Wisdom on Wealth

A lot of news stories we hear are stories about individuals making their way in our hobbled economy. But for some, these are indeed the best of times.  If you happen to be one so fortunate to deal with newfound affluence, here are a few things to keep in mind.

Question: I’m not one of these people who gets up at 3am to go shopping on Black Friday, but I do like to get my shopping done early. It’s easy for me to get caught up in the moment and overspend. How much do other people spend on Christmas and how much is too much?

Answer: By the time you are reading this, Black Friday will be just a memory. If you overate on Thursday and overspent on Friday, maybe you should call today sated Saturday.

When should a young person begin the financial planning process? At the same time she receives her first paycheck. No matter who you are, you are not too young for financial planning.

Question: When should I start taking Social Security? I turn 62 next week and I’m not sure if I should take it sooner or later. I’ll probably work till I’m at least 70 if my health holds out.

Answer: Last week we looked at the benefits and limitations of taking your Social Security benefits early…before the so-called “normal retirement age (NRA).”

Question: When should I start taking Social Security? I turn 62 next week and I’m not sure if I should take it sooner or later. I’ll probably work till I’m at least 70 if my health holds out.

Answer: The first thing to do is get your facts straight.

Here’s a situation I see all too often: a retired couple with children still dependent on them for financial support. Unless there is mental or physical illness involved, my reaction is, “What?!”

Face it, you couldn’t control the behavior of your children when they were little – what makes you think you can control them after you are gone? But you can do the best you can to influence what happens upon your departure.