Horan - Health. Wealth. Life

Making History

Posted by Anna Pfaehler on Tuesday, March 31, 2015 in Financial Planning | Comments (0)
When applying for a job, you want your resume to attract attention and result in an interview. You need a work history in order to have content that will make you look good on paper. Your credit report is similar to a resume and tells your story as a borrower. It is an indicator of what sort of risk you are to potential lenders, employers and landlords. To be useful it needs content. You need a credit history.  Unlike a resume, you cannot edit your credit report to leave off or gloss over ...  Read more...

Keeping Score

Posted by Anna Pfaehler on Tuesday, March 17, 2015 in Financial Planning | Comments (0)
One of the core tenets of goal setting is to make measurable goals. With financial planning, it is difficult to make a measurable goal that fits a broad range of people. So much of financial planning is relative and the fact pattern dictates the right course of action for each individual. Numerical financial wellness benchmarks are rare because what is appropriate and “healthy” for one person may not be for another.  Your credit score is one of those rare benchmarks. It is designed to tran...  Read more...

Why Credit Matters

Posted by Anna Pfaehler on Monday, March 09, 2015 in Financial Planning | Comments (0)
In my experience, those who are worried about their debt are also concerned about their credit. These two go hand-in-hand. Credit determines the terms you will receive on new debts and your old debts are what determine your credit.  People looking to pay off their debts are typically also thinking about improving their credit score. Therefore, the next few weeks this blog will focus on credit.    Your credit is considered to be an indicator of your responsibility and risk. It h...  Read more...

Strategies for Paying Debt

Posted by Anna Pfaehler on Tuesday, March 03, 2015 in Financial Planning | Comments (0)
Quinby Hill is a particularly steep beast in Scarsdale, NY that I frequently included in my running loops. It was unavoidable because of its location. One time, I was running up it with a group of fellow runners. A friend, looking for a strategy for attacking the hill, asked me how I get up it. I responded, “One step at a time.”   Paying down debt can feel like running uphill. It isn’t easy and it takes patience. However, you can have more sophistication with your debt payment strategy tha...  Read more...

The Cost of Debt

Posted by Anna Pfaehler on Tuesday, February 24, 2015 in Financial Planning | Comments (0)
In the last post, we discussed how the return on investment of a debt determines if it is a “bad” or “OK” debt. In this post, we’ll look closer at the investment side of the equation. The cost of a debt is the interest paid. This cost changes based on the interest rate, the payment schedule and the length of the loan. Let’s consider three types of debt at various interest rates: Mortgage $150,000 – 30 Years, 4.0% Interest  Student Loans $33,000 – 10 years, 4.75% Interest Credit Cards $...  Read more...

How to Manage Debt - Part 1

Posted by Anna Pfaehler on Wednesday, February 11, 2015 in Financial Planning | Comments (0)
For many people, money is the powder-keg and debt is the match. Debt is a tremendous stressor. It carries a negative stigma. It can be expensive. It can be overwhelming. There’s no shortage of talking heads espousing the evils of debt and how to live debt free (just buy their audiobook and you’re on your way!). For precisely this reason, the next few weeks will be dedicated to focusing on debt..    Your first lesson in debt – not all debt is created equal. Your first corollary – ...  Read more...

Mobile Apps to Help You Track Your Budget

Posted by Anna Pfaehler on Monday, February 02, 2015 in Financial Planning | Comments (0)
With the boom of smartphones, accessing your financials is easier than ever. There are banking apps, mobile trading apps and budgeting apps. Budgeting apps have become particularly popular and useful.  Recently, we spent time reviewing several budgeting apps. The following are a few of our favorites.    Mint is one of the most popular budgeting apps on the market today. This app allows users to track expenses and link bank and retirement accounts. Mint also seamlessly links to ...  Read more...

Tips for Sticking to a Budget

Posted by Anna Pfaehler on Monday, January 26, 2015 in Financial Planning | Comments (0)
There are two parts to budgeting – seeing where your expenses are now and prioritizing your spending going forward. The next step is to create spending targets for each type of expense.  The percentages presented last week – 50% necessary expenses; 20% debt reduction and saving; 30% lifestyle expenses – can help you determine where your spending should be. Give yourself certain amounts that you can spend on various expenses, especially lifestyle expenses, and stick to it.    As...  Read more...

How to Create Your Target Budget

Posted by Anna Pfaehler on Monday, January 19, 2015 in Financial Planning | Comments (0)
As we discussed last week, your budget should categorize expenses as necessary, debt reduction/saving and lifestyle choices.    This week we’ll give some rules-of-thumb about how much you should spend in each category. Your personal situation is unique and may not fit exactly with these guidelines; however, they provide a place to start.   Your “necessary” expenses, as the name suggests, are ones that are difficult to do without and the fat here may be tough to trim. We typica...  Read more...

Happy New Year!

Posted by Anna Pfaehler on Friday, January 09, 2015 in Financial Planning | Comments (0)
If you’re a resolution maker like me, the beginning of January is a time of promise and motivation. Now is the time to start tackling your goals. Just north of 30% of Americans will make financial resolutions for 2015, according to Fidelity. If your resolution is money-related, you’ve come to the right place. Each month I will address a new topic to help you on your way to healthier finances. Let’s start at the beginning – budgeting. Budgeting really has two parts. First, it involves trackin...  Read more...
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