Tag: family (Page 1 of 2)

Northern Expressions

Northern Expressions: The Right Investments

Investments in marriage, family, and success at work are almost certain to pay off.

Happy Friday, friends!

Today’s Northern Expression comes from Helaine Olen & Harold Pollack in The Index Card:

Your time is valuable. Your happiness and economic security depend on your marriage, your family, your success at work and in your relationships. Investments in those areas are almost certain to pay off.

Every choice you make with your money or your time is an investment. If you invest too much time into something, you inevitably neglect another. Make sure your life asset allocations align with your priorities.

It’s possible to be economically secure AND happy. This balance requires prioritizing. You vote for your priorities with your time and your money. Vote wisely.

Love, Maggie

The Privilege of Being Santa

The Privilege of Being Santa

Thanksgiving has been devoured and that is the official start of the Christmas season in the Banks house. My kids are dancing to Christmas music and throwing stuffed snowmen back and forth as I type this. And they look forward to the coming of Santa Claus, as most children do.

Santa is Magic

As an adult, I tear up a bit when I’m talking about Santa Claus. For me, Santa is the embodiment of what I wish the world could do all the time. Santa is a worldwide agreement that for one night, everyone will help make the world a magical, wonderful place. When my kids ask me if Santa is real, my response will be: “We have the power to create magic and Santa is the perfect example. The actual person named Santa does not exist, but he exists everywhere and now you get to be a part of the surprise and help create that magic for your younger siblings and for others!”

In Alaska, Santa is VERY REAL. We have been to his house in North Pole (a pretty elaborate gift shop).

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Ways to so no to spending money

Ways to Say NO to Spending Money (and still be cool)

How to Avoid Spending Money:

What is the number one reason you can’t save money? You spend it!

It’s hard not to! Everyone wants a piece of it.

“We’re just going out to eat!”

“It only costs $15!”

“You don’t want to miss out!”

You want to say: “NO YOU DUMMY, I’M SAVING MY MONEY!” But you don’t. Because you’re nice. But don’t worry. I’ve got you covered. Today, I’m creating a handy-dandy list you can print off and keep in your wallet. Reference this the next time you get a proposal to spend that hard-earned cash!

There are three ways to successfully extricate yourself from a money-spending predicament: excuses, possibilities, and alternatives.

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If I had and how to spend my life insurance

If I had… & How to Spend My Life Insurance

Periodically, I like to run through what I would do with a windfall. Tomorrow is PFD Day and we’ll be receiving $5,110 overnight. In celebration, here’s what I would currently do:

If I Had $5,000

(Or $5,110) in this scenario. In case you forgot, we tithe 10% of all increase. So, our PFD amount left after that is $4,599. With this money, we will be putting $1,600 extra toward our mortgage (on top of the extra $1500 we’ve been putting toward it the past few months) bringing our mortgage balance under $60,000 (I’m already looking forward to the October Plan Update!). The other $3,000 will go toward my Roth IRA which I hope to max out with the other $2,500 by the end of the year.

If I Had $10,000

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The Formula for a Happy, Productive Day

The Formula for a Productive, Happy Day

When Mr. T and I were in London in June, we attended church right near Hyde Park. The speaker mentioned the three things we should be doing every single day and I’ve thought since then about how right he was.

Here is his 3-step formula for a happy, productive day (with my own thoughts added under each one):

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Save Money on a Legal Will

Save Money on Your Legal Will

Mr. T and I finished the whole estate-planning process just before leaving on our grand adventure (follow us on Twitter for trip updates!). On Monday, we outlined considerations for making a will. Today we’re going to talk about how to save money on making one. This is expensive stuff we’re talking about! And today we’re going to cover how to save money on a legal will. I’m not an attorney, so obviously don’t take this as legal advice. This is just my observations based on my experiences and research on the matter. Mr. T and I used a lawyer to draft up our legal wills, powers of attorney, and advanced health directives (a total of 6 documents). The legal fees? $1,895! Yikes! That’s more than it cost for all of our plane tickets for the trip we’re on! Here are 5 ways to do it for less:

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Drafting a Will

Decisions to Make Before Drafting a Will

Our three-week trip away from our children forced Mr. T and I to finally kick into gear and make a legal will (you know, because planes falling out of the sky are actually a thing these days!). We always knew we needed one, but it seemed so daunting! Well, guys, we did it. It is done. And now I’m here to help you through doing the same thing. Obviously, I’m no lawyer or financial advisor, so don’t go around thinking this is legal or financial advice. I’m just here to help you with the first step: thinking through most of the things you’ll need to consider before drafting your own will.

Two months ago, Mr. T and I said: “We leave in a month. We need a basic will, an advanced health directive, and a legal power of attorney. Where do we start?” This, my friends, is the list of where you should start. Today, we will take you through the large list of decisions that need to be made before you’re even ready to start the documents! Ready? Here we go:

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Little feet

The 4-Year Potential

Two weeks ago, we did some recalculations and came up with three potential plans. The two plans that would allow us both money AND freedom would take significantly longer than four years. The really lofty goal date on our blog is 2022, which is 6 years away. So what’s the big deal with 4 years? As the school year wraps up, the temporary state of Penny’s childhood is weighing heavy on my mind. In 4 years, Penny will be done with elementary school. Based strictly on our calculations, by the end of May 2020, we expect to find ourselves with a paid-off house and $321,000 in investments. Those numbers won’t get us close to financial independence. And freedom in that plan would mean continuing on our current path for the next four years and then just quitting to be irresponsible for a bit! But looking back on our historical 4-year accomplishments, in all likelihood, stagnation isn’t an option.

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When Money and Love Don’t Mix

I read a lot about healthcare for my job and one thing that keeps coming up is that we’re terrible at making rational decisions about our loved ones. It’s easy to have a discussion about end-of-life care and how trying everything, no matter how expensive, is ridiculous for someone in her eighties. I don’t want to live or die like that. But when it’s your own mother, the story changes. If you’re the one that has to make the choice about pulling the plug on the breathing tube, everything changes. Understandably!

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Pay Your Kids and Put them to Work!

Let me preface this post by saying I don’t have this parenting thing figured out. I yell at my kids sometimes and I can’t get them to clean their rooms. But I do know one thing: Kids want to earn money.

Think about it. When you were a kid, do you remember how much that random check was from your aunt and uncle for Christmas? I don’t. (Checks were weird!) Do you remember that hard-earned $10. Absolutely.

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