Wealth in Words

Even though we are just past the midpoint of 2017 there is still time to make improvement in your finances  before year-end. Five areas that can make the biggest difference in your financial life right now include cutting costs, automating and diversifying your investments , paying down debt, making more money, and planning for the things you want. According to the paradox of choice, when we have too many options or goals we end up never focusing on any of them. Instead of getting overwhelmed by thinking about all the financial questions and ideas you may have, concentrate on the following five suggestions which will create big wins  for you in 2017. Cut Costs Cut costs everywhere! Start by assessing your biggest costs first, like your mortgage, rent, or car payment, as there will be the most room for cash to be freed up by reviewing these big ticket items. Also, try to find any recurring costs, purchases or subscriptions that collectively amount to a la

Frequently I am asked questions regarding how a couple should invest money  for their children’s future. From my experience, the best option is to use a Dividend Reinvestment Program or DRIP. A DRIP is a stock-based investing plan  that is issued by most major corporations that pay a dividend. A dividend  is simply excess cash returned to shareholders. Historically, dividends have accounted for most of a stock's growth . To start a DRIP investment plan you will need to invest an initial amount of money, say $100, in the account and then your account will automatically reinvest dividends each time they are paid. For example, the $100 of cash used to purchase shares in a dividend paying stock may allot you one share of stock. Additionally, the stock has an anticipated yearly dividend of $2.00. Typically, dividends are paid quarterly or four times a year. Every time a dividend is paid the money is used to purchase new shares at the current market price. So