Financial Wellness

Personal Financial Wellness Scale™ is now available in 7 languages

The PFW Scale™ is an eight item survey, which is a reliable measurement of perceived financial distress/financial well-being. It provides the user with a score, which has been scientifically determined to be a valid and reliable measure of one’s perceived personal financial wellness, as well as measure for employees learning progress during the financial literacy

Half of American households have no retirement savings

In 2019, about half of American households had no savings in retirement accounts, according to the Survey of Consumer Finances (SCF). These accounts include individual retirement accounts; Keogh accounts; certain employer-sponsored accounts, such as 401(k), 403(b), thrift savings accounts; and pensions.

Personal saving has grown more important as

The Personal Financial Wellness Scale™

Poverty is most often assessed using objective measures such as absolute and relative income levels. However, different individuals may experience different levels of financial stress at the same income level. Studies have found that the perception of income is only moderately correlated with actual income level and that it is the perception itself that relates

Worried About Your Financial Wellness? Time To Study Up On Behavioral Economics

Have you ever wondered why you make certain decisions against your better judgment? Why is it, even when you know what is right, that choosing it is such a challenge? While moral philosophers have debated these questions for centuries, a recent entry into the debate is gaining significant attention: behavioral economics.

First identified in the 1970s,

2020-10-27T12:24:05-05:00Tags: , |

Teach a Man to Fish

World hunger.

These two little words encompass one huge problem: people do not have enough to eat. And this problem kills. According to the World Food Program, hunger kills more people than AIDS, malaria and tuberculosis combined.

World hunger is a widely recognized problem and many intelligent and generous people are working toward a solution.

Logically and intuitively,

Can People Be Trained To Be Compassionate?

Compassion, often reckoned to be the “highest personal virtue,” is held to embody the very essence of humanity. It is widely attributed to play a fundamental role in pro-social behavior, cooperation and human morality. But there is compelling evidence that the “compassionate instinct” to care and cooperate is not the sole preserve of humans. Across

Customizing Wellness with Financial Finesse

Since 1999, Financial Finesse’s mission has been “to help people from all walks of life become financially secure and independent.” To achieve this goal, Financial Finesse works with employers to develop highly customized financial wellness programs aimed at improving employee engagement, retirement preparedness and physical wellness by helping employees build solid financial foundations, implement plans

Disabilities and Personal Finance

According to the Centers for Disease Control and Prevention, approximately one in every thirty-three children is born with a birth defect.  Birth defects are not the only cause of disabilities. Accidents can cause disabilities, as can military combat and severe forms of substance abuse. This is significant because it reflects the sad fact that disabilities

How could mobile financial services help people in poverty?

According to the Bill & Melinda Gates Foundation, three out of four adults in the developing world don’t have access to banks or any other financial institutions. Moreover, only 10 percent of the 2.5 billion people who earn less than $2 a day have a bank account. What these figures tell us is that for

Interest Rates and Personal Investing

Investments occur over time, and therefore the time element of interest rate “compounding” is extremely important. By compounding we mean interest that is paid on interest, which been reinvested; in other words, “interest on interest.” If this seems confusing, please stay with it until it becomes clear. To understand why, consider that Albert Einstein once

2020-10-27T15:16:43-05:00Tags: , |

Read the Small Print

Following an earlier column on consumer debt, I had the opportunity to discuss the subject with a number of people. One of the questions I was asked was particularly enlightening: “In addition to scaling back spending, what else can someone do to better manage their debt?”

My answer: “read all of the terms of your credit


Is College Worth It?

Attending college has become increasingly politicized. As a result, discussing the relative costs and benefits of college has become somewhat contentious. This is unfortunate because for many people paying for college will be their second largest purchase, second only to their home.

Similar to purchasing a home, many people fund college with debt. The trend of

“Ten Commandments” of Personal Finance

I was recently speaking with someone about the personal financial challenges that I have observed over time. Toward the end of our conversation the person I was speaking with stated that, “It would likely be helpful if you could distill key personal finance “rules” into a grand list that is easy to follow. Sort of

Selecting A Charity: Trust But Verify

A good friend recently asked me several questions about selecting a charity. As I was considering how to respond, he asked, “Isn’t it a lot like selecting an investment?”

There are obvious differences between making an investment and supporting a charity. Primary amongst these is that charities are generally chosen to align with one’s belief system

2020-10-28T07:17:59-05:00Tags: |

Personal Finance and Winston Churchill

Winston Churchill is widely regarded as one of the most influential people of the 20th Century. Many political and military books have been written about him. I was therefore pleasantly surprised when I came across a recently published book that chronicled Mr. Churchill’s life from a personal finance perspective.

David Lough’s superb book, “No More Champagne:

2020-10-28T07:32:18-05:00Tags: , |
Go to Top