Financial Planning

Questions to Ask When Making a Purchase

What are the questions that you ask before making a purchase?  Based on my own experience and from talking with others, there are generally two questions that most people ask:

  1. Do I want it?
  2. Can I afford it?

For most of us, if the answer to both of these questions is “yes,” then we make the purchase.  But are these really the best questions to consider?  They certainly should be part of the decision making process, but are they the only questions to consider?

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4 Questions to Ask When Deciding if You Should Pay Off Student Loans Early

My clients with student loans often want to know whether they should just pay the minimum on these loans or pay them down more aggressively.  Like most financial planning questions, the answer depends on the situation.  Below is a list of what I believe are the four most important questions to consider, if this is a question that you are asking.

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Should Rental Property Be Part of Your Investment Portfolio?

Clients often ask me about whether it would be wise for them to own a rental property (or properties) as a part of their long term investment portfolio.  Although, in general, I think that saving into a diversified portfolio of stocks and bonds is the best tool to build wealth over time, I think that there are many instances when owning a rental property can be a wise financial decision.  When helping my clients determine whether purchasing a rental property is right for them, we usually begin by considering the advantages and disadvantages of this type of investment.  

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Cash Flow: The Foundation of a Financial Plan

The financial world is complex and trying to predict where the stock market is headed, what the average inflation rate will be, or what the Social Security program may look like in twenty years is challenging, if not impossible.  But these are all things over which you as an individual don’t have control.  Rather than worry about the items that you can’t control, my recommendation is to focus your attention and energy on the things that you can control.

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20 Personal Finance Tips I Learned in My 20s: Part 2 of 2

In my last blog post I shared 10 personal financial tips that I learned in my 20s.  Today I share ten more.   You’ll notice that in addition to personal finance lessons, this post includes a few career and life tips as well.  Regardless of your age or stage of life, I hope you find value in these ideas.     

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20 Personal Finance Tips I Learned in My 20s: Part 1 of 2

Last week I hit a milestone in my life – I turned 30!  I thought that this would be a good opportunity to look back on the last decade and recall some of the lessons that I’ve learned concerning my finances.  Regardless of your age, I hope you find value in these ideas.  Because the list was rather long, I decided to share 10 tips today and 10 more in my next post.  Enjoy!   

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9 Starter Financial Planning Tips for Missionaries

One of the groups that Wacek Financial Planning specializes in providing financial planning advice to is missionaries around the world.  I really enjoy working with missionaries because of the significant eternal impact that they are making around the world.  It is amazing to hear about the sacrifices that they make and the ways in which God is using them. 

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3 Reasons to Pay for Services You Can Do Yourself

Today marks an exciting day for Wacek Financial Planning as I am officially launching my business, my website, and my blog!  Over the last several months I have taken several steps to get to this point and I have paid for a number of services along the way – most of which I could have done on my own to save money.   

To give some context, my wife and I are generally not excessive spenders.  We regularly shop at four different grocery stores in order to get the best deals at each, we don’t have cable, and the average year that our two cars were manufactured is 2002. 

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