time segment called Help for Families Living Paycheck to Paycheck.  Watch the video to see some of my thoughts on the causes of this phenomenon as well as clips of a free seminar I gave at the Chicago ING DIRECT cafe on July 30.
Additional dates for the [...]

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You: So what’s the real secret? I’m not talking about what you publicly advocate. How about sharing what you and all the other experts are really doing when no one else is watching? C’mon Michael—let me in on the real deal.
You: I’m a loyal reader of your blog, I read your book, I’ve seen [...]

Continue reading about Strategy # 28: If it seems too good to be true, it usually is.

Michael on August 20th, 2007
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You: Okay, so where are you going?
San Francisco, Idaho.
You: You do realize San Francisco isn’t in Idaho?
I do. First I’m going to SF, then to Idaho.
You: Expensive?
It’s actually not that expensive. Like most money issues, advance planning of your vacation provides you with opportunities to spend less and have more.
Here are three tips [...]

Continue reading about Going on vacation without going broke

You: Can I trust a financial professional?
Yes, but always verify.
You: What?
Trust, but verify. No matter the quality of a financial professional, no one ever will care about your financial well-being as much as you will.
You: Even the good advisors?
Yes, even the good ones. A quick aside: Previously, I worked for a [...]

Continue reading about Strategy # 27: No one cares about your financial well-being as much as you do

Michael on August 14th, 2007
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You: What do you make of stock tips?
I am not a big fan. Market timing is not a strategy that works over the long-term.
Gary: Funny, that’s how I make most of my money.
That’s right Gary, it is how you make most of your money.
Gary: So you admit it, then?
I concede that you can [...]

Continue reading about FORTUNE can be wrong too or why market timing is stupid

Michael on August 13th, 2007
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You: What should I invest in?
No financial advisor worth the time you invest in a free meeting could possibly answer that question without first getting to know you and your financial situation intimately.
You: Intimately?
The financial advisor/client relationship is a close one.
You: Okay, then say “close.” The idea of having an intimate relationship with anyone who [...]

Continue reading about Strategy # 26: Have a good time with mutual fun(ds)

You: Is the sky falling?
What do you mean?
You: What do I mean?!!?? What do I mean?!!? Did you see the market yesterday?
You: How can you be so freakin’ calm?
It’s normal for the market to –
You: Oh don’t tell me – you sold everything a week ago, didn’t you? I really hate [...]

Continue reading about Strategy # 25: Stocks go up, stocks go down, but it’s stocks you’ll want

Michael on August 8th, 2007
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You: Is the fact that the United States government borrows so much a bad thing?
That is a very sophisticated question that goes way beyond personal finance.
You: Impressed?
Well, I am glad you’re reading up more on more finances. Whatever the topic, you can’t know too much. But this is a personal [...]

Continue reading about Strategy # 24: Not Barry Bonds! Series EE Bonds!