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Money & Life

What is a Custodial Account: UTMA Account vs UGMA Account

In the U.S., there are two main types of custodial accounts for minors: UGMA accounts and UTMA Accounts.  So what is a custodial account and what is the difference between a UTMA account and a UGMA account? In many jurisdictions, minor children are not able to enter into legal contracts like an adult can.  Therefore, [...]

Dealing with Divorce: Finances after Surviving Divorce

Coping with and surviving divorce can be an uphill battle for many.  Dealing with divorce is never easy and presents a myriad of challenges, some financial and some more personal in nature.  Creating a post-divorce personal finance action plan can be a great move to get your personal finances back on track. Below are some [...]

Charitable Giving When You Are Poor

Charitable Giving When You Are Poor

I have come to believe that if a person cannot give charitably when he or she is poor, then charitable giving will not all of a sudden come naturally once additional wealth is obtained. I recognize that there are many different ways to help and serve others, and money is only one way.  Some of [...]

Charitable Giving and Service

Charitable Giving and Service

In my opinion, charitable giving and service should form an important part of any personal financial plan and an important part of life.  Below are some quotes that I believe help answer some of the more commonly asked questions regarding charitable giving and service.  I also add a few of my own thoughts.  “The value [...]

Money Advice for Newlyweds

Money Advice for Newlyweds

Every once in a while I get asked for money advice for newlyweds.  I remember the first such advice that I received (although technically I was about to get engaged, not a newlywed).  I was visiting my fiancé’s father to ask for his support before I proposed to my future wife.  I remember 3 things [...]

Why Money Matters: The Role of Money in our Lives

Does money matter in life?  If so, what is the role of money in our lives?  Are money and wealth evil?  Should we judge others by the size of their bank account?  My personal belief is that money, while definitely not the most important thing in our lives, does play an important role. I believe [...]

Teaching Kids about Money and Personal Finance

In my profession I see way too many people with financial problems because they never learned proper principles of financial management growing up.  Schools could do a much better job of teaching kids about money and personal finance principles; however, parents have the primary responsibility of teaching their children about money and personal finance. If [...]

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