So, your financial coach tells you that you should be putting $600 per month in your workplace 401(k)—but you don't know where the money is going to come from. Enter … 401(k) magic! First of all, 90% of companies with 401(k) plans will match employee contributions, and the most common option is to match 50%. … Continue reading Turn $312 into $600 with 401(k) Magic
Author: Sandra Verthein
Sandra Verthein is a Chicago-based Personal Financial Coach, currently living in the Rogers Park neighborhood of Chicago. She is a Certified Financial Education Instructor℠ with the National Financial Educators Council. She was Co-Artistic Director of Stage Left Theater, and was a founding member of Glenwood Dance Studio. In 2018 she retired from her 17-year career as a Civil Engineer with Parsons Brinckerhoff (now WSP). After years of informally helping friends and family, she officially founded SJV Financial Coaching in fall of 2022, and has been successfully helping people change their financial futures.
What To Do When Debt Collectors Are Calling
Even if you have never had to deal with debt collectors, I urge you to read this post. You might be able to help a friend or family member who is going through this situation. I remember getting calls from bill collectors back during my days as a struggling Chicago theater artist. It was extremely … Continue reading What To Do When Debt Collectors Are Calling
Using the Holidays for Family Money Conversations
Having a money conversation over the holidays probably seems like the LAST thing you want to do. But if your family members live in different cities, the holidays might be the only opportunity you have to talk in person. Talking with family members about finances can feel awkward, and can bring up emotional issues. But … Continue reading Using the Holidays for Family Money Conversations
Being Thankful for Financial Turning Points
No one makes their financial journey alone. All of us can think back to times in our life when someone helped us, even just with some advice or a word of encouragement.
Fast Brain vs. Slow Brain – Which One Is Making Your Spending Decisions?
Every day our brain has to make thousands of decisions, from the mundane to the more important. In a 2011 book by Psychologist Daniel Kahneman called “Thinking, Fast and Slow” he talks about two systems of thought that help us make these many decisions
When “Working Until You Die” Won’t Work
The problem with this plan is that many people end up leaving the workforce earlier than they intend to for three main reasons:
Two Numbers That Can Help You Understand Your Retirement Fund
56% of workers in the U.S. contribute to a workplace retirement plan. However, most people just leave their retirement savings in the default option their company picked out for them. But is that really the best choice?
Can $10K Make a Baby a Millionaire?
The short answer—yes! If you invested $10,000 at 9% when a baby was born, and never added another penny, they would have $1.1 million at age 55 and could retire early! When you have long periods of time — like 55 years — the results from compounding interest seem almost hard to believe. That being said — why don't people … Continue reading Can $10K Make a Baby a Millionaire?
Book Review — Die with Zero: Getting All You Can from Your Money and Your Life
I was very skeptical of this book by Bill Perkins, because unless you know the date of your death, dying with zero is impossible. So what could it really be about? But I was wrong, because this book is about so much more than just “dying with zero”. To be honest, it is one of … Continue reading Book Review — Die with Zero: Getting All You Can from Your Money and Your Life
12 Ways to Create an Emergency Fund — Quick!
Not having money for emergencies can be extremely stressful. But a $1,000 emergency fund will put you in a better place than 57% of Americans – and it is a great goal to get started with. It will give you peace of mind, and it means you don’t have to take out a 20% interest … Continue reading 12 Ways to Create an Emergency Fund — Quick!
What’s the Difference Between Credit Profile, Credit Score, and Credit History?
Not sure about the difference between these three things? Simply put, your credit profile is made up of two things: 1. Your credit score.2. Your credit history. Your credit score is based on your credit history. But here is the thing – your credit score only matters if you are planning to get a loan … Continue reading What’s the Difference Between Credit Profile, Credit Score, and Credit History?
“I hope I can retire one day.” Don’t hope – know!
I often hear people say “I hope I can retire one day” or “Who knows if I’ll ever be able to retire.” Retirement can seem like this large, foggy area in the future that you can’t really picture, don’t know how to predict, and are afraid to look at because what if the outlook is … Continue reading “I hope I can retire one day.” Don’t hope – know!
Practice Having Money Conversations
When my sisters and I were helping our mother transition from our family home to an apartment and then to assisted living, we had to have a lot of money conversations. At first it was difficult – especially since it meant asking a parent to reveal their finances to their children. But with time, those … Continue reading Practice Having Money Conversations
Book Review – The Little Book of Common Sense Investing by John C. Bogle
John C. Bogle is the founder of The Vanguard Group and “father” of the index fund – two remarkable things that helped revolutionize the world of investing. His book has only one theme – that everyone should be investing in low-cost index funds instead of trying to beat the market by picking and choosing stocks. … Continue reading Book Review – The Little Book of Common Sense Investing by John C. Bogle
Why Am I Seeing A Christmas Tree? (It’s about future planning.)
I know, we don't want to start thinking about the holidays! But now — not after the fact when the bills come due — is the time to start thinking ahead about what extra expenses will be coming up between now and the end of the year. This might include: holiday travel annual payments that … Continue reading Why Am I Seeing A Christmas Tree? (It’s about future planning.)
39 Percent Have No One To Talk To About Money
Back in my 20s and 30s when I was a broke theater artist I definitely had no one to talk to about money. I already got plenty of non-financial advice from my parents and sisters so I wasn’t about to ask them, my friends were all just as broke as I was, and the idea … Continue reading 39 Percent Have No One To Talk To About Money
One of Your Biggest Financial Decisions — Where You Will Live
Where you will live is a big decision, but it can also be a big opportunity to change your financial future.
Is Five Years Costing You Half a Million Dollars?
I wish I could get into a time machine and tell my younger self … start investing now! The effect that time has on investments is so incredible that even just starting small, I probably could have retired at 42 instead of 52! Not sure what I mean? Here’s an example: At age 30 Jane starts putting $250 per month into an index fund in her company’s retirement plan
Why Your Credit Card Shouldn’t Be Your Emergency Fund
Imagine this scenario … Bruce has a sudden dental emergency and gets a bill for $2,500. He doesn’t have any savings – who knows where the money goes each month – so he puts it on his credit card at 20% interest. “Luckily” the minimum payment is only $42 per month – he can figure … Continue reading Why Your Credit Card Shouldn’t Be Your Emergency Fund
August is National Wellness Month
August is National Wellness Month, which was founded to encourage people to focus on their health – self-care, stress management, and healthy routines. But financial health is also a big part of a person’s overall wellness. Financial issues contribute to stress, put strain on relationships, and can impact our mental well-being. Addressing your finances during … Continue reading August is National Wellness Month