How Much House Can I Afford?
My family has been considering a move at some point in the near future (my wife and I have different definitions of the word “near”). Like many red-blooded Americans (the American Dream and all), I get tempted by the listings that are “just” out of our price range. Before you know it, the “budget” has quietly increased […]
How Much Do Our Clients Withdraw?
I won’t bury the lede; here is the data: Actual client data for portfolio sizes ranging from $1M to $6M (does not include client data for households below $1M and over $6M). Our clients do an excellent job of remaining well within the “Safe Withdrawal Zone”. Defining this Safe Withdrawal Zone is not an exact […]
10 Simple Money Ideas for 2024
Consider this list akin to a New Year’s Resolution list, only these items are meant to be [mostly] easy to accomplish. Whenever possible, I included a hyperlink to a past article we’ve written on each subject — in case you want to dig deeper into that subject. 1. Increase your 401k contribution percentage, even if by […]
Cash Flow Management
As the ground layer of the financial planning pyramid, cash management is the foundation of your financial plan. If you can’t manage what comes in and out every month, then your financial plan won’t have the stability required to be able to focus on the other layers of the pyramid. For those in “accumulation mode” (meaning […]
Will Vehicle Prices (Ever) Come Down?
I bought my trusty 2007 Toyota Yaris in October 2012 for $9,300. Many of our clients know it’s a small 2-door vehicle – one that is often lost in parking lots tucked behind larger trucks and SUVs. The Yaris had just 32,000 miles on it when I purchased it. Today, nearly 10 years later, it has 114,000 […]
When Inflation Gets Personal
The Colby family van (affectionately called “the Party Bus”) was recently totaled in a car accident. Thankfully, there were no major injuries to the passengers, but it was a complete wreck of an excellent motor carriage that had faithfully transported my family 130,000+ miles over the past eight years. An “aspirational” motor carriage for large […]
You’ll Never Regret Paying Off Your Mortgage
One of the most-viewed articles ever on our website is the article “Mortgage-Free by 43,” the story of team member Adam Colby and his wife Kristi paying off their mortgage by age 43. The popularity of that post shows how much we all resonate with the idea of being 100% debt-free. You can crunch all […]
The Importance of Saving Early… and I Mean Early
My family and I are currently going through old bins that have been collecting dust in storage for years. As one can imagine, it’s a long process that brings with it many difficult determinations about what to keep (always too much), and what to toss (never enough). The project has been greatly enjoyed by my […]
Thoughts on Residential Real Estate
I was talking with a client recently about a home he owns in a major US city (not Minneapolis). I was curious about what the historical price appreciation has been in his market, so I pulled some data on the city. The information my search produced fascinated me. I then began wondering how other US […]
Part 1: Cash-Flow/Budget/Debt Planning
Cash-flow planning—many people get uncomfortable the moment this topic arises. It is very likely the most personal part of personal finance; it is also very likely the most important part of your long-term financial plan. We talk often about how having a grasp of your month-to-month spending plan is paramount to your retirement planning success. […]
